Passing the family farm or ranch down to the next generation is the hope of many producers, but the how-to of transitioning can be complicated without the proper order of giving and receiving. Keep Farmers Farming Legacy consultant Alan Hojer believes transitioning and estate transfer is giving at its core. He says when you give, that's when you really live.

Listen in as Alan discusses the giving of knowledge and information.

In farm and ranch transition, utilizing a business entity can aid in dealing with the complexities of the transition. Learn more about the different entity types here.

Inspiration or obligation. The job may be the same, but mindset changes everything. Legacy consultant Alan Hojer with the Keep Farmers Farming program says family dynamics on the farm or ranch are no different.

Listen as Alan discusses inspiration vs. obligation.

Estate planning, succession planning, and transition planning are often talked about together as farmers and ranchers prepare for the future, but each one serves a different purpose. Keep Farmers Farming legacy consultant Alan Hojer explains estate planning focuses primarily on the transfer of wealth after death.

And succession planning is really about replacing people, replacing somebody. In other words, when somebody is going to retire, what is the succession plan for that individual?

Succession and transition sound similar, but transition planning goes a step further, emphasizing the transfer of business culture, values, and practical know-how.

Listen as Alan Hojer discusses the differences between types of planning.

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.

Listen as Alan discusses the differences between types of business entities.

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.

Learn more about equity and compensation.

“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.

Listen as Alan talks about finding peace through vision.

Information is essential when creating strategy for the future. And as farmers and ranchers transition their operations to the next generation, information makes the difference between success and failure. Those that hold the wealth and assets also have the information that's key to the future of the younger generation.

Listen as Alan Hojer talks about the importance of sharing information.