Farm Progress

Thinking about a farm transition? What to do next

Farm business transition is no easy trick. After you answer our 25 questions, you will know a lot more.

Rich Dunn 1, Blogger

September 5, 2016

1 Min Read

If you have been following our blog throughout August, you saw 25 questions to help you judge your readiness to start a farm business transition.

Once you get through those questions in good shape, the next step is to set out some goals.

You will need:

-Individual goals,

-Family goals,

-Business goals, and

-Retirement goals.

These four priorities will provide the guideposts to your journey through the transition process. If you don't meet all these goals then your transition will likely not succeed.

Use your response to the 25 questions to help shape your goals in each category.

In some cases, you will need the help of trusted advisors to answer these questions. It's another reminder of the value of fee-only, fiduciary financial planning advice during this process.

If this article has you thinking about your own circumstances, contact my office at [email protected].

The opinions of the author are not necessarily those of Farm Futures or Penton Agriculture.

About the Author(s)

Rich Dunn 1

Blogger

Rich Dunn is co-owner of Dunncreek advisors, a fee-only Minnesota-based financial planning firm focused on preserving and managing wealth. A veteran financial planner, Rich’s experience is informed by a lifetime in the agricultural industry and a 15-year career working with food and agriculture businesses and farmers. He grew up on an Illinois farm and earned a bachelor's degree in Ag Education and Ag Communications at University of Illinois. Because Rich is a fee-only, independent advisor, he strives to place clients’ interests ahead of his own. Farms in Transition is written to help you with your farm estate plan. Contact Rich at [email protected]. Information about Rich’s business practices is found here: www.dunncreekadvisors.com.

Advisory services offered through AdvisorNet Wealth Management Inc. an SEC registered investment advisor, 701 Fourth Avenue South, Suite 1500, Minneapolis, MN 55415, (612) 347-8600, [email protected].  AdvisorNet Wealth Management Inc. and Dunncreek Advisors are separate entities. These articles are for informational purposes only. While designed to provide accurate information on the subjects covered, they are not intended to provide specific legal, tax, or other professional advice. For a comprehensive review or specific personal assistance, always consult with an appropriate professional. Dunncreek Advisors does not provide legal or tax advice.

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