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The Farm Business Transfer Process

Summary

The transfer process involves the transfer of the ownership and management of the business and the division of business income. A transfer plan that considers only one or two of the elements and not the third may lead to problems. For example, a young person who takes over management of the business and receives an equitable share of the income, but is not allowed to own any property, may become frustrated about not building personal net worth. More commonly, a young person who is not allowed to participate in management decisions or is continued on a wage basis too long may become resentful and impatient.