Business Transfers & Succession Planning
Are you considering the options to transfer your farm or food-related business to the next in line?
Have you identified a successor and interested in mapping out a plan that works for both of you?
Transfer and succession planning involves a range of services:
- Financial review and assessment of the business – balance sheet and cash flow
- Personal and financial planning for savings and/or retirement; and other quality of life goals
- Tax implications for the transfer
- Valuations and appraisals
- Setting a timeline for the transfer of assets
- Structuring the sale/transfer to suit the owner and successor’s interests
- Forming partnerships
- Conservation of land
- Creating LLC’s, Estates, Trusts, or corporate entities
- Forming operating agreements and lease agreements
- Loan applications
- Regulatory compliance
- Strategic investments in the operation
- Marketing the sale of the business and/or real property
All of these potential steps require careful thought and consideration for any parties involved. So the process takes time and it is good to get started early so that the operation and future investment can steer toward desirable outcomes.
You are ready for transfer and succession planning services.
We can help you and may be able to secure financial assistance through the Farm and Forest Viability Program which is operated by the Vermont Housing and Conservation Board. Through this network we have access to a range of specialists and service providers who can assist at key points in this journey.
Contact us today to discuss your next steps.
