Your Farm. Your Family. Your Legacy.
Exiting the business isn’t something most entrepreneurs think about. Working with your tax and legal professional to help ensure a succession plan is in place is crucial for the life of any business. Without a formal succession or transition plan, a small business or farm operation risks both its longevity and bottom line.
In many cases, however, family owned business owners don’t take the necessary steps to help assure a smooth leadership transition, either because they don’t clearly identify a successor or because they fail to prepare their company to succeed without them.
Your business or farm will transfer at some time to someone – What remains to be seen is who will ultimately wind up with the result of your lifetime of work, and if the outcome will be acceptable to you and your family.
Our goal is to raise business continuation decisions to a higher level.
We are especially concerned that if the current generation of business owners misses their transition opportunity, the institution of small businesses and the family farm throughout Southwestern Minnesota may be very different than we currently know it.
When livelihood and family legacy is at stake, we believe it is vital to make a conscious effort to help construct a plan for the worst case scenario, even though the optimist in us is nearly always hoping for the best case scenario.
Helping Plan for Transition
If you think your current transition scenario would create an unacceptable outcome, you may have an opportunity, if not an obligation, to research alternative plans for your family.
At Prairie Plans, we believe that it takes a team of succession advisors to help design and implement a successful transition. At a minimum, this means working with legal, accounting and financial professionals who are experienced in the field of succession planning and who can help in an effort to ensure a seamless, productive, and unifying transition.
We do not provide tax or legal advice. We can work in conjunction with your tax or legal professional to help determine that your financial situation works synergistically with other aspects of your life.