FARMFINANCE
By Jim Snyder
Leaving a legacy
Establishing family and business philosophies is crucial to farm succession planning for future generations
This article is the second in a series about farm business management. The material is based on seminars developed by BDO. Each seminar focuses on a different aspect of preparing your farm for a transition.
Given the overlap between family and business, there is little doubt your family’s philosophy will impact how the farm business is run, how decisions are made and the level of connectedness among current and future generations.
I
n the last article, we talked about how important communication is in the family business. Now we’ll
examine how your values and principles help guide your family and business decisions.
Your family’s philosophy can impact how the farm business is run and how decisions are made. Successful farm families develop proper operating procedures and guidelines that incorporate everyone’s ideas.
20 | May 2012 | MilkPRODUCER
Table of Contents for the Digital Edition of The Milk Producer - May 2012