Paul Neiffer, a certified public accountant (CPA) from Clifton, Larson, Allen LLC and a speaker for the Farm Journal Legacy Project meetings this July, joins Farm Journal’s Pam Fretwell for the second time in a three part series on succession planning.
It’s important to have a succession plan for any business. For that plan to be effective it’s also important to understand what everyone owns in the business as well as the interplay of the income and estate taxes.
When it comes to making a succession plan, Neiffer says there is no specific age to start thinking of a succession plan, but he believes it should be thought of early.
“I would certainly be looking at it in you twenties and thirties as you’re first starting out,” Neiffer notes.
He believes a successful succession plan made early can help avoid unnecessary hassle when the plan finally comes into effect later on.
Paul Neiffer explains: