Farm Consulting & Succession Planning
At Ascent Financial, we understand the necessity for a new generation of farmers to supply our food, and we appreciate the men and women who continue to answer the call to carry on the farming tradition. That’s why we’re proud to provide Agricultural Consulting & Planning Services.
Farming is much more than a career; it’s a calling that encompasses every aspect your life. If you’re raised on a farm, you’re more likely to show an interest in becoming a farmer than your non-farm peers. Yet, research shows that only 30% of family-owned businesses survive into the second generation. That number plummets to 12% in the third generation and drops again to 3% in the fourth generation.
Smooth Transitions with Ascent Financial
Family farms are as unique as the farmers who work them, however the struggle to transition to a new era of ownership is remarkably common. Nearly 60% of these transitions turn sour due to communication problems. In a quarter of cases, the next generation is simply unprepared for the challenges farming brings with it. The remaining 15% are victims of poor tax or financial planning, bad legal advice, and other issues.
Transferring a lifetime of hard work, including investments in assets such as buildings and equipment, hard fought improvements in soil health and water quality, and relationships with bankers, suppliers and neighbors can be a complex and nuanced endeavor. Statistics show there are currently under two million farmers actively farming across the nation. The number of professionals–like Ascent Financial–with valuable experience in ag consulting and succession planning are few, yet companies like ours are invaluable in assisting in the smooth transition of farm ownership between generations
Don’t let a lifetime of work become another transitional statistic. Trust the challenges associated with succession planning to the expert team at Ascent Financial and watch a lifetime of hard work live on. Contact us today for more information.