Farm succession planning – the process where management, income and ownership of a farm operation’s assets are transferred to a succeeding operator – is an issue faced by all families involved in a successful farm operation. Where a senior owner/operator wishes that a farm operation continue beyond their retirement, sustained planning must be undertaken to avoid numerous risks that can reduce the chances that an operation will succeed under new management. These risks include inadequate management training, critical asset diffusion due to a poor estate plan, limited retirement planning requiring liquidation of farm assets, and unsolvable disagreements between the parties, just to name a few.
Farm Succession Planning
Raleigh, NC: North Carolina Farm Transition Network, Inc.
Farm Transfer, Farm Transfer Planning