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The Important Succession Questions Around Whether or Not it’s Worth it

The Important Succession Questions Around Whether or Not it’s Worth it

October 27, 2016

Have you ever asked yourself life’s most important question, “what is the point to what I am doing?” Or maybe it’s more like, “why am I am doing what I am doing?” For our farm clients at Dunncreek Advisors, it’s a valid question that runs through the minds of every farm owner that walks through our doors. Honestly, have you thought about what your purpose is? Many of our clients come in and tell us that they are working hard and building something that will hopefully bless their next generation. However, is building up your farm truly going to bless others? Is it your true purpose? Dunncreek Advisors can help to be a third party resource when important decisions like your farm legacy come into play, regardless of your purpose.

Business Succession

If anyone owns a family farm, we understand that hard work and a lot of diligence is just the beginning of what it takes to build success. Sacrifices are made and they are not easy. The challenge is keeping a farm business running after the founder is gone. Going a step further, the challenge is even greater once it is passed from the second generation to the third. Now, we aren’t saying it’s impossible, but we are saying that a concise plan is necessary. It is very difficult to make a succession plan, mostly because it is a difficult conversation to have. If you are ready to take this step, Dunncreek Advisors is here to help you turn that difficult conversation into a productive one.

Must-Ask Questions For Determining Farm Succession

  1. Is it important to you that the family farm pass to a well-prepared next generation?
  2. Is it important to you that you preserve your farming legacy and provide financial security for future generations?
  3. Do you want to grow the family wealth and make it possible that more family members can work in the farming business in future years?

Whether you are looking to grow your farm business and cash out later on, or you are looking to create and build a family business for many generations to come, Dunncreek Advisors can help you open up positive dialogue with your family or partners at stake. Let these difficult discussions become peace-of-mind planning for both your future and the futures of the ones you love.
If this article has you starting to think about farm legacy, get in touch with my office at rdunn@dunncreekadvisors.com. I always like meeting with people who have begun this process. Dunncreek Advisors does not provide legal or tax advice, nor is this article intended to do so.