How can a family farm or business continue to be successful from one generation to the next? By transferring not only the assets, but also the knowledge and nuances of the operation.
No one knows this better than estate planning attorney Polly Dobbs, who specializes in estate planning and wealth transfer at Dobbs Legal Group, LLC. Polly and her husband, Steve, represent the sixth generation to occupy the historic Wesleigh Farms in Peru, Ind.
In an interview on the Consumer AG Connection (click on the link and scroll down to Passing on the Farm Part 1) radio show, Polly describes how her grandfather passed on the knowledge of running the farm to his son-in-law, who is Polly’s father.
The youngest of five children, Polly says her older siblings moved away from the farm and established roots in other states, while she lived and worked as an attorney in Indianapolis.
When her father expressed the desire to pass on the farming operation, her older siblings opted out of managing it. After a period of processing the idea, she decided to return to the farm.
“We came home for a succession of knowledge so my dad could pass on his wisdom,” she says.
Her dad taught his farming skills to Steve. “He’s a bright guy with a Master’s Degree in information and communications science,” she adds.
Now, the large Angus farm is more than a successful operation. It also represents the repository of six generations of farming knowledge, thanks in large part to wise estate planning. And, who knows, Polly’s kids may one day become the seventh generation to run the farm.
Source: Consumer AG Connection radio show