When You Give, You Really Live
Passing the family farm or ranch down to the next generation is the hope of many producers, but the how-to of transitioning can be complicated without the proper order of giving and receiving. Keep Farmers Farming Legacy consultant Alan Hojer believes transitioning and estate transfer is giving at its core. He says when you give, that's when you really live.
It's about giving of information. It's about giving of knowledge. And yes, it's ultimately about giving of assets, but how you give really impacts the next generation.
Hojer finds transitioning a farm or ranch to the next generation is best begun when the younger set is in their late 30s or early 40s, receiving the information they need to move forward.
In other words, once they've firmed up their plans, I'm asking people to share their plans. So therefore, people can plan for the future of their children because they have real information to work with.
The reluctance of moms and dads to share this information dampens the inspiration of the younger generation and puts forward progress in jeopardy, akin to a football quarterback waiting for the play to come in from the sidelines. If the information is slow to emerge, a penalty flag delays the game.
When I'm talking about the play, that's the information from the next generation. And as that information begins to flow in, then a younger generation really becomes more inspired to continue the legacy forward.