Planning for retirement can seem like a daunting task, especially for farmers. It’s important to take time to create a succession plan for your farming business. Doing so will help ensure that your family’s wishes are met, and the emotional stress is minimal.
When you decide to retire, your farm succession plan may include the following:
- Transferring/selling ownership to a family member.
- Auctioning farm assets, such as equipment or livestock.
- Renting or leasing your land.
- Selling parcels of land.
It is important to know what your desired outcome for your farm is:
- Do you have a family member who shares your passion for farming and wants to take over the farm?
- Do you want to stay where you are, but retire from farming?
- Do you want to downsize and move closer to family?
- Do you want to spend your retirement traveling?
When deciding which outcome is best for you, it is important to reach out to expert
advisors to help you create your plan. Talk to experts who have plenty of experience helping other farmers create their succession plan.
At KIKO, we have over 75 years of experience helping farmers transition to retirement. Our business first started in 1945 on the KIKO family farm in Stark County, OH. We have helped people just like you liquidate equipment, sell livestock to other local farmers, and get the most value for their land.
“Selling a farmhouse or land is a very emotional step,” explains Rusty Kiko
, a second-generation auctioneer and realtor at KIKO. “We understand that there is a history behind homes and equipment that deserves respect. Using our experience to offer advice and options is how we show respect to sellers.”
Do you have an up-to-date succession plan? According to a recent Farm Journal survey, 42% of their readers answered No.
Let’s change that today. Learn how we can help you transition to retirement. 800-533-5456