The Esther Family
Chet and Lori Esther spent 30 years building a 4,700-acre grain operation, construction company and semi truck and trailer dealership. Now they are in the process of transitioning the multiple-entity business to their sons Ryan and Chad. The Esther's farming operation consists of:
EFFCO (Esther Family Farming Company)
- General partnership; ownership is 50% Chet, 50% Ryan
- 4,700 total tillable acres—2,000 acres owned by Chet and Lori, balance is rented
- Semi truck and trailer dealership
- Limited liability company; ownership is 95% Chet, 2.5% Ryan, 2.5% Chad
- Construction company, mainly dirt work and conservation projects
- Limited liability company; 100% owned by Chet
Esther Management Company
- Grain bins
- C corporation; ownership is 25% Chet, 25% Lori, 25% Ryan, 25% Chad
Follow the Esther Family
A wise parent does not prepare the path for the child, but instead prepares the child for the path. That’s the learned perspective of Chet and Lori Esther.
Lori Esther shakes her head in disbelief at the thought of her sons farming together.
With only a few years until retirement, Beardstown, Ill., farm owners Chet and Lori Esther are working hard on their succession plan and financial security.
How to regroup when life gets in the way of succession planning. Life happens. It especially happens on a farm where three busy families live, work and play.
Chet Esther can rest easier now that he has inked a buy-sell agreement between himself and his sons, Ryan and Chad.
An assessment tool helped brothers Chet and Ryan Esther better understand each other.