Generational change is a pressing subject for many a farm at present or in the future. While the baby boomers retire, we need successors to farmers. Still, this has not happened. The number of generational changes is too low, which is the problem. To benefit Finnish economy, farms should continue to be run professionally and prepare for their continuity in advance. The aim of this thesis was to determine the stages of the gradual generational change and what issues were emphasized at each stage. The research question was what kind of steps there are in generational change and how one can prepare for joint entrepreneurship.

Generational change refers to the transfer of the ownership and management of the farm. A gradual generational change means that the ownership and management are transferred in stages. Generally, this happens in two phases of which the first stage of the trade deals with granting part of the farms ownership while the second turns over the rest of state of the property to the next generation.

The research results showed joint entrepreneurial preparation conditions: under what conditions the generational change could be made in stages, determination of the purchase price, the role of the advisor and unexpected circumstances. Other important findings were what the shareholders´ responsibilities were and how their decisions were made, how the use of money was arranged, the significance of relationships and the benefits of generational change in stages. One of the results is data card. The sheet has been published online at: http://spv.savonia.fi/index.php/tietopankki/tietokortit

Gradual generational change generates many benefits such the fact that the transfer of ownership and management takes place during the original owner's lifetime, the transference of tacit knowledge and tax benefits. In gradual generational change, work and responsibility are shared between a number of people what can also considered an important matter for all shareholders. This is particularly beneficial if the farm is planning on expanding its operations and the successors are willing to participate.