{"id":39776,"date":"2025-01-21T13:47:53","date_gmt":"2025-01-21T13:47:53","guid":{"rendered":"https:\/\/peraltafinancing.com\/agriculture\/agricultural-entrepreneurship-farm-business-transition\/"},"modified":"2025-01-21T13:47:53","modified_gmt":"2025-01-21T13:47:53","slug":"agricultural-entrepreneurship-farm-business-transition","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=39776","title":{"rendered":"Agricultural Entrepreneurship: Farm Business Transition"},"content":{"rendered":"


\n<\/p>\n

\n

\nMany of the farmers I work for have a tough time with the
\nprocess of getting their business into the hands of the next owner\/manager. The
\nreasons for this are many; no time, unwilling to think about mortality, not
\naware of what should happen, and uncertainty about losing control are some of
\nthe primary reasons often heard. Because of the intimate relationship between
\nmost farms and the families that work and live there; the unknowns around a
\nbroad family conversation on business transition can be a bit scary.<\/span><\/p>\n

\n\u00a0<\/span><\/p>\n

\nWhen is the best time to start the discussion?<\/strong><\/span><\/p>\n

\n\u00a0<\/span><\/span><\/p>\n

\nIf succession planning has been on your mind remember
\nthere are just six weeks left in 2016 and some holiday celebrations coming up.
\nThis could be a great time for a discussion with family regarding farm
\ntransition and succession planning. It’s great that you’re thinking about
\nsuccession planning, but remember, conversations about farm succession are
\nconducted from a business standpoint. Do you really want to turn your
\nThanksgiving table into a business conference table?\u00a0 <\/span>Do you want to take your time around the
\nChristmas tree and turn it into a water cooler discussion on strategic
\nplanning? <\/span><\/p>\n

\n\u00a0<\/span><\/p>\n

\nWhile it may be tempting to start these discussions while
\nfamily is home and together, make sure you’re keeping family time for family
\nand setting aside a special time for holding a family business meeting. If it
\nneeds to be connected to a holiday to have family present, think about sending
\nout a formal invitation and agenda to the meeting ahead of the holiday, with a
\nset time and date for the meeting later in the holiday weekend.<\/span><\/p>\n

\n\u00a0<\/span><\/p>\n

\nWhen should I start planning?<\/strong><\/span><\/p>\n

\n\u00a0<\/span><\/span><\/p>\n

\nYou may have heard the old Chinese proverb. \u201cThe best
\ntime to plant a tree was 20 years ago, the second bet time is now.\u201d That same
\nprincipal can be applied to succession planning.\u00a0 <\/span>It really is NEVER too early to start
\nplanning for the future, but it can become too late to start!\u00a0 <\/span>Almost everyone knows a family torn apart by
\ndisagreements following the passing of a loved one. This often happens because
\nthey never found the time to put their plans down on paper.<\/span><\/p>\n

\n\u00a0<\/span><\/p>\n

\nYou can never tell what tomorrow will bring. Starting
\nyour succession plan early in your agriculture career can help you save money
\nand can make sure your business continues as you see fit in the case of retirement,
\ndeath or disability.\u00a0 <\/span>If you create a
\nplan early in your career, it does not mean you are done. \u00a0<\/span>A good succession plan is reviewed and
\nimproved often to make sure it still fits with the wants and needs of everyone
\ninvolved in the operation.<\/span><\/p>\n

\n\u00a0<\/span><\/p>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"

Many of the farmers I work for have a tough time with the process of getting their business into the hands of the next owner\/manager. The reasons for this are many; no time, unwilling to think about mortality, not aware of what should happen, and uncertainty about losing control are some of the primary reasons […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12026],"tags":[13743,907,13744,6021,7054],"dealstore":[],"offerexpiration":[],"class_list":["post-39776","post","type-post","status-publish","format-standard","hentry","category-agriculture","tag-agricultural","tag-business","tag-entrepreneurship","tag-farm","tag-transition"],"yoast_head":"\nAgricultural Entrepreneurship: Farm Business Transition - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=39776\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Agricultural Entrepreneurship: Farm Business Transition - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"Many of the farmers I work for have a tough time with the process of getting their business into the hands of the next owner\/manager. 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