Succession Planning Pt 1

From the Ag Information Network, I’m Bob Larson with today’s Fruit Grower Report. What are your plans for the family farm when it comes time to hang it up? If you’re a Baby Boomer, like so many farmers today, that day is coming much faster than we’d like.

Jeff DeWald, Managing Member of Agribusiness Succession Advisors, says the biggest mistake he sees when it comes to succession planning …

DeWALD … “The biggest mistake is also completely understandable, and that is procrastinating.”

And, DeWald says it’s human nature …

DeWALD … “It’s perfectly okay to feel that way, but the most important thing is to start the planning process because it takes a lot longer and it’s a lot more detailed than a lot of folks might imagine.”

DeWald says he wouldn’t recommend trying to do it yourself …

DeWALD … “Because there can be intense emotions associated with the transfer of a family operation. Not just from mom and dad, but from the kids and sometimes the daughters-in law or the sons-in law, and not just the kids who are active in the operation, but the kids who are outside of the operation.”

But for you DIY’ers out there, DeWald says …

DeWALD … “So, the clients that we see that try to put their plan together themselves, A, it isn’t very good, or B, they just never get it across the finish line because they don’t know how to handle all of the emotional land mines that get brought to the surface in this process.”

Jeff Dewald is a registered Representative of Lincoln Financial Advisors. Securities offered through Lincoln Financial Advisors, a broker dealer and registered investment advisor. Investment Advisory Services through Sagemark Consulting, a division of Lincoln Financial Advisors. Agribusiness Succession Advisors, LLC is not an affiliate of Lincoln Financial Advisors. CRN-5457389-020823

Tune in tomorrow for more … on Succession Planning for your family farm.

Jeff DeWald can be reached at jeff.dewald@lfg.com