Life After Harvest: Family Farm Retirement Planning
The most difficult part of successfully navigating your transition off of the farm into retirement is starting the process. The second hardest part is keeping the process going. Many farm business owners find that they too often start having discussions with their professional advisors regarding how to navigate this major life transition, only to get partially through before they hit a wall. Much like the cyclical farming nature of seeding, spraying, harvesting, repeat. Farmers find themselves trapped in an endless cycle. As a consequence, many farm business owners end up either paying too much tax, damaging family dynamics, or both.
We always hear that “Succession planning is a process, not an event” but many advisors treat it as an event driven process. Completing one-time succession plans as a guideline to implement at a future date, with no action plan to implement, or the flexibility to adapt as circumstances change.
That is why we have created the Life After Harvest mentorship program. This serves as a program to not only educate farmers on their farm transition options, but to carefully plan for and implement these strategies over time alongside with them. This is accomplished through a concerted effort in order to bring all parties together who are responsible for ensuring the success of the transition, whether it is a farm succession or farm sale.
While we do have the resources to take over the financial planning, tax work, tax planning, and reorganizational consulting – we are more than happy to collaborate with any professional advisor you already have inside of your professional circle. Our role is to merely quarterback the process and fill in any gaps that are needed – no matter how big or small the gap.
The whole process can be simplified into a very simple two pronged approach:
- Develop a plan to transition off of the farm which addresses the financial, tax, legal, and accounting issues involved in retiring off of the farm
- Ensure that your accountant, lawyer, and financial advisor are all moving in the same direction in order to accomplish this.
If you’re interested in seeing if the Life After Harvest program can help you in your farm transition plan, schedule your discovery meeting today.
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