NPR - A STORY OF A HEALTHY FARM BUSINESS SUCCESSION PLAN

Abstract:

Transition Point Business Advisors presents this paper for the purpose of presenting at the upcoming 20th International Farm Management Congress on July 12 to 17, 2015 in Quebec, Canada. The purpose of this non-peer review paper is to illustrate how Transition Point Business Advisors worked through a specific process of Business Succession Planning collaboratively with a client and other key professionals for the benefit of the client. The transition process helps family owned farming operations to have a clear and concise understanding of what is going to happen in the next chapter for the farm as well as the families affected by it. There are many variables, both soft human issues, as well as technical business issues, that need to be reviewed, addressed, and planned for the improved outlook of all parties involved because “tomorrow is coming” whether we are prepared for it or not. In the following non-peer review paper, we walk through a case study describing a successful Business Succession Planning Process as it was applied while working with the owners of a large grain production operation in central Kentucky with their permission.

Keywords: Farm Succession, Succession Planning, Generation to Generation Planning, Family Legacy, Transition Point Business Advisors