A family farm implements a structured succession plan where brothers must earn ag business degrees to qualify for inheritance, with ownership stakes distributed at ages 25, 30, and 35, and board membership granted at 35, ensuring fair but unequal inheritance that prevents sibling conflicts over business decisions.
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The Farm Won't Be Split Equal, But It's Going To Be FairAdded:
The one thing that we have always told the boys is that inheritance isn't equal, but it's going to be fair. So, for the boys to come back and run the place, they were required, and I know that not everyone will agree with this, but they were required to get an egg business degree to be allowed to come back because at no time do we want one brother being able to fight with the other ones because they don't understand something. Our succession plan is they get parts at 25, 30, and 35 because Bill and I both remember what it's like to be 25, 30, and 35. People's brains do not develop at 25. They don't develop completely at 30. By 35, we felt we knew enough to at least cause our own problems and not someone else's. So, there's a board of directors that will work with the boys. At 25, the boys get a certain amount of privileges. At 30, they it goes to another, and then at 35, they can actually become members of that board. At the time the youngest one hits 35, then the board would dissolve.
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