NDSU Extension Service - Sargent County

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Team-building for the Future of Your Farm

Team-building for the Future of Your Farm  01/13/17Planning for the successful succession of your farm or ranch business is complex.  Time spent with your family discussing and visioning is a big part of it.  Another big part is putting together the legal paperwork and financial pieces of the plan.  Professionals will be needed to assist with those aspects. 

Putting together your team of professionals early-on in the process allows them to serve as advisors to you and your family as you are discussing, and visioning about the future of your business.  Their expertise and guidance on such things as tax consequences, legal issues, and property ownership options will certainly impact your decisions.  Knowing more, sooner rather than later, will be an advantage to you.

The funny thing about the people on your professional team is that they may rarely, or possibly never, be in the same place at the same time to meet together.  It is more likely that you will work with each one individually.  You will need to decide if you want them to talk among themselves on your behalf or if you want them to communicate only with you. In either case, it is important to inform everyone on your team which other professionals you are working with. 

Once succession decisions have been made, the professionals will assist in completing the necessary paper work to put the plan in motion. Contact your county extension office for more information about building your team if professionals and participating in a “Design Your Succession Plan” workshop.   

Photo Source:  https://pixabay.com/en/personal-group-silhouettes-man-109965/   (downloaded 1/17/17)

                                                                                     

 

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