Succession Survey for Feb 5 (Lamont County) Presentation
1.
How is your business structured today?
Sole Proprietorship
Partnership
Corporation
Multiple Corporations
Joint Venture
Other
2.
How many generations are currently involved in your farm/ranch business?
One
Two (example: parents and child)
Three (example combination of: grandparents/parents/children and/or grandchildren etc.)
3.
How long has the "junior generation" been actively involved in the business?
3-5 years
6-10 years
10 years +
No successor
4.
How long until the senior generation "retires" from being the primary decision maker for operational purposes?
3-5 years
6-10 years
10 years +
Unknown
5.
What enterprises do you have on your farm/ranch? (click all that apply)
Cow/Calf
Feedlot
Grains and oilseeds
Irrigated
Other (please specify)
6.
Do you have a will?
Yes
No
Not Applicable
7.
Is more than 1 child going to be involved in the farm/ranch business in any capacity?
Yes
No
Maybe
8.
Will land potentially be left to an off-farm child to inherit?
Yes
No
Unknown
9.
What type of advisors do you work with on your family's succession/transition plan? (choose all that apply)
Accountant
Lawyer
Financial Planner
Banker
Insurance Agent
Haven't started talking to anyone yet
Other (please specify)
10.
What is keeping you up at night? (choose all that apply)
Clarity of roles and responsibilities
Clarity of future ownership
Fair vs. Equal in estate planning
Financial feasibility
Retirement Income
Do not know where to start planning
Conflict between family members
Other (please specify)
Current Progress,
0 of 10 answered