Planning for Business, Farm & Ranch Transition



Planning for Business, Farm & Ranch Transition


men inspecting wheat

Business Owners, Farmers and Ranchers are great at planning for the seasons of the year but often fail to plan for the seasons of their lives.

 

 

Transition of a Business, Farm or Ranch to the next generation requires planning so that the transfer meets everyone’s expectations and goals. An Estate Plan with a Trust and Will is an essential part of this planning.

Development of a plan with family involvement is important to insure that a family farm or ranch passes to the next generation. Failure to establish a plan may create a situation that causes the continued operation to fail. This may be disappointing to the participating family members.

In order for a successful transition to work it is important to have businesslike family meetings.  The following agenda developed by AgWeb.Com is an excellent source:  Family Agenda

Part of developing a successful family plan is to know the visions and goals of the stakeholders.  Individual Vision Form

 

 

 

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