Succession Planning
Farmers have struggled with the same business and family problem essentially forever: what happens to the farm when parents die. The conflict between fairness and equality has never been truly resolved.
Succession planning can be a complex and emotionally charged process. Achieving consensus among family members, committing to the plan and understanding potential consequences are vital to secure the future of the farm.
Legacy Farmland Trust offers landowners a way to preserve and protect their assets for generations to come.
John Phipps says there are signs that water is the new oil as water rights turn into water fights across the western U.S. He thinks it’s a battle that could only heat up in the coming years.
Do your consultants have succession plans?
Meet and exchange ideas with other families who are also in the process of succession planning at the Farm Journal Legacy Conference.
As the COVID-19 pandemic became part of our daily lives, it highlighted the need for succession and contingency planning.
Jim Douglas and his son, James, are navigating the joys and hurdles of succession planning.
The concept is simple, but in most cases, heirs earn sweat equity but aren’t actually compensated for it.
Matt Splitter leads the charge and change to carry forward a legacy.
Make strategic planning and streamlined communication a habit.
This week Paul Neiffer has a conversation with Ken McCauley from White Cloud, Kan.
Need a good conversation to fill some tractor or road time this summer? Subscribe to “The Farm CPA Podcast” with Paul Neiffer.
It’s time. You need to finally make your farm’s succession plan a priority. As you take a first or second or 20th step in the process, shoot to avoid some common landmines.
Paul Neiffer has a conversation with Ben Riensche, owner of Blue Diamond Farming Company. Riensche talks about the evolution of his farm, his growth strategy, farm investments, succession planning and more.
As Carroll Family Farms evolved in the past decade, the family knew they must prioritize transition planning, says John Carroll, a farm partner.
Open communication and succession planning help farm families maintain profits and healthy personal relationships.
When Becky Berger reflects on her nearly four decades as a farmer, mother and businesswoman, one key move continues to pay huge dividends.
How can you get back on track with your succession plan? Focus on a contingency plan, a cash-flow plan and communication plan.
The Ducheneaux family reconnects consumers with their food source
Here’s how you can avoid committing these harmony-harming mistakes.
Congratulations to Todd, Louise and the Malecha family for being named the 2022 Top Producer of the Year. Pay a virtual visit to their dairy farm in Villard, Minn., to learn how they stay focused on goals and values.
To improve productivity in your operation and reduce stress in your family business, set these helpful ground rules.
If your summer farm help involves your child or grandchild, you can combine that hard work with a financial life lesson.
You’ve heard the horror stories. The ones about farm families who spend months in court fighting over assets. The result? A destroyed business and fractured family. Why does this situation play out over and over?
You wear many hats throughout the year. What happens if you or one of the key decision makers is away from the farm for a few weeks or months? Will everyone know exactly what to do when?
Todd and Louise Malecha have one mission: Keep everyone on the same page. For their operation, that “same page” is a 587-page business plan.
Idaho operation builds niche business to complement core crops.
How do you approach transition planning when two of your children are on the farm and one is not? You must be intentional and communicate.