The ranchers we’ve worked with are fiercely independent and stubborn for results. They know long-term success is difficult and rare. They know real answers to their succession planning concerns may involve the tax, legal, and financial disciplines. But most don’t know who can help or where to get answers. When they contact Legacy by Design, it’s usually about protecting their interest and exercising some control over the operation, while offloading responsibilities to the next generation.
Many of today’s ranchers feel pushed to change by outside influences, but know what it takes to succeed in the cattle industry. They want to work with a proven entity, with someone who understands the complexities of their business and appreciates dedication. Most ranching professionals want to continue a legacy of multigenerational success. They’re sometimes confused by the planning process and overwhelmed by the issues that need to be addressed in planning for succession.
Our ranching clients want solutions for:
- Establishing a management structure that allows the next generation to gradually assume responsibilities over time.
- Creating options for retirement by converting equity to an asset[s] that can be used to support their lifestyle in a gradual retirement.
- Treating their children equitably and apportioning assets among those active in the operation and those who have chosen other careers.
- Transferring ownership in the operation to a well-prepared next-generation.
- Utilizing estate planning techniques to transfer ownership interests, minimize exposure to the estate tax, and provide support for a surviving spouse.
1. Financial Security
Providing financial security begins with a solid financial plan, which includes managing risks, eliminating personal debt, and establishing an investment portfolio. The entire process is designed to gain peace of mind and maintain the lifestyle an owner desires.
3. Leadership Structure
Succession depends on a management structure that allows those active and involved in the operation to control their own destiny. This phase is designed to establish a leadership structure that ensures management decisions are made by and for active and involved owners.
4. Estate Plan
Estate planning strategies are complex and confusing. They involve legal terms, financial concepts, and tax terminology. This step in the process will provide equitable distributions for their children and financial security for their loved ones. Estate tax provisions will ensure an owner’s wishes are achieved.
So, contact Kevin today for a consultation, we’ll address your questions, eliminate the confusion, and set your mind at ease.
10-Step Succession Planning Checklist for Business Owners
Our Spokane succession planning checklist addresses the goals of the business owner and the family. Take 10-Steps toward a more secure future