Family Goals and Difficult Times
Unfortunately, I run across families that must make difficult decisions in stressful circumstances. There are all kinds of situations that lead to these difficult decision periods — death, serious illness and change in status for a business partner, just to name a few examples.
The conversation for farm families usually revolves around the future of the business. Things like controlling of the asset, who is renting, and for how much, how the assets are being passed, and with what conditions. One question for these discussions relates to equality and fairness.
One point to consider is the farm/ranch succession or transition plan is put in place prior to having one of these catastrophic events take place. I encourage families to get a plan put together while there isn’t the stress or sorrow of a death for instance. I suggest that the family’s ability to make good suggestions and decisions about the future will be easier.
To learn more about Allan Vyhnalek’s recommendations for farm families presented with difficult situations, listen to this recent Center for Agricultural Profitability podcast.