So far this week, I’ve heard the same expression from two completely unrelated sources: “Old __________ would be rolling over in his grave if he knew his kids were fighting like this!” It’s only Wednesday. There’s a real chance I could hear it again before the week is out. The mental image is a little humorous - mature adults bickering like children while their long-gone parent delivers the proverbial, “If you kids don’t stop, I’ll turn this car around!” It also highlights a sobering reality -eventually, the older generation passes the torch, entrusting the land and their legacy to the next. Best-case scenario, the transition is seamless, and family ties remain strong. Worst-case scenario, families face conflict, often resulting in strained relationships and costly legal battles. The unfortunate part is that the latter case is entirely preventable.
A thoughtful succession plan, developed early and communicated clearly, can go a long way toward preserving both the farm and the family legacy. It provides structure during emotionally charged times and ensures that ownership, management, and financial expectations are understood by all parties. Involving professionals such as land managers, attorneys, and financial advisors helps remove the guesswork and promote fairness. Most importantly, a clear plan gives the next generation a roadmap for success while honoring the values and intentions of those who built the operation.
Starting a succession plan doesn’t have to be complicated or uncomfortable. In fact, some of the most productive conversations begin over a cup of coffee or while riding around the farm. The key is to start talking. Begin by asking a few open-ended questions: What are your hopes for the future of the farm? Who wants to be involved – and in what way? What values do you want to see carried forward? These early conversations set the foundation for a plan that reflects both the operation and the people behind it.
Once those initial conversations are flowing, the next step is turning ideas into a clear, workable plan. Below are some simple steps to keep the momentum going:
• Define roles and responsibilities early. Even if ownership won’t transfer for years, setting expectations around decision-making and daily management can prevent confusion down the road.
• Bring in a management professional to provide an objective, boots-on-the-ground perspective. An unbiased third party can evaluate the current operation, identify opportunities for improvement, and help ensure the land continues to serve its long-term purpose.
• Consult an attorney who specializes in Ag estates or trusts. Legal expertise ensures your plan is sound, clearly documented, and built to withstand future transitions.
• Review financial impact with a trusted advisor. Loop in a financial advisor or CPA to explore tax implications, cash flow considerations, and retirement planning so that the numbers work for everyone involved.
• Keep communication open. A good plan is not static, but an ongoing process. It may be an ongoing process. Make time for regular check-ins with both family members and your team of advisors to keep everyone on the same page.
Succession planning doesn’t have to be intimidating or overwhelming. It’s simply about protecting what matters most: your land, your legacy, and, most importantly, your relationships. With the right professionals in your corner—and open, honest communication at the heart of the process—you can build a plan that is both practical and personal. The most important step is the first step. Whether it’s a kitchen table chat or a quick call to a trusted advisor, don’t wait for the “perfect time” to start. The future of your farm deserves a thoughtful plan today.
Peoples Company is a full-service provider of integrated land solutions, offering land brokerage, appraisal, land management, energy management, and capital services. In partnership with Practical Farmers of Iowa, Peoples Company is proud to present Map of My Kingdom, a thought-provoking play by Iowa Poet Laureate Mary Swander. The play explores the emotional and practical challenges farm families face when transitioning land from one generation to the next. To download or order a physical copy of Map of My Kingdom, visit https://maryswander.gumroad.com/l/mapofmykingdom and use discount code KINGDOM100 at checkout to receive your free copy. Landowners interested in learning more about Peoples Company services are encouraged to visit PeoplesCompany.com or contact us at LandManagement@PeoplesCompany.com.
