Farm Transition Goal Prompts

Jan 24, 2024 | Uncategorized

A lot is said about goal setting for a farm operation. A sub-category would be identifying various goals and objectives for farm transition & estate planning.

Often, I find it helpful to get some prompts to identify what is truly a priority when creating goals.

Here are 18 Farm Succession Planning Objectives you can ask yourself & your family to help understand the importance of each scenario.

Just rank each statement from 1-5 with 1 being “not very important/no” and 5 being “very important/yes.”

  1. It’s crucial that all children agree with our outlined plans for the operation’s future.
  2. We want the children to be involved with decision-making concerning the farm’s direction.
  3. We intend to provide financial backing to children who opt for a career in farming.
  4. Our aim is to minimize tax obligations during the farm’s transition as much as is feasible.
  5. We’re apprehensive about what our children not engaged in farming will receive as their legacy.
  6. We aspire for the asset distribution among our children to be equitable, not necessarily equal.
  7. Kids who are not directly participating in farming activities should nevertheless have a voice in the proceedings.
  8. The children who contributed labor over time are entitled to a larger share of the farm due to their “sweat equity.”
  9. We want the on-farm children to have hands-on experience before they assume full responsibility.
  10. This farm is the inheritance of my children and they should not be burdened with purchasing it.
  11. We aim to receive full market value for the farm upon its succession.
  12. We will need to keep drawing a financial income from the farm in retirement.
  13. We wish to remain included in the farm’s management decisions for the remainder of our lives.
  14. We wish to remain included in the farm’s financial decisions for the remainder of our lives.
  15. Remaining physically involved with the farm operations is a high priority.
  16. We wish to live on the farm as long as possible upon retirement.
  17. We are comfortable if the farm is handed over/sold to a relative, friend, neighbor, or unrelated person instead of immediate family.
  18. Our desire is for the farm to stay within our family heritage.

Click Here to access the .PDF version of this worksheet.

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