Farm and ranch succession is a unique subset of family business succession planning. More than any other business, the farm or ranch relies heavily on succession from one generation to the next. It is more than just business – it is a legacy, a heritage passed down over many generations. It is family. Successful farm or ranch succession planning involves an interrelationship and balancing of business planning and estate planning. The objective of succession planning for farmers and ranchers is to create a plan for the farm or ranch business that will allow it to endure successfully beyond the current generation while still caring for the needs of the preceding generation. Hallock & Hallock has a Certified Farm Succession Coordinator to help create your road map and walk you through the four phases of farm succession:
Phase 1 – Determine where the farm is now;
Phase 2 – Determine where you want the farm to be in the future;
Phase 3 – Create a road map or game plan to get the farm there; and
Phase 4 – Implement the plan.
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