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Planning a family farm transition requires careful planning, foresight, and informed legal assistance. For many Wisconsin residents, farming is not just a profession but a way of life, passed down through generations. At Borakove Osman LLC, an accomplished estate and farm continuation planning practice in Madison, we understand the importance of preserving this legacy. 

As a matter of fact, one of our lead attorneys, Shayna Borakove, is a proud member of a Wisconsin farm family. She, like the rest of our skilled legal team, is committed to helping families throughout Wisconsin successfully navigate the complexities of farm succession.

Why Farm Succession Planning Must Be Customized

Because our attorneys are well aware that every farm and every family is unique, we never attempt to use a one-size-fits-all approach to farm succession planning. Instead, our planning is tailored to address your specific needs and goals.

How to Choose a Successor

Succession planning begins with identifying who will take over the farm. This decision should consider each potential successor’s:

  • Interest in the farm
  • Ability to run the farm efficiently and profitably
  • Ability to work productively with farm personnel
  • Ability to resolve any conflicts that arise
  • Ability to deal with unexpected events and crises
  • Vision for the future and whether it aligns with yours

Also, you should take account of the reaction of family members to your choice since a positive response on their part will undoubtedly make the transition more likely to work well.

How to Valuate the Farm

Accurately valuating the farm is fundamental to a fair and equitable transition. This involves assessing not only the worth of the land and onsite facilities but also the value of livestock, equipment, and your brand itself. Professional appraisals and financial analysis can provide a solid foundation for this process.

Ways To Smooth the Farm Transition

A smooth transition requires:

  • Detailed planning
  • Appropriate legal documentation
  • Proper financial arrangements
  • Training for successor

Our accomplished farm transition lawyers will help you establish realistic timelines and milestones and to meet them. We will also assist you in contingency plans for unexpected challenges.

Remembering to Assess Innovations

Farming technologies and practices, like those of all businesses, evolve, making it critical to assess and integrate innovations to ensure your farm’s future success. In this context, things like updating equipment, adopting sustainable practices, and diversifying farm activities are the key to enhancing resilience as well as profitability.

Planning for Change in a Collaborative Manner

Any transition requires transparency and flexibility, on the part of both business owner and employees. For this reason, it is important to make any changes in duties and responsibilities clear and to include farm personnel and family members in discussions about what is happening now and what will likely occur in the future. Open communication and clear expectations are invaluable, as is paying close attention to the input of others.

How Borakove Osman Facilitates Farm Transitions

At Borakove Osman, we bring extensive experience and a personal understanding of the farming community to our estate and farm continuation planning services. Our approach is holistic, considering not only the legal and financial aspects of farm transition but also the emotional and familial elements. 

You can count on our family farm transition attorneys to work closely with you to:

  • Develop a comprehensive estate plan that protects both the farm and the family’s long-term interests.
  • Navigate tax implications to maximize financial benefits and minimize liabilities.
  • Facilitate open and productive family discussions to align expectations and goals.
  • Create a succession plan to ensure the farm’s longevity and prosperity.

The Takeaway

Like you, we are committed to preserving farming legacies in Wisconsin. We understand the challenges your family faces and are determined to provide the guidance and support you need to secure your farm and your future. Contact Borakove Osman LLC today to learn how we can help you preserve your family’s farming legacy for generations to come.