Succession Planning
Ensuring Continuity When Multiple Children Inherit a Farm: A Guide to Sustainable Succession
When a family farm is inherited by multiple children, maintaining continuity is essential. A smooth transition ensures the farm remains productive and financially viable. This process involves more than simply passing on assets—it requires planning, communication, and decision-making strategies that account for each heir’s interests and strengths. Here’s how families can ensure continuity when multiple…
Read MoreHow do we ensure the farm business remains viable during the transfer process?
When planning the future of a family farm, one of the most important and sometimes challenging aspects to consider is the role of off-farm heirs in ownership decisions. Off-farm heirs are family members who have moved away from the farm and are not actively involved in its daily operations. These heirs may still have a…
Read MoreWhat role should off-farm heirs play in farm ownership decisions?
When planning the future of a family farm, one of the most important and sometimes challenging aspects to consider is the role of off-farm heirs in ownership decisions. Off-farm heirs are family members who have moved away from the farm and are not actively involved in its daily operations. These heirs may still have a…
Read MoreShould we establish a formal timeline for the management transition?
Planning a management transition, especially in a family business or farm, can be a complex and emotional process. One of the most critical decisions to make is whether to establish a formal timeline for transitioning management responsibilities from one generation to the next. This process often spans several years, and creating a structured plan can…
Read MoreHow should we handle situations where not all heirs want to farm?
When planning the future of a family farm, one of the most challenging situations to handle is when not all heirs are interested in continuing the farming tradition. Farming is not just a job; it’s a lifestyle that requires dedication, hard work, and often a passion for the land. So, what should you do when…
Read MoreShould We Establish a Formal Succession Agreement with Our Heirs?
As a farm or business owner, planning for the future of your operation is a crucial step that can ensure its long-term success. One key component of this planning is determining how the farm or business will transition to the next generation. You might be asking yourself, “Should we establish a formal succession agreement with…
Read MoreKindred October Updates: The Kindred Advisor Directory is Live!
We’re only a couple months removed from our 6-month journey at Purdue DIAL Ventures, but we’re excited to announce two important Kindred updates: 1️⃣ One thing we’ve noticed in our customer outreach is that many farm families have not engaged, or are “in-between,” one or more trusted advisors. Questions we’ve heard quite often: “Can you…
Read MoreCan Gifting Part of the Farm to Our Heirs Reduce Tax Burdens?
Farm succession planning is an important process for many families who want to keep their farm in the family for generations. One of the key questions that often comes up is whether gifting part of the farm to heirs can help reduce tax burdens. The answer is yes, but it’s a little more complex than…
Read MoreJoint Ownership: Sharing the Load and Responsibilities.
When it comes to farm succession planning, one important decision farm owners face is whether to transfer ownership as a joint ownership or sole ownership. This choice can significantly impact how the farm operates, the relationships between family members, and even the long-term success of the farm. In this article, we’ll explore the benefits and…
Read MoreUnderstanding the Importance of Gradual Transition
Handling the transfer of management responsibilities over time is one of the most important steps in farm succession planning. This process ensures that the farm remains successful and continues to operate smoothly as ownership and decision-making shift to the next generation. To make this transition work well, farm owners must plan ahead, communicate clearly, and…
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