Manage episode 297483980 series 2396549
In this episode of The Impact Farming Show, Tracy speaks with Terry Betker about “Transition Planning Forward.”
As farmers, we tend to put off transition planning for many reasons. Today, we will be discussing the increased urgency for transition planning as we look forward to all the changes that we are likely to see next in the next 30 years.
In this episode, Tracy and Terry discuss:
- Terry sets the stage for the conversation by commenting on the dramatic changes in the agriculture industry over the last 30 years. The changes have been remarkable; however, Terry encourages the audience to think forward another 30 years and visualize the dramatic changes that we are likely to see in farming.
- Terry then applies this to transition planning. If we think transition planning is complex now, what will it be like in 30 years?
- He shares the three-circle family business model with our audience. He explains what it is and how this is the same framework used by professionals to help farm families through transition planning.
- With the three-circle family business model in mind, Terry and Tracy begin looking at each of the three areas and how they are likely to be impacted over the next 30 years.
- How will farm ownership change over the next 30 years? The increase in absentee land ownership is one area they look at.
- What changes are we going to see within the farm family? If we look back 30 years, farm families are dramatically different in so many ways. Now, what will that look like going forward?
- Last but not least, we look at farm business management and how management practices are bound to change. How will new technology, higher land prices, and even smaller margins impact business management?
- Terry wraps up the discussion with a call for even an stronger focus on farm business management and transition planning going forward. He shares another neat concept called the Family Business Continuum Graphic that shows a sliding scale that can help our audience gauge where their farming operation falls on the scale of Family-focused business or business-focused. He shares what he thinks is the sweet spot for farm families.
In a World where farm legacy is so important, producers owe it to themselves to tune into this episode. Terry shares some great thoughts on where top farm business managers should be putting their focus in the future to ensure their operation stands the test of time. Don’t miss this one!
Click HERE to view the power point to help you.
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