According to The Practical Lawyer, 90% of all businesses in the United States are family businesses. These are businesses owned or controlled by members of the same family. Family owned businesses are very important to the US economy, creating 60% of total US employment, 78% of all new jobs, and 75% of wages paid. Over [...]
Read More...During my career I have found that most succession plans fail. The plan itself might or might not have achieved the family’s objectives for farm succession and transition to the next generation, but it ran out of gas before it was ever completed. It ran out of gas because there was no one in charge [...]
Read More...Some of you got it right, passing down the farm is farm succession from the current generation of owners to the next, the folks who are going to be owning and running the farm in the 21st. Century. Almost nine years ago we registered our domain name because we had been told that the older [...]
Read More...For a farm succession plan to succeed there must be a timetable for specific actions to take place. Everyone involved must be able to see when certain benchmarks are reached. If there is no agreement on when certain elements of the process will be put in place – why should they believe you are really [...]
Read More...The farm succession planning process, and it is indeed a process, generally begins when someone has convinced a member of the family to have that first family meeting. The idea, at least in the minds of a few is that this meeting will set in motion, like a snowball rolling down hill, the succession planning [...]
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