Bill Beard covers the Do's and Don'ts of long term succession & estate planning.
Succession and estate planning in a family farming business is a complex juggling of the needs and wants of the “retiring” generation, the new farmer(s) and their partners and often siblings of the new farmers who will not be farming in the future.
Below are some insights at a glance:
Treating your children fairly does not necessarily mean equally
Honest communication is crucial
Some families implement their plans during their lifetime or on death
Paralysis and procrastination are common
Excerpts from agribusiness specialist Bill Beard’s presentation on succession planning for farmers.
If you need any further assistance regarding any of the content discussed in this article, please contact your local RSM succession planning specialist.