On this episode of Impact Farming, we sit down with Elaine Froese to discuss succession planning and the concept of Fair and Equal.
Succession planning is a transition of labor, management, and ownership. Estate planning is your will, power of attorney and your tax planning for when you pass on.
Elaine explains why she believes "Equal" shouldn't be a part of the conversation anymore. More focus needs to be spent on finding fairness. Fair is helping everyone be successful.
Elaine's definition of fair and her three big questions
FAIR F- Financial Transparency A- Attitude towards money I - Intention R- Roles and rebels.
Ask yourself three big questions: What does fairness look like to you? Is it helping everyone be successful? Is it helping the farm be successful?
Multiple children in your farm family? If so, you will not want to miss this episode. This one concept can lift a tremendous burden from your shoulders.