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FLORIDA AGRICULTURE FINANCIAL MANAGEMENT CONFERENCE
Some of the nation’s leading agricultural and economic experts were in Orlando last October to address financial strategies impacting one of Florida’s primary industries – agriculture. Conference attendees included agribusiness owners and operators, accounting managers, chief financial officers, controllers, attorneys and certified public accountants. For more information about the conference, please visit www.fafmc.org.
Lauren Detzel, the Chair of Dean Mead’s Estate & Succession Planning department was one of the featured speakers at the conference. She delivered an excellent presentation entitled, The Family Business of Agriculture: Succession Planning for the Next Generation. Studies show that less than half of all family businesses survive to the second generation and even less survive to the third generation. The importance of succession planning during the principal’s life is critical to the survival of the business. Ms. Detzel’s presentation focused on a variety of issues that must be addressed to successfully transfer ownership and control of an Agriculture business to the next generation, including minimizing the impact of taxes, structuring ownership and control to protect the business during the principal’s life and after retirement or death, managing family conflicts and maintaining financial security for the principal post-retirement or after ownership is transferred. A copy of the presentation slides are provided here for current and future business owners and leaders. Succession Planning for the Next Generation (FAFMC) 2013.