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The Cost of Waiting Too Long

• Lost Opportunities for Gradual Transition: If you wait until, say, the year you want to retire to start talking about succession, you’ve lost the chance to phase the transition over several years. A gradual handover – where the younger generation slowly takes on more management and ownership responsibility – is often the best recipe for success. It allows for mentorship, adjustment, and course-correcting. But if time is short, the transfer might have to happen abruptly, which can be a shock to the system (for both generations and for the farm business). 

• Increased Risk of No Successor at All: The harsh reality is that if farming parents delay discussing their plans, they might find that when they finally do, the potential successors have moved on or lost interest. As one succession expert put it, “the kids might go away… but the succession problem won’t” – the longer you wait, the greater the chance you end up with no one ready or willing to take over​. We’ve seen cases where sons or daughters, uncertain about their future on the farm, pursue other careers or opportunities. By the time the parents are ready to offer the farm, those kids have settled into a different life and don’t want to return. Starting early and having open discussions can keep interested family members engaged and motivated to stick around. 

• Strain on Family and Business: Without a clear plan, everyone is in limbo. This can lead to resentment or even mental health strain. On the business side, lack of a succession plan can mean the farm avoids making long-term investments or changes (because who knows who will be in charge later). It’s essentially like a ship with no agreed destination – it might keep sailing, but not as efficiently, and with a worried crew. 

• Life is Unpredictable: Perhaps the most compelling reason not to delay is that none of us can predict what life has in store. Health issues, accidents, or sudden changes can occur. It’s far better to have a plan in place and not need it urgently, than to need one and not have it. If something happens to the farm’s primary decision-maker and no succession plan exists, the family may be forced into crisis mode, which is a very tough time to formulate a sound plan. Early planning acts as a form of insurance – even if the plan evolves over time, at least there’s a framework to follow in case of the unexpected. 

Benefits of Starting the Conversation Early

• More Time to Explore Options: Succession planning isn’t one-size-fits-all. Families might consider various scenarios – transfer to child A vs. child B, or maybe a co-ownership between siblings, or perhaps selling and investing the proceeds. These decisions shouldn’t be rushed. Starting early gives you time to explore, consult advisors, and let ideas marinate. If one approach doesn’t look viable, you have time to pivot to another. For example, you might initially assume one child will take over, but a few years in, it becomes clear that’s not their passion – with early planning, you have time to adjust the plan, maybe involving another child or a different strategy. 

• A Journey, Not a Destination: Succession is often described as a journey. ​ It’s rare for this journey to be linear or quick. Starting early allows the family to walk through these stages more naturally. You can treat succession as a series of manageable steps (perhaps over 5–10 years) rather than a single, overwhelming event. 

• Reduced Pressure and Stress: When everyone knows the general timeline and plan, it lowers the temperature. Parents feel more secure that their life's work will be continued, and children feel more secure about their future prospects. Contrast that with a last-minute approach, where everything is high stakes and emotions can run high. Early planning turns succession into an ongoing family project rather than a panic-driven sprint at the end. 

• Opportunity for Mentorship: A huge benefit of starting early is the chance for the older generation to mentor the younger one in management. You can begin delegating decision-making in stages: maybe start by letting your son/daughter handle livestock sales this season, or negotiate the fertilizer contract, or manage the budgeting for a year – all while you’re still there to guide and advise. This hands-on training builds confidence. It also reveals areas where the successor might need more experience or outside training (for example, if you see they struggle with the financial side, you might encourage them to take a course or work closely with the accountant). By the time the full handover happens, you and they know they can do it because you’ve seen them do most aspects already. 

• Flexibility to Adjust Timing: Starting early doesn’t mean you fix everything in stone from day one. In fact, it gives you flexibility. Perhaps you initially plan to retire at 65, but when you reach your late 50s the farm is doing really well and you’re still enjoying work – you might stretch the timeline a bit. Or vice versa, if health issues crop up earlier, you can accelerate the plan. Early planning means you have a timeline that can slide as needed without panic. It also makes it easier to grab opportunities: say a neighboring farm comes up for sale that would be perfect to involve another child – if you’ve been planning early, you’ll be in a position to act quickly and integrate that into the succession plan. 

When to Start and How to Bring It Up

• Frame it as Planning for Success: Avoid making it sound like you’re announcing your exit or doubting your kids’ commitment. Instead, frame it as “future-proofing” the farm. For example: “We’ve been thinking about how the farm can keep succeeding long-term. It’s probably wise we start planning for how and when you might take over more of the business. Let’s talk about what that could look like.” This way, it’s clear you’re doing this to ensure success, not because you’re trying to abandon ship or control everything. 

• Choose the Right Moment: Pick a time when everyone is relatively relaxed (well, as relaxed as farmers get!). Maybe after dinner one evening, or on a rainy afternoon when you’re inside. Trying to bring it up in the middle of drafting or when stress levels are high isn’t ideal. You might even give a heads-up: “Hey, how about this weekend we sit down with a cuppa and start talking about the future of the farm? No rush, just to get some ideas rolling.” This primes family members to think about it a bit in advance. 

• Include All Stakeholders Early: If you have multiple children, even if not all are going to be involved in the farm, it’s good to loop everyone in to some degree. Definitely involve your spouse/partner from the get-go. If one child has been managing the farm with you and others are off-farm, you might have more detailed talks with the farming child, but do let the others know that succession planning has started and that their perspectives will be heard regarding inheritance or any role they want. This openness prevents feelings of being blindsided later. According to farm succession research, open communication and involving all family members sooner rather than later is key to preserving relationships​.  

Gradual Steps: What Early Succession Planning Looks Like

• Year 0-1: Family initiates discussions. Broad goals are shared. Perhaps the parents express their tentative target retirement age or desire to step back by a certain date. The successor (let’s say one of the children) expresses their commitment and any concerns. The family agrees to start involving an accountant/lawyer to map out options. 

• Year 1-3: The successor takes on more day-to-day decisions. Maybe they manage one season completely under supervision. The family also works out a written succession plan outline – not set in stone, but a document of intentions (e.g., “At age 60, Mum/Dad will hand majority management to Son; at that point Son will start buying 20% of stock and plant” or whatever arrangement). They might set up or tweak business structures now to prepare (for instance, forming a company or trust now so that transfers can happen gradually). 

• Year 3-5: Regular family check-ins on the plan. Perhaps some initial ownership transfer happens – say 10% of the farm is sold or gifted to the successor, or they buy a small adjoining block themselves. The successor might also pursue further training (like governance courses, or simply learning from the parents about things they still need to master). 

• Year 5-7: If things are on track, more significant moves take place. The parents maybe lease out the farm to the child’s new farming entity or officially make them a partner in the business. This is also a good time to formalize things like wills, enduring powers of attorney, and ensuring all legal docs align with the succession intentions. 

• Year 8-10: The transition largely completes. By year 10, the successor is effectively running and owning the operation, and the parents have stepped into an advisory or fully retired role, with their financial security assured through the agreed arrangements. 

Conclusion