Transition and Succession Planning & New NPC President

Transition and Succession Planning & New NPC President

I’m Lacy Gray with Washington Ag Today.

Michael Stolp, Vice President of market research and development with NW Farm Credit Services, says there are three questions to ask yourself as you start transition and succession planning for the family farm.

STOLP: Where has your business been? Where is your business today? And where do you want your business to go in the future?

Stolp says it is very important to open up the lines of communication between family members.

STOLP: The first thing that you can do is build a history timeline, ask yourself where have we been and what lessons have we learned. When you’re in a succession planning scenario it is very important that both senior and junior generations sit down and take an objective look at what are the strengths and development areas in the business as well as the opportunities and threats.

Once this is done Stolp says the next thing is for people to do is decide what they want their business to grow into, or develop into over the next five years, and how they want to achieve that vision. In essence, professionalize the family farming business.

Randy Mullen, owner of Mullen Farms, Inc., a fresh potato growing operation near Pasco, Washington has been elected to serve as the National Potato Council president for 2013. Mullen has held many positions with the Council over the years and says he is looking forward to using the next 12 months to build upon the success the potato industry has had over the last few years in promoting its federal policy priorities, as well as help move some of the industry’s high priority policy issues, such as expanding fresh potato access to Mexico, over the finish line. Mullen will also continue to serve as a commissioner for the Washington State Potato Commission.

I’m Lacy Gray and that’s Washington Ag Today on the Ag Information Network.