It's best to wait a few years and have a trial period working together, delegating responsibility. My brother and I are purchasing five percent of the business per year until we all become equal partners. Then we'll assess the situation again before taking the next step. CES Iowa State University Income Having a viable farm with adequate income for the needs of all the family members as well as for retirement is essential. A consensus of how money is to be spent in the business and an acceptance of how personal money is spent outside of the business is equally important.
Every farm is different and requires a different approach.
Successful solutions are ones that have enough flexibility to respond to the changing needs and circumstances of both parties, don't tie down farming children with excessive debts and payments, create enough income to meet the living needs of the individuals involved in the farm, and the operating and growth needs of the business. Unfortunately, financial burdens are split unfairly between generations. Too often this can lead to failure and loss of the family farm. Good communication, a strong management team, delegated areas of responsibility and a solid business plan certainly help in the successful transition from one generation to another. Family farms remain the dominant and most successful type of food producer in Canada.