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DEVELOP A
SUCCESSION PLAN
Succession planning is vital for farm
operations to continue and support both
the current generation and the next.
Transferring a farm can be challenging,
with issues such as legal matters,
communication issues, tax laws, and
personal differences to settle. A key step
in this process is to start a conversation
early among all family members about
the long-term
goals of the
family farm.
By developing
a detailed,
formal estate
plan, a young
grower can
maintain a
thriving farm
and make
sure the
family's vision
and goals will
be addressed
and achieved.
ANTICIPATE CHANGE
In the last few years, there has been a tremendous shift
toward agriculture robotics. This rapid transition to
automation can be incredibly exciting for the tech-savvy
millennial farmer, but it's important to stay focused
on the farm's primary objectives. Anticipating and
embracing these technological advances can provide
a competitive edge, but only after making an effort to
evaluate what will affect the farm positively, whether
it be new equipment or reducing the farm's debt.
Technology will continue to transform the agriculture
industry by improving efficiencies and offsetting rising
labor costs, but the key is to be realistic in order to be
profitable.
Matt Duffy currently serves as senior vice president,
regional bank manager in the Yakima, Wash., branch of
Columbia Bank. Columbia Bank operates more than 140
banking offices and branches throughout Washington,
Oregon and Idaho.
