In order to pass the farm or ranch on to the next generation, special planning is required. Dobbs Legal Group attorney and owner Polly Dobbs says the first step is striking the right balance. “That way the plan feels fair. Then, you have to communicate that plan,” says Dobbs. “No parent wants to hurt their children’s feelings, but talking about it openly leads to less surprises.” While communication is the key to an effective succession plan, it can also be the hardest part of the process. “If someone is upset and they hear it from mom or dad’s own mouth, it’s a lot easier to digest. Letting them communicate the plan clearly helps the entire process.”
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