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Cultivating Multigenerational Success in the Agricultural Community
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Ag's Women Make a Difference...
On the June episode of Leave a Legacy TV: The women of America’s agricultural community make a difference as they take the reins in a male-dominated industry. Exemplary women provide sound role models for our daughters. Join us for this episode and learn from the experiences and perspective of Jessica Lundberg of Lundberg Family Farms, Angie May of Minich-May Family Farms, Kimberly Clauss of Clauss Dairy Farms, and Dr....
A Case of Unequal Transfer to Active and Inactive Children
From Legacy Moment eNews (June 25, 2010) Please join us for future issues, delivered via email each Friday. John S. owns 100% of a C corporation that operates a very successful farming operation. John is a widower with four children. His oldest son, Jason, is a full-time employee of the operation. His other three children, Jane, Ken, and Julie, work outside the operation and are not involved in the business. John would like Jason to receive his full ...
How to Use a 'Split-Off' to Transfer Ownership
From Legacy Moment eNewsletter (June 18, 2010) Please join us for future issues, delivered via email each Friday. Paul Smith, a second generation dairy farmer in southwest Wisconsin, owns a large dairy herd and cheese processing facility. The operation is basically two separate units operated under the same entity structure -- a dairy farm and a cheese processing plant. Though the two units share common management personnel, office facilitie...
Why a Stock Bonus Offers Financial Advantages
From Legacy Moment eNewsletter (June 11, 2010). Please join us for future issues, delivered via email each Friday. Janette Green owns 100% of the family’s farming operation since her husband’s death seven years ago. Janette would like to transfer a controlling interest in the grain operation to her son Frank. Though he’s been working in the operation on a full-time basis since college, Frank has not acquired any shares of ownership. ...
Don't Gift Control Too Soon
From Legacy Moment eNewsletter (May 28, 2010) Please join us for future issues, delivered via email each Friday. Mark is the sole owner of his family’s dairy. The ownership transition phase of his succession plan calls for him to gift a controlling interest in the operation to his daughter Amy, who will succeed him as owner/manager of the operation. Watch "Leave a Legacy" Epis...