We’ve all heard the horror stories of intergenerational transfer, but, says beef producer and lawyer Ryan Scorgie, it can actually work out, provided families are willing to navigate through some challenging waters.
“One of the challenges we’ve seen in this industry is people don’t necessarily look at ranching as a specific business…but it is — it’s a massive business,” Scorgie told RealAgriculture’s Shaun Haney in the following interview, filmed at the Canadian Beef Industry Conference.
That means, when farm or ranch owners approach him for help, Scorgie often ends up helping them identify their business goals and strategies, and the timelines for intergenerational transfer.
“In order for it to go smoothly, it takes a lot of communication on the front end.”
That communication can even boil down to whether or not the owners are ready to retire. And, from the other perspective, whether the next generation is ready to commit to the operation. Once these questions are addressed and the framework for legal options is laid out, Scorgie brings in the bankers and accountants to help with the financial options, to help the owners retire, and the new generation afford to take over.
More from the inaugural Canadian Beef Industry Conference
Related:
- MYFB — Ep. 12: The Keys to Successful Succession Planning
- The Next Generation — Raising Kids Capable of Taking Over the Farm
- The Great Succession — Half of Farms Have No Plan; Does Yours?
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