Odds Say Your Farm Will Fail. Learn How to Prove Them Wrong

November 6, 2015 02:27 PM
Odds Say Your Farm Will Fail. Learn How to Prove Them Wrong

Succession planning conference for farmers on Nov. 17-18 in Indianapolis

Did you know 90% of families fail to keep their farm together for three or more generations? It’s a staggering figure and might even seem like unbeatable odds, but you don’t have to be a statistic. Good planning, open communication and solid preparation can put you in that coveted 10% who successfully transition generation after generation.

Dick Wittman, succession planning and financial management consultant in Culdesac, Idaho, says family businesses often struggle with the difference between succession planning and estate planning. Succession planning deals with business viability and future leadership, while estate planning addresses financial and tax issues within the business.

Both are critical in the planning process to pass on the family farm to the next generation but too often families put the cart before the horse.

One of the biggest mistakes Wittman says he has witnessed in four decades of advising family businesses is the tendency to start with estate planning with the best of intentions to work on succession planning later. While you can work on both simultaneously, key succession planning questions need to be answered before estate planning can truly begin.

Learn the difference between succession planning and estate planning and create a family dialogue to answer those critical questions at the Farm Journal Legacy Conference on Nov. 17-18, in Indianapolis, Ind.

Dick Wittman opens the conference and will discuss constructing a succession plan, case studies to help you get started and will lead breakout sessions on building a family employment policy and preparing your successors to be investors.

Other expert speakers include owner:

  • Paul Neiffer, CliftonLarsonAllen
  • Polly Dobbs, Dobbs Legal Group
  • Johnne Syverson, Transition Point Business Advisors 
  • Carolyn Rodenberg, Alternatives to Conflict, LLC.
  • Danny Klinefelter, Texas A&M University

Event Details:

Farm Journal Legacy Conference 
Tuesday-Wednesday, November 17-18

Crowne Plaza
Indianapolis Airport
2501 S. High School Road
Indianapolis, IN 46241

Click here to see the event agenda and register today! 

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