Members of the Esther Family, from Beardstown, Ill, shared their experiences in succession planning today at the Top Producer Seminar. The Esthers are the Top Producer case study family in the Farm Journal Media Legacy Project, supported by Pioneer Hi-Bred.
"It's been the experience of a lifetime, and we would not be as far along in our succession plan without the Legacy Project,” says Chet Esther, founder of EFFCO, a family farming operation. Esther and his wife, Lori, are transitioning their sons into the farming operation with the help of Kevin Spafford, founder of Legacy By Design and Farm Journal succession planning expert.
Esther says one of the biggest challenges is determining what is fair and equal in terms of transferring assets to his two sons, Ryan and Chad. Ryan came back to the farm eight years ago, right after college. Chad just recently returned the farm after graduating college and running his own business in Missouri.
"The Legacy Project has helped us come up with new ideas and solutions for how to transfer land and equipment to the next generation, while helping us prepare for retirement,” Esther says.
Watch for upcoming issues of Top Producer to read about the latest developments in the Esther family transition with the Legacy Project.