Succession Planning
A new country song is hitting home for farm families, showing what it’s like to keep a farm in the family through four generations.
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One mile from home, our world shattered. We survived the wreckage, but it made one thing clear: Stop pushing pause and finalize your farm succession plan today. Your legacy depends on it.
Consolidation risk is not limited to smaller operations. Succession gaps, management transitions and strategic exits are driving consolidation regardless of size.
From cyberattacks to succession, top producers share how they turned high-stakes crises into strategic growth. Discover how balancing data with values and peer relationships can transform agricultural risk.
No one wants their family business to look like the Dutton family’s in Yellowstone. Todd Wiley’s innovative succession planning instrument is designed to avoid unnecessary drama and position his four children for success in the family pork operation.
Ancient Greek philosophers viewed resources as abundant, not scarce, so economic action was judged not by the accumulation of wealth but by whether it enabled and served a praiseworthy end.
This old compensation model — where family members accept below-market wages in exchange for a promised future inheritance — brings as many headaches as it solves, especially when it comes to succession planning and family harmony.
People often think they can figure out their estate plan later – when they are older, richer, sicker, free from debt and the list goes on. Expert Polly Dobbs says you should have a plan in place that fits today’s circumstances.
While 69% of farmers expect to transfer their operation to the next generation of family members, too many are misplacing their time and efforts, according to The Williams Group. The company offers 5 recommendations that can help farmers and other business owners course correct.
Transitions of any kind are hard — but farmland might be one of the toughest, says Steve Bohr of Farm Financial Strategies.
Garrett and Lindsey Rucks, a brother and sister duo, who, supported by their family and modern advancements, are redefining what it means to be part of a multigenerational farm.
Strong succession is driven by leaders who are willing to plan boldly, act decisively and invest in their next generation. Your family and your operation are counting on you.
Succession planning can feel overwhelming, but early planning, clear finances and open communication can pave the way for a smooth transition to the next generation.
Among the secretary’s first public appearances since being confirmed last week, the fireside chat on Tuesday, Feb. 18, will cover key topics driving the future of agriculture.
Until your needs for the next chapter of transition or retirement are put on paper, there is likely fear about the unknown. Thankfully, it’s easy to navigate with these steps.
The 2024 Farm Journal State of the Dairy Industry Report unveils four critical takeaways that provide valuable insights into the evolving landscape.
As you do your tax planning at year-end, be sure to review any assets you have held for at least a year to determine if your taxable income remains in the 15% tax bracket.
The key to a successful farm business that makes it to the third, fourth and fifth generation is learning to go from being the star quarterback calling all the shots to being that of a coach or a mentor to the next generation.
Along with much planning, open communication, hard work and strong values have allowed Steinhurst Dairy to pass the torch from one generation to the next despite a string of grief and mountains of heartache.
Today the formula pf passing on the farm requires robust conversation and strategic planning to financially integrate another family member into the business.
Matt Gunderson, vice president of Farmers National Company, says having these advisers will give your plan the sturdiest foundation.
The good news is there are legal devices to do whatever a farmer wants to do. The key is using the right mechanisms for the relationship piece.
There’s a serious lack of communication between generations, and procrastination and conflict avoidance are killing agriculture, says Elaine Froese, a farm family transition expert.
How are you showing up on the farm? Do your actions meet up with your goals? Rena Striegel, a farm succession planning consultant, encourages the next generation of on-farm leaders to do some self-reflection.
Even the most efficient and profitable herds need a transition plan from one generation to the next. Without it, they can disperse and become a statistic.
Formulating your farm’s succession plan is likely not a straight line. Polly Dobbs, an Indiana attorney who is part of a seven-generation farm family, says it’s important to stay focused on your end goals.
The clock is ticking — and the current estate-tax exemption is set to plummet at the end of 2025. The smaller exemption coupled with inflation and land values likely means increased assets and estate-tax rates.