Last month I made a bunch of sarcastic (and not so sarcastic) comments to get you thinking about your future and your family’s future. Hopefully you’ve started thinking that transition planning might be worth the effort.
A little bit of planning might help preserve your family farm or business, and more importantly, it might keep your family together. So what’s the next step?
Try to determine the goal of your transition plan. When you boil it down, there are basically 5 main options when it comes to transition planning for a family farm:
Once you’ve determined which of these options is best for you and your family, here are a few more steps to get the ball rolling.
Stay tuned for part 3, we will go into these steps in much more detail. I’ll try to address major issues involved in transition planning, including legal forms of organization, written job responsibilities, intra-family communication, retirement planning, and estate planning.
To read more about Carolina Farm Credit, our members and the ag industry, check out issues of our Leader magazine—you can read them online.
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