“We can prevent many daily aggravations and family business catastrophes if we learn from the mistakes of others. From conversations to contracts, from assumptions to clarification, from complaints to celebrations, we will open eyes and save fighting on the way to the funeral home,” said Jolene Brown , farm business consultant and professional speaker.
Brown complied the top 10 mistakes she often sees when consulting family farming businesses.
1. Assuming all generic relationships equal good working relationships ...
Management succession is the process most farmers dread, but should start doing right away. We don’t like change and farm succession means change, according to Jennifer Voss with The Voss Group during her breakout presentation at Vita Plus Dairy Summit 2012.
“Change will only occur when the need for change becomes stronger than the brain’s natural desire for the comfort of the way thing are,” said Voss.
Farm succession can get pretty complicated, especially when the family begins to grow and several generations take an interest in the farm, said Elwyn Voss of The Voss Group during his presentation at Vita Plus Dairy Summit 2012. However, he said several strategies can help the farm make the succession planning simple, easy and painless.
According to Voss, two different kinds of transfers occur in the succession process. The business transfer consists of the...
With estate and capital gains tax up in the air and a low economy affecting interest rates and farm values, now is a good time to take care of planning the future of your business. Dan Rupar of Ruder Ware, L.L.S.C. in Wausau, Wis., specializes in estate and business succession planning. These plans are not only integral for intra-family farm transfers, but also for two or more farmers establishing a joint operation....
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