The hardest part of transitioning from farming to retirement is beginning the process, followed by maintaining momentum. Many farm owners engage in discussions with advisors about this significant life change but frequently stall, getting caught in a repetitive cycle similar to farming's seasonal rhythm. This often results in excessive taxation, strained family relationships, or both.
PWM Private Wealth Counsel offers you a solution to transitioning your family farm to the next generation. 70% of our existing client base comes from a farming background, so the idea to help outgoing farmers exit their business operation was a natural progression by taking into consideration all aspects of your financial future. Some examples include:
We always hear that “Succession planning is a process, not an event” but many advisors treat it as an event driven process. Completing one time succession plans as a guideline to implement at a future date, with no action plan to implement, or the flexibility to adapt as circumstances change.
That is why we've developed the Life After Harvest mentorship program to educate farmers on transition options and assist in planning and implementing these strategies over time. It's a focused effort to unite all stakeholders involved in ensuring a successful farm transition, be it succession or sale. PWM’s objectives are to help you:
- Enjoy a Financially Protected Retirement
- Preserve the Value of Your Farm
- Properly Structure Your Farm Business
- Reduce Taxes on Your Farm Exit Strategy
- Create a Transition Plan that works for you!
The whole process can be simplified into a very simple two-pronged approach:
- Develop a plan to transition off of the farm which addresses the financial, tax, legal, and accounting issues involved in retiring off of the farm.
- Ensure that your accountant, lawyer, and financial advisor are all moving in the same direction in order to accomplish this.
If you’re interested in seeing if the Life After Harvest program can help you in your farm transition plan, schedule your discovery meeting today.
