10 Siblings, One Farm & The Succession Conversations That Matter | Farmstrong Series

What happens when a farm family has ten children and the future of the farm needs to be decided? In this episode of The Impact Farming Show, we go inside one family's real-life succession planning journey with Nathan, the eldest of ten siblings, and Derryn Shrosbree of Farmstrong. With multiple family members, different ideas about the future, and the difficult realities of land, money, inheritance and who will continue farming, succession planning can become complicated quickly. Nathan shares what the process was actually like for his family including the challenges, the assumptions they had going in, and the conversations that needed to happen. Derryn brings his perspective as the advisor who helped guide the family through the process, explaining why succession conversations can be so difficult, how families can work through competing ideas of what is "fair," and why having an independent third party involved can make such a difference. Most importantly, this episode explores what can happen when a family chooses to have these conversations before a crisis forces them to. In This Episode • Nathan's perspective as the eldest of ten siblings • How many family members are currently farming and who wants to farm in the future • What prompted the family to begin talking about succession • The biggest challenges the family faced during the process • Concerns about creating tension by discussing money, land and inheritance • How the family created space for everyone's voice to be heard • Why "fair" doesn't always mean "equal" when it comes to succession • Assumptions family members had about their parents' and siblings' wishes • The role Derryn and Farmstrong played in guiding the family • What could have happened if the family had continued putting succession planning off • How having a plan has changed the way the family talks about the future • Advice for farming families who keep saying, "We'll deal with succession someday." Don't Wait Until You Have To For many farm families, succession planning stays on the "someday" list because the conversations feel uncomfortable, complicated or overwhelming. But avoiding the conversation doesn't make the decisions go away. It simply leaves them for another day, often when circumstances are much more difficult. As Nathan's story demonstrates, getting the process started can bring clarity to things that family members may have been assuming, wondering about or avoiding for years. And having the right advisor at the table can help families have conversations they might struggle to have on their own. If your family hasn't started talking about succession, don't wait for a crisis to force the conversation. Start with one conversation, get the right people around the table, and begin building a plan for the future. Thanks for tuning in, Tracy =========== SHOW RESOURCES 1) Farmstrong: https://farmstrong.ca Learn more about Farmstrong and their approach to helping farm families navigate financial planning, succession and the future of their operations. 2) Tune Into Previous Segments in the Farmstrong Series This episode is part of our Farmstrong Series on The Impact Farming Show, where we explore the financial, business and succession issues facing Canadian farm families. https://www.farmmarketer.com/impact_farming_show/season-one-episodes =========== 🔎 Related Phrases: Farm Transition Planning, Farm Succession Planning, Tracy Brunet, Impact Farming Show, Farmstrong Financial, Derryn Shrosbree, Farming, Farmlife, Agribusiness, Farm Business, Farm Finance, Farm Management, Sustainable Farming,  Farming Tips, Farm Business Management, Farming Success, Farm Funding Solutions, Agricultural Finance, Farming Innovations, Farm Financial Solutions, Farm Founders, Farm Successors, Agribusiness #FarmTransitionPlanning #FarmSuccessionPlanning #FarmFounders #FarmSuccessors #TracyBrunet #ImpactFarmingShow #FarmBusiness #FarmFinance #FarmManagement #SustainableFarming #TransitionPlanning #SuccessionPlanning #FarmingTips #FarmBusinessManagement #FarmingSuccess #FinancialIndependenceForFarmers #WealthManagementForFarmers #FarmFundingSolutions #AgriculturalFinance #FarmingInnovations #FarmFinancialSolutions  ⚠️ Disclaimer: I do not accept any liability for any loss or damage incurred from you acting or not acting as a result of watching any of my publications. You acknowledge that you use the information I provide at your own risk. Do your research.  Copyright Notice: This video and my YouTube channel contain dialogue, music, and images that are the property of The Impact Farming Show: Produced by Farm Marketer. You are authorized to share the video link and channel and embed this video in your website or others as long as a link back to my YouTube channel is provided.  © The Impact Farming Show: Produced by Farm Marketer