Succession Planning
Three highly respected growers from Illinois, Iowa, and Oregon offer a string of succession factors for consideration.
There can be huge costs -- monetarily and in human capital -- if you don’t set up the structure of succession well, say Paul Neiffer, with CliftonLarsonAllen, and Rena Striegel, Transition Point Business Advisors.
When a farmer passes an operation to the next generation, the inheritance can be fair, but it is rarely equal.
USDA Secretary Tom Vilsack and Rep. Cindy Axne joined AgriTalk with host Chip Flory and Pro Farmer Policy Analyst Jim Wiesemeyer recently to comb through President Biden’s reframe of the Build Back Better (BBB) plan.
Like many family traditions, these cookies are a sign of the past, unique to a specific heritage and a little weird.
Understand and weigh your operation’s options.
Many assume it will make the spouse benefit equal to 50% of their own higher benefit, but that only applies if they start collecting at full retirement age.
Build your farm’s future based on its past.
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.
“Grit is the tendency to pursue long-term goals with passion and persistence,” explains researcher Angela Duckworth.