Development of a family agribusiness transition planning tool
Martin, Anikka A.
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https://hdl.handle.net/2142/26191
Description
Title
Development of a family agribusiness transition planning tool
Author(s)
Martin, Anikka A.
Issue Date
2011-08-25T22:18:08Z
Director of Research (if dissertation) or Advisor (if thesis)
Sherrick, Bruce J.
Department of Study
Agr & Consumer Economics
Discipline
Agricultural & Applied Econ
Degree Granting Institution
University of Illinois at Urbana-Champaign
Degree Name
M.S.
Degree Level
Thesis
Keyword(s)
transition
succession
Abstract
This research identifies common family farm characteristics, outlines the various elements of succession planning, and describes the motivations and objectives surrounding the composition of a succession plan. Business, retirement, and estate planning elements were integrated to develop a succession planning tool for use in transitioning labor, management, and ownership of a grain farm operation from one generation to the next. Illinois Farm Business Farm Management data from 2003 to 2009 provided a profile of a typical farm likely to require a succession plan. Three farm succession scenarios were entered into the tool to illustrate the complex and individual nature of succession planning while showing how the same instruments are often used in various ways to achieve unique goals.
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