Archive for November 2024
Handling Ownership Transitions When Some Heirs Are More Involved in the Farm
Ownership transitions can be challenging, especially when some heirs are actively involved in the farm’s operations while others are not. Balancing fairness, preserving family relationships, and ensuring the farm’s future success require careful planning and open communication. Here’s a detailed guide to help you navigate this sensitive process. Understanding the Challenges When some heirs work…
Read MoreWhat Training or Mentorship Should We Provide to the Next Generation?
Transitioning a family farm to the next generation is a significant and emotional process that requires careful planning and preparation. One of the most important parts of this process is equipping the next generation with the skills, knowledge, and experience they’ll need to successfully manage and grow the farm. The right training and mentorship can…
Read MoreKindred Podcast Episode 6: Farm debt: How it impacts the farm succession plan
When planning for the future of a farm, one of the most critical questions to address is, “How will the farm’s current debt impact the succession plan?” Debt management is a crucial aspect of any business, but it becomes even more significant when you are considering passing down the family farm to the next generation.…
Read MoreKate Brodock of W Fund Joins Kindred Advisory Board
We’re thrilled to to announce Kate Brodock has joined the Kindred advisory board! Actually, she’s been on board for a few months – she joined us when we were just a tiny seed planted in the field. Kate is a force: • CEO of SWITCH• GP at W Fund• EIR at Techstars Anywhere Remote Accelerator•…
Read MoreShould we consider mediation or family meetings to resolve differences during the planning?
Farm succession planning is often an emotional and complex process. When family members are involved, disagreements can arise, whether it’s about who will manage the farm, how assets will be distributed, or the future vision for the business. Resolving these conflicts early and constructively is essential for ensuring a smooth transition. Mediation and family meetings…
Read MoreLance Woodbury of Pinion Global Joins Kindred Advisory Board
We’re thrilled to welcome Mr. Lance Woodbury of Pinion Global to the Kindred advisory board! We met Lance during our time in the Purdue DIAL Ventures program this past Spring. We knew of Lance’s reputation as the “Jerry Maguire of Farm Succession,” so we were beyond grateful for his time & feedback on our fledgling concept. Fast forward a few months: we’re now working…
Read MoreHow do we ensure that the farm will not be contested in probate court?
Ensuring your farm avoids disputes in probate court is a significant step in protecting your family legacy and minimizing potential conflict. Probate court can be time-consuming, costly, and emotionally draining for heirs, especially when there are disagreements over the distribution of assets. Fortunately, there are clear steps you can take to secure your farm’s future…
Read MoreHow will capital gains taxes affect the farm transfer?
Transferring a farm to the next generation is a significant event, both emotionally and financially. One of the key financial considerations during this process is the impact of capital gains taxes. Understanding how these taxes work and planning for them in advance can help farm owners minimize their tax burden and ensure a smooth transition.…
Read MoreKindred Podcast Episode 5: Ownership Structures in Farm Transfers
When thinking about transferring a farm, the ownership structure plays a crucial role in ensuring a smooth transition, minimizing taxes, and protecting the farm’s future. Deciding the right structure depends on factors like family involvement, farm size, and long-term goals. Let’s explore the various ownership structures to consider when transferring a farm and how they…
Read MoreShould we create a buy-sell agreement for transferring shares between heirs?
Creating a buy-sell agreement for transferring shares between heirs can be a smart move if you’re looking to manage ownership transitions smoothly and fairly, especially within a family business. When an owner passes away or chooses to step back, having a buy-sell agreement in place can help ensure that shares are transferred according to an…
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