Succession Planning
Working on a succession plan for your operation? Here are a few key points to keep in mind.
The good news is there are legal devices to do whatever a farmer wants to do. The key is using the right mechanisms for the relationship piece.
There’s a serious lack of communication between generations, and procrastination and conflict avoidance are killing agriculture, says Elaine Froese, a farm family transition expert.
How are you showing up on the farm? Do your actions meet up with your goals? Rena Striegel, a farm succession planning consultant, encourages the next generation of on-farm leaders to do some self-reflection.
Formulating your farm’s succession plan is likely not a straight line. Polly Dobbs, an Indiana attorney who is part of a seven-generation farm family, says it’s important to stay focused on your end goals.
The clock is ticking — and the current estate-tax exemption is set to plummet at the end of 2025. The smaller exemption coupled with inflation and land values likely means increased assets and estate-tax rates.
2024 ESAP Winner G Bar C Ranch is opening the ranch gate to help others build resilience and ensure their Texas cattle legacy.
We’re in a predictable period of a well-established supply and demand cycle. Yet there is a different potential crisis looming for the beef cattle industry.
Grounded by his family but propelled by vision, Trey Wasserburger is the energetic force behind creating more processing capacity for local cattle producers.
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.
The Ducheneaux family reconnects consumers with their food source
Here’s how you can avoid committing these harmony-harming mistakes.
Matt and Lisa Moreland hoped at least one of their sons would return home to farm after college. What they didn’t anticipate? All three sons wanted to come back. Here are four things the family learned in the process.
Are you avoiding important conversations to avoid conflict? By delaying the conversation, are the potential conflicts greater or less than having it? Elaine Froese shares some key tips to help in these family situations.
Ron Rabou spent the first 26 years of his life expecting to return to his family ranch. When his dad passed and it came time to transition the farm, negotiations weren’t as easy as he imagined. Here’s what he learned.
More than 50% of farmers intend to grow their operation, based on responses in Purdue’s February 2023 Ag Economy Barometer. If you’re thinking about scaling your farm, it’s important to first ask these questions.
You’ve poured blood, sweat and tears into building the cattle operation and business you have today. Have you taken the time to write down your vision and share it with the next generation?
Preparing a succession plan can be an intimidating, lengthy and complex process. Here are some important factors to consider when building your succession strategy.
The Proposed Transfer Tax can actually eliminate net equity for many farm families and cause their heirs to be underwater. It can be much worse than the current or proposed estate tax for most farmers.
We hear a lot about generational stereotypes, but a people-skills pro says we can get past those by sharing stories that build common ground.
Top Producer’s Executive Women in Ag gets underway Jan. 28. Registration is open.
Nebraska Teen Takes over Family Farm while Father is ill