Generational Transition Program

Here is an opportunity to obtain an independent, outside perspective on issues that may be affecting your farm or ranch.  Free legal and financial clinics are being offered for farmers and ranchers. The clinics are one-on-one meetings with an Ag Law Attorney and an Ag Financial counselor.

These are not group sessions, but individual sessions.  And confidential!  The attorney and financial advisor specialize in legal and financial issues related to farming and ranching, including financial and business planning, transition planning, farm loan programs, debtor/creditor law, debt structure and cash flow, agricultural disaster programs, and other relevant matters.  Read the full article for September locations and dates.

Buy-Sell Agreement: A Useful Transition Legal Tool

A buy-sell agreement can be a useful legal tool when planning your ranch transition.  This agreement addresses what happens when one or more of the owners dies, retires, becomes incapacitated or wants out of the business.  Benefits may extend beyond the business and into family relationships.

What is a buy-sell agreement?  Can a buy-sell agreement benefit your farm or ranch transition plan?

My Sweat, Your Equity

When physical jobs become a burden, ranchers may look to add the next generation to the operation.  Their enthusiastic energy is welcomed and needed to keep the ranch up and running. 

However, are these young folks being compensated for “their sweat” when it is “your equity”?

Do you think the homeowners flipping houses would invest their time and labor for free into someone else’s home?  No, I think not.  Why do we expect our returning ranchers to invest their labor for free (or almost free) on the ranch? 

Family-First Business or Business-First Family, Which are You?

Jolene Brown, family business consultant, says there are two kinds of family farms.  The family-first business and the business-first family.  Below is a summary of Brown’s articles on the two types.

Family-First Business: Bases decisions on emotions or what family members want to.  Majority of the times, these decisions leads to problems, first within the family, then in the business.

Business-First Family: Decisions are grounded upon a mutual mission, written goals, legal documents, and quality communication.  Family is honored and the business has the family’s best interest at heart.

“Remember when we put the business first because we care about the family.  If we do the business well, we are more productive and more profitable and everyone more happy,” states Brown.

FREE LEGAL & FINANCIAL CLINICS IN AUGUST

Farmers and Ranchers: Locations for August's free legal and financial clinics are here!  The clinics are one-on-one meetings with an Ag Law Attorney and an Ag Financial counselor.

These are not group sessions, and they are confidential.  The attorney and financial advisor specialize in legal and financial issues related to farming and ranching, including financial and business planning, transition planning, farm loan programs, debtor/creditor law, debt structure and cash flow, agricultural disaster programs, and other relevant matters.  To sign up for a clinic or for more information, call the Rural Response Hotline at 1-800-464-0258.