Over the next five years, some 1 20,000 farmers will turn 65. Some will be in a better position to retire than others. Developing a succession plan may be the most pressing business issue faced by privately-held and family-owned businesses. Planning and executing on a succession strategy is the real dilemma that faces these business owners as the benefits may not be realized for years. However, as in agriculture, you need to sow the seeds prior to reaping the harvest. This article will highlight some of the roles that a financial advisor can play to assist with maximizing the value on succession.
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