Fair & Equal in Succession Planning Without Destroying the Family Farm With Heather Venenga
Wednesday, February 5, 2025
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Fair & Equal in Succession Planning Without Destroying the Family Farm With Heather Venenga
Part 2 of 2*
"In part 2 of our two-part series on The Impact Farming Show, Tracy sits down with Heather Venenga, a financial advisor from Watertown, South Dakota, and the author of Protect Your Pack and Your Den!. They dive deep into the complexities of farm succession planning, discussing how farmers can achieve fairness and equality in the transition of their farms without risking the family legacy.
Heather offers invaluable insights into the common stumbling blocks farmers face when planning for the future of their farm, including the challenge of balancing fairness among heirs. They touch on practical solutions and how to avoid making costly mistakes.
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Key Topics Discussed:
- The State of Succession Planning
- 70% of farms don’t have a transition plan. Tracy asks Heather why so many farmers avoid planning for succession and what the barriers are.
- What Does "Fair & Equal" Really Mean in Farm Succession?
- Heather breaks down what "fair and equal" means in the context of farm succession planning and why this is often the largest obstacle for farmers to overcome.
- Changing Dynamics: The Role of Tradition vs. Modern Equality
- How the traditional model of passing the farm down to the oldest son is evolving, and why today’s families are struggling with ensuring equality for all children involved—whether they are actively farming or not.
- Real-Life Scenarios and Their Consequences
- Heather shares the different directions farm succession can take and the potential fallout:
- One child receives the entire farm, and other children are fine.
- One child inherits the farm, and non-farming children sue.
- Unequal inheritance among farming and non-farming children leads to conflict.
- A farm corporation is created, and shares are issued to all children—pros and cons of this approach.
- Non-farming children receive non-farm assets, like life insurance, pension funds, or properties.
- Heather shares the different directions farm succession can take and the potential fallout:
- The Importance of Starting Early
- Why it’s essential for farmers to start their succession planning sooner rather than later, giving them more options and time to develop a plan that works for everyone involved.
- Common Mistakes in Succession Planning
- Heather reveals the biggest mistakes farmers often make during the planning process and how to avoid them.
- Final Words of Wisdom
- Heather leaves listeners with actionable advice on how to approach farm succession planning thoughtfully and effectively.
Don't miss this insightful conversation about planning for the future of your family farm while keeping family harmony intact. Listen to the full episode today!
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Episode Takeaways:
- “A lot of families believe they need to make things fair, but they forget that fairness doesn't always mean equal.”
- “Failing to plan for succession is a major risk to not just the farm, but the family relationships as well.”
- “It’s never too early to start planning. In fact, the earlier you start, the more options you’ll have down the road.”
If you're a farmer or involved in a family farm, start thinking about your farm's future today. Consider who will inherit the farm, how you want to split the assets, and the role of fairness in your planning. Reach out to a professional like Heather for expert guidance!
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Resources Mentioned in This Episode:
- Protect Your Pack and Your Den!: Steps to Successful Farm Succession Planning by Heather Venenga (Book by guest)
- Contact Heather Venenga at American Harvest Financial, Watertown, SD - https://www.americanharvestfinancial.com/
Catch Part 1 of this series: Wills & Trusts: What Farmers Need to Know for Transition Planning
https://www.farmmarketer.com/Resources/ResourceItem?resourceItemId=534
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About the Guest:
Heather Venenga
Author, Speaker, Owner | American Harvest Financial
Heather is a multi-talented powerhouse! She's not just your average investment advisor representative; she's also an incredible author, captivating speaker, and is passionate about helping farm families with succession planning, supermom, farm wife, and an absolute motivational junkie! She is highly driven to help hardworking people in the Midwest live and leave their legacies.
Heather's journey has been a series of interconnected events that have led her to her current role as a investment advisor representative who helps farm families transition planning. It all started when she obtained her bachelor's degree at South Dakota State University, where she met her husband, Rob. After moving to Lincoln, Nebraska, she pursued a Master's Degree in Management while working in corporate America for 17 years.
Learn more about Heather Venenga: https://www.americanharvestfinancial.com/about
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* Disclaimer - As always, this information is not intended to provide business or medical advice. To ensure that your own circumstances have been properly considered and that action is taken based on the latest information available, you should obtain professional advice from qualified business or medical professionals before acting on any of the information in this post.
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The Impact Farming Show
Welcome to Impact Farming, Farm Marketer's video and audio show dedicated to helping Canadian farmers excel in the business of farming. Our goal with this show is to introduce our audience to the people and ideas that are going to make an IMPACT on their farming operation.
Show Host - Tracy Brunet
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Tracy and her husband are cattle ranchers in South East, Manitoba. As host of the show, primary producer and agvocate, Tracy is passionate about helping farmers succeed in the business of farming.
In each episode, Tracy chats with today's most successful farm advisors and industry leaders to bring our audience the best and most important ideas.
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