Owning a farm in Wisconsin is not just a livelihood; it’s a legacy. Planning for the future of your farm involves critical decisions, especially when it comes to choosing a successor. At Borakove Osman LLC in Madison, we understand the importance of this decision and specialize in guiding farm owners through the intricate process of succession planning.
Our law practice has skillfully helped a great many farms go through smooth transfers of ownership. In fact, one of our lead attorneys, Shayna W. Borakove, grew up on a farm herself and has extensive experience with the processes that ensure farm continuity and success.
The Importance of Choosing the Right Successor for Your Farm
Selecting a successor for your farm is more than finding someone to take over operations. It involves finding an appropriate way to preserve your legacy by maintaining agricultural traditions, updating equipment and procedures as necessary, and ensuring profitable sustainability. The right successor will not only share your farm managerial skills and passion for farming but also share your values and long-term vision for the land.
Why Borakove Osman LLC’s Attorneys Are the Right Choice for Farm Succession
At Borakove Osman LLC, we have deep roots in Wisconsin’s agricultural community. Attorney Shayna W. Borakove’s upbringing on a farm in Missouri gives her firsthand insight into the challenges and aspirations of farm families. One of the reasons our firm has successfully navigated numerous farm successions in Wisconsin is that we approach each family farm with respect for each family’s unique circumstances and goals.
Qualities To Look for in a Successor to Your Farm
In order to choose the ideal successor to your farm you must consider more than integrity and commitment. To qualify as a superior successor, the individual you choose should have the following qualities as well:
1. Passion for Agriculture
Without an in-depth connection to farming, it is typically difficult for a designated successor to be able to dedicate themselves wholeheartedly to the farm’s management and success. Choosing a person with a passion for agriculture and farm continuation will go a long way to ensuring that your successor will give the farm the energy and attention the job demands.
2. Business Acumen
Understanding farm economics and having the ability to make sound financial decisions about such matters as farm valuation, are crucial both for succession and sustainability.
3. Flexibility: The Ability To Learn and Adapt
An agricultural enterprise, like other businesses, evolves as technology, the economy, and the weather change, so it is necessary that your successor remains open to replacing and refining practices if the farm is to remain competitive.
4. Respect for Tradition
The individual you select to be your successor should, like you, have a vested interest in preserving the farm’s heritage and respecting the values upheld by previous generations. Without this, you risk sacrificing the farm’s standing in the community that you worked so hard to build.
5. Leadership and Communication Skills
In order to be an effective successor to your farm, the chosen individual should have the strong leadership skills to ensure a smooth operation of the business and the ability to communicate effectively. The latter will foster positive relationships with employees, suppliers, customers, and the community at large.
Preparing for a Smooth Transfer of Ownership for Your Farm
Transitioning your farm to a new successor involves careful planning and execution. Our experienced farm continuation attorneys will provide you with the guidance you need to:
- Establish clear goals and expectations for the business and clearly define roles and responsibilities for staff members to help prevent misunderstandings and promote a unified vision for the future.
- Address legal and financial considerations related to estate planning, tax implications, and business structure adjustments to make certain that potential risks of disruption or dispute are minimized.
- Facilitate family discussions among all concerned parties so you can arrive at a consensus and address any and all concerns and aspirations pertaining to the farm’s future.
Choosing a successor for your Wisconsin farm is a significant decision that requires thoughtful consideration and strategic planning. At Borakove Osman LLC, we are committed to guiding you through this process with sensitivity and professionalism. With our deep understanding of farm succession laws and our personal connection to agriculture, we are uniquely positioned to safeguard your farm’s legacy for generations to come.
Contact Our Wisconsin Farm Succession Attorneys Today
Whether you’re ready to start planning for the future of your farm or simply exploring your options, Borakove Osman LLC is here to help. Contact us today to schedule a consultation and take the first step towards securing your farm’s continuity and prosperity. Trust in our experience and dedication to support you as you take the necessary steps to preserve your agricultural heritage.
Borakove Osman, LLC is your trusted partner for estate planning for young families in Wisconsin. Serving all of Wisconsin, including Madison and Dane County, we are dedicated to providing high-quality legal advice and representation to help you secure your family’s future.