Do something this year about passing on the farm before it is too late. Get started with a good succession plan. 5 points on farm succession and whether to hand down debt as part of the plan.
- Don’t involve an external lender ( eg bank) in your succession plan.
- There is nothing clever about handing down bank debt for your children to deal with.
- Add fire, flood, drought, price drop or illness and chances are they will lose the farm.
- Greg Bloomfield Agribusiness Consultants have dedicated Farm Debt Consultants who can help your farm transfers without external debt and make both generations happy.
- GBAC takes the family friction out of succession plans, satisfies all parties.