The demanding daily tasks of running a business can sometimes cause owners and managers to have a shorter term focus. After all, in the short term, they may have to concentrate on planting or harvesting crops, taking care of livestock, or day-to-day employee management. But as producers navigate day-to-day challenges, it’s important to maintain a long-term perspective.
Remember back in high school when you were “interested” in someone and you had the feeling that they were also interested in you? Should you make the first move or should you wait for them to do so? Starting a conversation about farm transition planning is in many ways comparable.
Well-designed leadership development experiences can build both human and social capital, and those resources offer Northeast agribusinesses a source of competitive advantage in a rapidly changing marketplace. To understand why, we should take a look at the nuances and interrelationships of various forms of capital.
In August, the Treasury Department issued new IRS regulations for valuing businesses in calculating estate, gift and generation-skipping taxes. At issue are discounts on valuations because of minority ownership and/or lack of marketability for family owned business.