Succession Planning
What contingency plans should we have if the next generation decides not to farm?
When it comes to farming, you’ve likely put a lot of love, sweat, and hard work into your farm. But what happens if the next generation decides farming isn’t for them? It’s important to have a good contingency plan in place to ensure your farm’s legacy continues, even if your children or other family members…
Read MoreWhat financial assistance or government programs are available for farm transfers?
When it comes to farm transfers, especially for family-owned farms, transitioning to the next generation or finding the right buyer can be a complex process. However, there are various financial assistance options and government programs available to help. Let’s dive into some of the key support systems designed to aid farm transfers, ensuring the process…
Read MoreShould we separate ownership of the land and the farm business for succession purposes?
When thinking about passing your farm onto the next generation, one important question crops up: “Should we separate ownership of the land and the farm business for succession purposes?” While it might seem like a lot to wrap your head around, let’s break it down to make it easier to understand. What Is Farm Succession…
Read MoreHow do we ensure that the farm’s suppliers, customers, and employees are ready for the change?
Ensuring that a farm’s suppliers, customers, and employees are ready for a change, such as during a farm succession or sale, is crucial for a smooth and successful transition. Effective communication and planning play key roles in making sure everyone involved feels informed, prepared, and confident about the changes ahead. Let’s dive into the steps…
Read MoreHow do we balance the need to be fair with the need to keep the farm viable?
Balancing fairness and keeping a farm viable can feel like trying to juggle two very important but different goals. This is especially true when you’re thinking about passing your farm on to the next generation or selling it while ensuring everyone involved feels they’ve been treated fairly. Let’s break down how you can manage both…
Read MoreWhat happens if the farm succession plan is challenged after our death?
Understanding Farm Succession Plans First, let’s talk about what a farm succession plan is. A farm succession plan is a detailed document that outlines how your farm will be managed and who will take over after you retire or pass away. It typically names heirs and assigns roles and responsibilities to ensure the farm continues…
Read MoreWhat Estate Planning Tools Should We Consider to Protect Farm Assets from Creditors or Divorce?
Protecting farm assets from creditors or divorce is a critical aspect of estate planning for farm owners. Farms are not just businesses; they are often family legacies passed down through generations. To safeguard these valuable assets, it’s essential to use effective estate planning tools. In this guide, we’ll explore the best strategies to shield your…
Read MoreHandling 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 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•…
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