As the saying goes, “Only two things in life are certain: death and taxes.” There’s some truth in that old adage and it certainly does apply to any businessperson, be they a farmer or not. At BDO, a phrase we’ve coined for business owners is “someday you will sell.” That sale will either happen voluntarily when the owner makes the decision to sell and either sells to a third party or transfers his assets to the next generation, or it will happen involuntarily on death.
Planning for that eventual sale can not only help to minimize tax, but can also create peace of mind and peace in the family when everyone involved knows and agrees with the plan. At BDO, we have people skilled in assisting you with planning for that eventual sale, be it a succession to the next generation or a sale to a third party. Contact us and let us help you to structure your farm business to maximize your future.