Thursday, February 28, 2013

Passing on the Family Ranch

The next generation is the future of America and of farming and ranching.  Every meeting I attend places an emphasis on getting the next generation involved.  Well, here we are!  We are ready to start to make some of the difficult decisions and we care about the success of the ranch.  A few tips and reminders I have learned along the road these past few weeks.

1. Parents, talk to your kids,  and kids, talk to your parents. I know its a touchy topic, but it's something that affects all of us.

2. Parents, have a little faith in your kids, but don't hand over the reins overnight.  Let them make little decisions, ones that don't sink the boat if they mess up.

3. Start to talk about money, investments, cost of inputs, everything!   The ranch work is second nature to most but is hedging, the futures market and hay prices.  Kids can't be successful if they don't know about bill and what it takes to be profitable.

4. Have fun while talking about this!  Many ranchers would love it if their kids wanted to be involved in agriculture.  Your kids do and passing on the ranch for generations is a blessing

5.  If your retirements depends on the ranch and you don't have anything in savings, tell your children that!  They need to know how important it is to you that the ranch makes money and a consistent amount.

6.I hope you and your ranch is successful for many years!

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