Passing your business, farm or orchard onto the next generation is often the preferable option. But there are many challenges. Is it affordable for both the current owner and the successor? Will the farm, orchard or business provide enough income to support both parties during the transition period? Will the retiree be able to draw enough equity out of the business to buy a new house? Should you try and maintain equality for all of the siblings? Is this even possible? Are you certain the next generation wants your farm, orchard or business? What is the best trading and tax entity to use during the transition? What are the tax implications? When is the best time to make the switch?
We have helped many clients that have had to deal with all of these issues, and more. Working with you we can develop a program that ensures the goals and expectations of all parties are met and passing your business, farm or orchard to the next generation is successful, stress free and rewarding for all.