Farm succession starts with your financial security

Tuesday, January 26, 2016

Succession. We all realize it’s important, but how do we know when we’re ready? My son has been working with me since he graduated from college. Over the last several years, farming has been good. Prices have been up and our income has been strong. Now, given current commodity values and higher input costs, our income is down. Needless to say, it doesn’t look good. So, how can I step back and allow him to assume control of the operation while maintaining my standard of living?”

That’s a great question. In 1943, Abraham Maslow published “A Theory of Human Motivation.” In this study, he explains that a person’s effort is devoted first to satisfying their basic physiological needs before they will pursue the more gratifying (read: more complex and difficult desires).

Maslow hypothesized that a person’s motivation is first to assure a secure environment and satisfy hunger before seeking higher, emotional, intellectual, or artistic desires.


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