Preparing to Transfer the Farm Business

By: Gary A. Hachfeld, David B. Bau, C. Robert Holcomb

Transferring the farm business to the next generation is seldom an abrupt process. The transition generally takes place over a number of years. The entering generation needs to establish a firm financial footing as well as learning to manage the business. The retiring generation has to be willing to turn over control of the business and trust that the successor will do well.The transition process must be well thought out and implemented prudently, given the potential financial consequences to all involved. The following information will help you with this process.

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