For families in Oklahoma and Kansas who own a farm or family business, knowing what options you have when it comes time to transfer, sell, or dissolve the operation is not always easy to do. Whether your farm has been in your family for generations, or if your business is a successful and thriving operation, you need to know what you can, can’t, and should do.
Even if you are certain that you want to keep everything in the family, or know that you want to pass the business along to the next generation, you have to make sure you proceed carefully, thoughtfully, and with an eye towards protecting yourself and your business.
Family-Controlled Businesses and Farms
Whether it’s a small farm, small family-run store, or thriving corporation with offices and operations in multiple states, protecting your family-controlled business requires planning and ongoing attention. No two family-run operations are identical, and each requires a plan that fits your individual circumstances. You must be able to make the decisions that are right for you, your family, and your business, and do so in a way that you know will be legally enforceable.
- Succession Planning. What do you want to happen to your farm or business after you retire? Do you want to hand over control to your children, a sibling, or someone else? Do you want to sell the business? Do you want to remain partially in control, or maintain a management or participatory role in the operation? Each of these questions must be answered if you plan on passing your business along to someone else. Depending on your circumstances and the type of business you operate, there could be any number of options available to you.
- Sales and Inheritances. If transferring the business to someone else is impossible, or is something you do not want to do, what other options do you have? How do you find an interested buyer and determine a fair price? What do you do about the proceeds from the sale? Should you distribute those proceeds as gifts or inheritances? When you sell or liquidate a business, you must be ready to answer a wide range of questions.
Our Unique Process Guides You Step-By-Step Through the Challenges
When it comes to helping families through the process of protecting, growing, and transitioning their family farms and businesses, the attorneys and staff at Parman & Easterday have years of experience. When you schedule a Complimentary Discovery Consultation with us, we will sit down with you, discuss your concerns, evaluate your options, and give you the personalized advice and guidance you require.
Planning ahead for the future, dealing with challenges that arise today, and giving yourself the peace of mind of knowing that you have the knowledge you need to make the right decisions is not something you should delay. To learn more about how we may guide you through the process of designing a plan that fits your needs, contact us today.