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Agribusiness Succession Planning


No one endures the hard work, risk and sacrifice of running a farm without hoping it will carry on into the next generation.  Unfortunately, the odds are not in your successor’s favor.  Studies have found that 70% of first generation farms will fail to successfully transition from the first to second generation.  At NextStage Legacy Advisors, our goal is to help you beat the odds through comprehensive succession, retirement and exit planning solutions designed to maximize short and long-term outcomes.  Our team is comprised of estate and succession planning specialists who develop strategies to protect one’s land, assets and legacy while minimizing estate tax consequences and inheritance issues.

As a representative of nationally renowned financial services firm, Lincoln Financial Advisors, our team has access to an array of products and services.  From experienced retirement planners to investment and insurance products, our team is equipped with the resources and experience to provide agribusiness owners and their families with financial planning solutions to help meet their individual needs. 

Poor planning is a leading cause of failed farm transitions due to unpredicted consequences, such as detrimental financial and taxation implications, or an unprepared successor.  A better understanding of your finances allows you to identify your needs and objectives, manage your budget and take control over your financial lifestyle.

Succession plans are built using a comprehensive 6-step process, wherein every aspect of your financial situation is carefully scrutinized relative to your goals and objectives.  Recommended changes to your existing plans, from wills and trusts strategies to retirement and survivorship plans, are fully integrated into your final plan.  Annual fine-tuning to accommodate changes, such as a life event, unexpected expense or income, or changes in taxation and estate laws optimizes your financial plan’s viability while keeping it updated and current.  Visit Our Process to learn about our fully integrated wealth management framework, created by Lincoln Financial Advisors, which has received national recognition from the Financial Planning Association (FPA).

We also employ the three-tiered Family Legacy Pyramid (pictured above), which works alongside Lincoln’s 6-step process to further address concerns regarding the well-being of you and your family.  We start at the bottom where we ensure that you and your spouse will be okay in terms of protecting your lifestyle in spite of what life sends your way.  We identify the income you will need for the rest of your lives and identify its sources.  We also consider the impact that various contingencies both pre- and post- retirement would have upon your retirement income. 

We then move up the pyramid and determine to whom and when assets should pass.  Estate business succession planning issues and recommended solutions are reviewed. 

The third and final stage is achieved once you are comfortable and confident that you, your family and business will be okay.  We can help you identify ways in which you can benefit your community and the organizations that are important to you.

You may already have a trusted, long-term advisor (i.e., attorney, CPA, etc.) who has completed some of your financial planning work (e.g., wills, trusts, business agreements, retirement plans, etc.).  However, typically these advisors are confined to single aspects of your finances, not the big picture.  Our holistic approach examines every piece of your financial picture.  We then coordinate and collaborate with your trusted advisors to determine solutions that complement any existing business, estate or investment strategies.

Developing a plan early on will allow you more options and time to implement the financial plan, rather that being forced into an unwanted situation at the last minute.  NextStage Legacy Advisors work to not only preserve your legacy but also, help ensure that all has been done, for your family and business, to protect their future. 

Contact NextStage Legacy Advisors to schedule a consultation.