One of the greatest challenges farmers and ranchers will face in their lifetime is transferring their wealth to the next generation.

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Farmers and ranchers running their own business are in control of the finances, paying themselves when and how they like. But when adding another family member to the operation, compensation takes on a whole new meaning. Alan Hojer, director and legacy consultant with Keep Farmers Farming, explains collective wealth comes from growing the business. But at the same time, individual wealth, or compensation, needs to be recognized and fueled.

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While roughly 98% of farms and ranches across this nation are owned and run by families, the business needs of these operations can be overlooked. As farms and ranches expand by bringing on more family, utilizing a business entity can aid in dealing with the complexities of the transition. Legacy Consultant Alan Hojer with Keep Farmers Farming explains business structures often utilized in agriculture include general partnerships, LLCs and sub chapter S corporations. He says which entity to utilize needs to be explored.

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