We are an unique and genuinely collaborative team with specific expertise in accounting, tax, legal, finance, and family dynamics. The Farm F.I.T.N.E.S.S ProgramTM is specifically designed for farm families.
We focus on the family, no transition occurs without first understanding and integrating the family dynamics into the process. This might be difficult or smooth but, in either case, it is a must to any successful outcome.
We are independent – representing no one profession. We are a multi disciplinary team.
We stay around until the transition is fully completed to your satisfaction. Our future success is a result of your current success.
Many families go through similar issues in passing the farm to the next generation; selling the family farm; or expanding the current farm operation. Sometimes these issues become very complicated and overwhelming and people stop. The Farm F.I.T.N.E.S.S. team is a collaborative, professional team who can help walk your family through the process.
There are many key components of a farm transition that are connected. For example:
I don’t like change. How do we start?
You may have specific goals and objectives, but are they all conducive to the most efficient way to transfer assets?
What about the family dynamics? Who will be happy or unhappy?
What would be the tax ramifications?
How would my life change? Would I be giving up control?
The answer to one of these questions often leads to two or more and this can cause anxiety and confusion. This often prevent the transition plan from being completed. The Farm F.I.T.N.E.S.S. team clarifies and simplifies the issues so better decisions can be made.
Expanding your current operation is a major decision. Many aspects needs to be taken into consideration including:
What’s important about expanding the operation to you?
How will the expansion improve your life?
How much will profit be enhanced by the expansion?
Is the next generation really commited to farming?
Selling your farm operation is a major decision that should not be taken lightly. There are key questions to ask yourself?
What will I do?
How much money do I need to maintain a comfortable lifestyle?
Where do I invest the money?
How can I be sure I won’t run out of money?
How do I structure the transition in the most tax-efficient way?
I’ve never had this much money before. What do I do?
Some of the common succession challenges that farm families tackle are:
Lack of communication between spouses, generations, and professional advisors. Lack of transparency. What is fair?
Fear of conflict. “Leave it to the survivors to figure out.”
Desire to “do it yourself” (the kitchen table agreement) and sell or transfer assets at a substantially reduced price, and not taking advantage of tax saving opportunities.
Failing to view the succession plan as a process, not an event, therefore not starting it early enough to properly and thoroughly have a positive outcome. Sometimes a plan is left until external factors (i.e. health) make it necessary and then very short time frames are established, which is a recipe for disaster.
Fear of paying a substantial amount of tax if assets are disposed of; coupled by professionals not taking advantage of all tax minimization strategies.
The most important question is: Are you committed to starting and completing the transition process?
Many farmers have thought about retiring or slowing down, but have never actually done anything about it. What stops them? Many people don’t like change, especially when faced with the fear of the unknown. This stops many people from putting the proper planning in place and executing it. The Farm F.I.T.N.E.S.S. team can help you overcome the barrier of “founderitis” by diagnosing the issues and reducing some of your uncertainty.
We are a team of professionals who work together to cover all aspects of your farm transition, from the beginning to the end. Each team member has had years of experience working in the agricultural community and is aware of the many issues unique to farm families. Our program starts with a conversation with you and ends with a simple, yet comprehensive Farm Plan that outlines your specific transition strategies.
Our process includes meetings with family members and F.I.T.N.E.S.S Team members to determine family goals and priorities.
Mike Andrews has been working with farm families for over 25 years. Mike, through his consulting firm Andrews Wealth & Well-Being Inc., developed the Farm F.I.T.N.E.S.S. ProgramTM and the selection of the Farm F.I.T.N.E.S.S. Team. Throughout his years in business Mike has developed an expertise in assisting farm families with the “soft” family dynamic issues that so often prevent the transition process from being completed or, even worse, from being started.
© Copyright 2024 | FARM F.I.T.N.E.S.S. Program TM