Succession Planning for Farm / Business Owners
Each farm/business has its own story, but how will it read 10, 20 or 30 years from now? Will the hopes and dreams of the family have become reality? Will the farm/business continue to support and build the family, or be a contributing member of its community?
Where do you start, as we seek to ensure positive answers to these questions? After all, without a well-thought-out succession plan, the ripple of repercussions can be far from pleasant for the farm/business and its employees, as well as the owner(s) and his/her beneficiaries.
Succession planning frames the next chapters of the story. It helps owners clarify their goals so that each year’s work can benefit and build upon the previous year. Succession planning addresses the issues of treating heirs fairly and dealing with complicated property and tax laws. With good planning in place, comfortable retirement is a realistic goal, and a smooth transition to the next generation becomes a happy possibility.
Our Beliefs and Approach
We believe family farms and businesses are an essential element of not only the economy of this nation but also its very soul. We make it our priority to keep families on the farm and in the business. When that happens, the best of this farming life, along with its values and beliefs, can be passed down from generation to generation. The more families thrive, the more communities will thrive, as well.
Succession planning is the most effective tool for making this happen. When all your advisors (attorney, accountant, financial advisor) collaborate in the succession planning process, you establish the framework necessary to eventually pass your life’s work to the next generation.
Let us help you write the next chapter of your story, and together let’s make sure that it is not the final chapter. Your story can be one of a series of stories, with each generation writing the next one as we work towards each ending with “and they lived happily ever after.”
