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Situation
In a family-farm operation, one of three siblings decided he would be interested in running the farm someday. The family needed to have a plan that was fair to all siblings.
Solution
Eide Bailly helped the family look at the situation objectively and determine what the son would need to be successful in the transition. A plan was developed and communicated to all family members. The plan included valuing farm assets at a reduced value for distribution purposes.
Results
- Plan is in place for son to take over operations of the family farm at a future date; or immediately if something happens to his father.
- Plan specifically designed to help son be successful.
- If son decides not to take special provisions/run the farm, a different distribution plan is utilized.
- Plan is known by all family members; it will help avoid hard feelings in the future.
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