Are you at the point where you’ve got to decide: do we stay or do we go? Do you struggle with making the decision of selling the family farm versus keeping it? At Dunncreek Advisors in Minnesota, we can explain your options to you and your family in hopes that you can make the best decision financially for everyone involved.
Fladeboe Auctions
Fladeboe Auctions is a group of professionals that sell a lot of farmland all over the state of Minnesota. Obviously, their stance on the subject of staying versus going is a pretty swayed one. They frequently discuss the benefits for a homeowner selling the family farm and using it to create cash that in turn creates a legacy for whomever they choose. A strong point that Fladeboe makes when he speaks is that every single family that has sold their family farm through his company has considered it to be one of the happiest days of their lives. Does that strike a chord with you? We suppose it is because it creates possibilities and opportunities that a farm family would not otherwise have. Whether it’s giving every grandchild a college education, donating to a charity, or putting money to good use somewhere else, selling the family farm undeniably opens opportunities that were not previously there.
The Common Decision
At Dunncreak Advisors, we most commonly work with families who have decided that they do not want to sell their family farm. The challenge from a financial and legal stand point is structuring a legacy plan to protect the farm operations even during the transition to another generation. Making a legacy plan for a family farm is not impossible, but it comes with a considerable amount of planning. This is especially true if your family farm is being passed down to more than one family member. Planning to factor in the goals of the next generation while also considering your own goals and dreams for the business is a long, ongoing discussion that needs to be talked about with a group of trusted financial advisors.
At Dunncreek Advisors, we ultimately want to help you create a legacy plan that works for you and for everyone else involved. There is no black and white in legacy plans but instead, a lot of gray. Would knowing that your farm could give the kids one million dollars each if you sold it make a difference? Would knowing that each kid in your family could have 80 acres of farmland make a difference? Is there a way to leave a financial legacy for your family while also preserving the family property? All of these questions can be answered when you call and discuss legacy questions with our team at Dunncreek Advisors.
If this article has you starting to think about your family farm and legacy, get in touch with my office at rdunn@dunncreekadvisors.com. I always enjoy meeting with people who have started this process. Dunncreek Advisors does not provide legal or tax advice, nor is this article intended to do so.