The Polestar Podcast

The Family Farm—What is your 100-year Plan?

Episode Summary

Transferring a farm or agricultural business to the next generation can be a complex and emotional process, just like any other business. Farmers must navigate estate planning, tax optimization, while ensuring the ongoing success of the business. It’s crucial for business owners to have a clear understanding of their current position, as well as where they want to be in the future. They must also be aware of the goals and purposes of the farm for both the current and future generations, and promote effective communication across generations. Finally, there are important considerations to keep in mind when passing down a farm or agricultural business.

Episode Notes

In this webinar you will learn the importance of:

• Acquiring a clear understanding of your business’s present situation and future objectives.
• Comprehending the motives and aspirations of both the current and future generations.
• Obtaining insights on essential factors to consider prior to and during the transfer of the farm business.
• Developing effective communication tactics to navigate challenging conversations with family members.