4 Ways to Grow Your Family Farm for Future Generations
Your farm is more than where you work — it’s your livelihood and often, your home. And we’re intent on keeping it that way for many years to come. Sustaining, and even growing your farm is the key to a successful future for the next generation. Use these tips to help make your farm stand the test of time.
Work together. The best way to keep your farm growing for future generations is to make sure the entire family has a common goal. Sit down and talk with family members involved with the farm, and be sure you’re all on the same page. Then, write down your goal and keep it somewhere where you can see it every day — that way you’ll always be reminded of everything you’re working for.
Share the land. Get into the mindset that the land does not belong to you, it belongs to the next generation — despite what the deed might say. The family farm is a way to earn money, for the family, not just something to be sold when it’s time to retire. This mindset ensures that the farm is designed to serve each generation, not just yours.
Minimize debt. This one’s simple. Passing the farm on from generation to generation is a lot easier when the bank isn’t involved. Make it a priority to live within your means and pay off debts quickly.
Create a plan. In order to secure your legacy, it’s important to build a farm succession plan. Involving the right people and having the right conversations will give you peace of mind, knowing that the next generation is taken care of.
When it comes to growing your farm for the next generation, staying proactive is key to a successful future. By planting the seeds of a healthy, and forward-thinking farm, you’ll reap the benefits in the years to come.
Related Topics: Farm Succession Plan