Woodbury: Family Business Matters
Lance Woodbury DTN Farm Business Adviser
Mon Apr 13, 2015 11:56 AM CDT

Successfully managing your agriculture operation requires you to pay attention to multiple issues and areas of your business, often simultaneously.

Succession planning also has dynamics that require concurrent consideration. You must pay attention to the transition process itself by framing it correctly and maintaining momentum. You need to attend to the relationships of those involved, whether they are working directly in the business, married to a family member, or, if they are off the farm but an heir to farm assets. And you must get the technical legal, financial and tax solutions correctly tailored to your family and business.

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