Agribusiness owners' need for legacy planning services provides you with an opportunity to fill an important role in the farming and ranching communities.
- There are over 2 million family farms across the U.S.¹
- About 96% of U.S. farms are operated by families.¹
- Only 29% of family farms have transition plans in place.²
- Our nation's farmers are aging, averaging 57.5 years old.
What are the five keys to successful transition planning?
- Succession Planning - creating the path to successfully pass the business to the next generation.
- Business Planning - reviewing the business structure to best protect the financial health of the operation.
- Risk Management - identifying and preparing for risks to the farm operation.
- Financial Independence - creating financial independence from the farm so that the next generation can start receiving income from the operation while the senior operator keeps serving as a mentor.
- Estate Planning - getting the documents in place to create an orderly distribution of assets upon death and to settle any liabilities due at that time in a manner consistent with the wishes of the deceased.
¹"2017 Census of Agriculture," U.S. Department of Agriculture (April 2019).
²"U.S. Farm Succession Plans and the Process of Transferring Land Ownership," J. Michael Harris and Ashok K. Mishra, Agricultural & Applied Economics Association Annual Meeting (2016).
Land As Your Legacy and Your Ag Financial Legacy are trademarks of Nationwide Mutual Insurance Company.
