Posts Tagged: succession planning

Common hurdles to success in succession planning

Three generations of farmers gathered around farm equipment

  Succession planning is something most farmers and ranchers know they ought to do to protect the agricultural operations they’ve built and to provide for their families. Unfortunately, it’s also a topic rife with emotion and that requires sometimes awkward conversations, so it’s often postponed. Below are five common reasons why a farmer or rancher… Read more »

5 steps in effective succession planning

Three generations of farmers standing in front of a combine

  As agricultural producers start to think about planning for the eventual transition of their operation to the next generation, there are five essential steps that will facilitate a smooth transition and help ensure the financial stability of all involved. Build a thriving, profitable business. Yes, this is what most businesses aim for, but with… Read more »

Off-farm experience can improve generational transfer

A smiling father and son on a farm

  Farming and ranching take commitment, and when it comes to passing on an operation they’ve spent their lifetimes building, most producers want to make sure it’s going to someone who is qualified and who’s as committed as they have been. Ideally, many hope this is their children. One way to make sure that they’re… Read more »

Why having a succession plan is important

A smiling farmer and son

By Linda Bratz, Senior Tax Accountant The family farm is an important part of agriculture as well as our rural economy. You have put a lot of time and hard work in to get your farm business to where it is today. Now you want to step back a little and enjoy retirement, what is… Read more »