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.
Farm transition planning is a topic that every ag business owner/operator will have to face. How many principal operators are addressing this transition in a timely, proactive manner? Unfortunately, too many put it off till “someday”. Jon Jaffe, Farm Credit East Business Consultant, discusses five hurdles of planning a transition for an ag business.
Estate and succession planning is a topic that is too often put off. But the cost to putting it off can be huge, and it puts the future of your family’s farm legacy at stake! To avoid an unexpected financial burden, let’s identify the hurdles that stand in the way of getting started and five key steps to getting a plan in motion.
Estate planning is a critical piece of the overall management of a farm operation. The process can be challenging and sometimes intimidating for all involved, but keeping these outcomes in mind can help ensure an operation is positioned for a smooth transition when the time arises.