Finding Peace through Vision
One of the greatest challenges farmers and ranchers will face in their lifetime is transferring their wealth to the next generation. Alan Hojer, director and legacy consultant with Keep Farmers Farming, believes it will be a tremendous task as it's estimated more than $124 trillion in wealth will change hands by 2048. And much of that wealth is right here in rural America because of the appreciation and value of land.
“With the aging farmer and the aging landowners, there's a lot of pressure on that generation to figure out how we do this. This wealth is an accumulation and appreciation of land over a lifetime. And it's an asset that's largely not liquid.” Hojer believes when transferring these assets, farmers and ranchers must balance the needs of the business with that of their family.
“What I like to focus on with the Keep Farmers Farming program is have an understanding of the visions of all of your children and the life paths that they have chosen. That will bring you to what I call the sweet spot to help find those solutions so we find peace.” Transition and estate planning strategies with Keep Farmers Farming explore family dynamics to achieve an action roadmap that's personalized to fit each individual operation.
Hojer believes it's an opportunity to sustain a family legacy, so getting it right is critical. “It really starts this simple, everybody. It starts with a cup of coffee, and we're going to sit down at the table and we're going to talk. That's where it all begins.”
Taken from Alan Hojer’s interview with Pam Geppert (Dakota Farm Talk)