These are just a few of the questions parents have to ask themselves when they are thinking about their retirement, passing the farm to the next generation, and planning their estate. However here are a few points that may help you with this personal struggle. Understanding Family Tensions Succession planning, i.e. transferring the farm to the next generation, in families with more than one child is a delicate task that often times breeds conflict. Many families make the mistake, for instance, of assuming that all members share the same values. In fact, siblings may have very different values.
Birth order can play a big impact.
By the time the fourth offspring reaches adulthood, the same parents may be well off and easing into retirement. So even though siblings have grown up in the same family, they may approach life as if they had been raised by different parents. Rivalry among siblings often intensifies in the family business. While it can motivate siblings to have excellent job performances, competition also can get out of control, sparking battles that hurt the business. Certainly different personalities of children also play a big role in determining how well they get along and how much sibling rivalry occurs.