Quote for the Day

Plans to continue the [farming] firm may be frustrated by the lack of a competent management team. This situation may be avoided by taking steps, such as the following, to prepare for the future:

• Stressing the idea of a team approach to making decisions.
• Focusing on developing management skills.
• Emphasizing cross-training.
• Developing a system of routine communications.
• Implementing routine, nonthreatening evaluations.
• Agreeing to share in the general work load of running a farm or ranch.

In one instance, a highly promising plan for the three sons and a son-in-law of a generous father, who was able to pass 160 acres of land to each one debt-free, fell apart in less than a year because none of the four anticipated having to do the laborious work in producing crops, feeding and caring for livestock, and doing the marketing and record keeping involved in a sizeable operation.

Neil E. Harl, attorney, “Farm and RanchEstate (and Business) Planning—Part 1,” Farms and Ranches, (March 2015)