Succession Planning Pt 2
From the Ag Information Network, I’m Bob Larson with today’s Fruit Grower Report. None of us will live forever so it’s time to quit putting it off and time to decide exactly what you want to do with the family farm when you’re gone.
Managing member of Agribusiness Succession Advisors, Jeff DeWald says there are four steps to consider and the first is succession planning, the actual written plan …
DeWALD … “The second quadrant is Finan cial Independence Planning. For the senior generation, for them to be able to step away from the farm, they need to have a source of income.”
The problem, DeWald says …
DeWALD … “Unfortunately, there aren’t a whole lot of farmers that have $2-million in a 401K where they can just step back, hand the kids the keys to the tractor and the storage and let the kids succeed or fail. Their financial future tends to be intimately tied to the farm.”
DeWald says, it’s all about facing reality …
DeWALD … “None of us want to confront our own mortality so the inclination is to leave that will and trust sitting on a shelf, gathering dust, thinking, well I did it 20 years ago so it’s still good.”
So, DeWald says, it’s worth your time …
DeWALD … “We’re not in the business of wasting anyone’s time, either the farm families time or our time. So, if somebody calls us and tell us about their situation, we may say, you got it done! You’re all set! You know, congratulations, you’re one of the few.”
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
Jeff DeWald can be reached at jeff.dewald@lfg.com
