There are a lot of terms involved in the process of passing your farming business to the next generation.  Let's say you have a will that designates who will own the farm next.  Are you done?  Not if you want the next generation to continue to farm profitably.  This video contains more detail.

Sure, you can just fill out some online form and call it good for your business succession plan and legacy plan.  But that's probably not going to get you a great transition to the next farming generation.  Take a look at THIS SHORT VIDEO for more detail. 

Water Street Solutions has three legacy advisors who can work with you. 

There are some important first steps to starting that process of succession planning on your farm, according to Brian Hensley, a Legacy Advisor with Water Street Solutions.  He and Darren Frye, President and CEO of Water Street talked about these steps during a seminar about succession planning at Commodity Classic 2013 in Orlando earlier this year.  Here's a short video clip of these steps. 

The picture for estate taxes for farmers are in flux from time to time, but for 2013, they turned out to be better than they could have been, according to Brian Hensley, Legacy Advisor with Water Street Solutions.  Watch THIS SHORT VIDEO for an update on the current situation.

Talk to most farmers and they have the idea that they're really too young to start their succession plan.  That's wrong thinking, according to Water Street Solutions Legacy Advisor Brian Hensley.  The longer you wait, the more you could be limiting yourself.  Watch this video for details.  VIDEO

Many farms will need to transition in the next decade or two because of the aging of today's farmers.  Bryce Knorr, Senior Editor of Farm Futures Magazine presented his research at the recent Commodity Classic in Orlando.  You can see a video of his presentation HERE.

In addition to buying the right crop insurance this year, some farmers selected additional protection with a product called Total Weather Insurance.  This video is with our client, Rodney Creech on his experience with the product. 

Making purchases in these two asset categories, machinery and land, usually comes with some emotion.  Think about the color of the shiny new paint or the convenience of the nearby land that you finally have access to.  Willie Vogt from Farm Progress spoke recently with Water Street Solutions' President and CEO Darren Frye about these issues, and he filed a report on This Week in Agribusiness.  You can watch the video here.

Commodity marketing isn't easy.  Some farmers have hired this kind of help without success.  In this video, taken at a Commodity Classic seminar earlier this year, Arlan Suderman, Market Analyst with Farm Futures and Darren Frye, President and CEO of Water Street Solutions talk frankly about the process of hiring a marketing service, including some of the traps you can get into.  If you're really thinking you need help in marketing, watch this video to help you make a better hire.  

Sometimes it's hard to see your shortcomings from your seat at the table.  A good way to reflect on your success or understand where you need help could come from the outside.  In this video, Arlan Suderman of Farm Futures talks about building your own Board of Directors for your farm.