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Will Your Family Farm Home Business Survive?

by Mary Emma Allen on July 25th, 2007

A family farm actually is a type of home business, one often involving many family members working together to make it succeed.  I grew up on a family farm which was our home and business.

However, family farms are disappearing from the scene, like the one of my childhood.  This wasn’t because my father failed to plan.  The area of the country where the farm was located, for economic and zoning reasons, became less condusive to farming.

However, many family farms go out of existence because of tax and financial burdens when the principal owner dies.  Why not plan for future ownership while all owners are still alive…something we humans often are reluctant to do.

“We make year to year cropping plans,” says Stu Ellis, blogger  at The Farm Gate in the article, Will Your Farm Be Operating as a Family Business After You Are Gone?  “Why not make generation to generation farm business plans?”

You may want to check out the strategies for planning, he suggests, whether it’s making your farm succeed financially, as a retirement vehicle, or transitioning it to future generations. 

Tags: , , , , , , retirement+plans

POSTED IN: Business Blogging, Changes, Taxes

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