Question:
“My two children have both been back working on our operation for the last several years. At what point should we start involving them in the finances of the farm?”
Drew Cox
Vice President, Commercial Crop Lending
đź“Ť Higginsville Branch
The question of “when is the right time” is unique and likely varies from operation to operation. However, it’s both motivating and rewarding for the next generation to begin taking ownership of their contributions to the farm. Over time, giving your successors a chance to be involved, make mistakes, and understand financial decision-making will give them invaluable experience to look back on in the future.
Start with the Basics
A good starting point could be including them in discussions regarding annual balance sheet preparation, analyzing cash flow, or simply sitting down with your lender and accountant.
Increase Responsibility
As their confidence grows, consider inviting them to manage a specific portion of the business – this could be a specific farm, herd or even an entire line item, like chemical or fertilizer cost, across the entire business.
Bringing your children into the conversation helps ensure they evolve into well-rounded business managers who are ready to lead your operation, whenever the time is right.
Ready to Discuss Your Farm's Future?
The FCS Financial team is here to help you navigate succession planning, working capital, and financial management across generations.
