Food Processing

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For the food processors, we work with the operation is more than a business. Yes, it’s the source of income and growing equity. It’s also a part of the owner’s family and a great source of pride. We often of an owner who will spend more time at work than with the family. As a labor of love and testament to realizing the American dream, owners want to see the business continue and acknowledge great pride in having one of their children carry the torch. But they know continuing success is difficult and very rare.

Most successful operations end up as a subsidiary in a larger conglomerate. Those that don’t measure-up, may transition into a temporary holding pattern, which usually falter after a time due to insufficient capitalization, incompatible estate plan, or unprepared next-generation. Most owners know planning for succession is difficult. The process involves tax, legal, and financial disciplines. It demands the services of a practitioner who understands business and can bring the disciplines together.

The planning process can be confusing. It can quickly overwhelm even the sharpest owner. Most owners know what they don’t know and appreciate a trained professional who will step in and manage the process in an orderly fashion.

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Legacy’s food processing clients want solutions for:

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Converting business equity to an asset[s] that can be used to support the owner in retirement.

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Transferring ownership in the business to a well-prepared next generation.

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Treating the owner’s children equitably and apportioning assets among those active in the business and those who are not.

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Utilizing estate planning techniques to transfer business interests, minimize estate taxes, and support for a surviving spouse.

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Establishing a management structure that allows active owners to make the decisions necessary to succeed after the transition.

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Since 2005 Legacy by Design’s four-part planning model has been helping farm families across the U.S. plan for multigenerational success. Legacy’s comprehensive planning approach includes:

1. Financial Security

Providing financial security begins with a solid financial plan, which includes managing risks, eliminating personal debt, and establishing an investment portfolio. The entire process is designed to gain peace of mind and maintain the lifestyle an owner desires.

2. Ownership Transition

An effective ownership transition will protect assets, mitigate taxes, and minimize risk. This step is designed to efficiently manage the ownership transition to address the needs of the owner, wants of the family, and the demands of the operation.

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3. Leadership Structure

Succession depends on a management structure that allows those active and involved in the operation to control their own destiny. This phase is designed to establish a leadership structure that ensures management decisions are made by and for active and involved owners.

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4. Estate Plan

Estate planning strategies are complex and confusing. They involve legal terms, financial concepts, and tax terminology. This step in the process will provide equitable distributions for their children and financial security for their loved ones. Estate tax provisions will ensure an owner’s wishes are achieved.

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Legacy by Design’s four-part comprehensive succession planning process is designed to generate results. It provides financial security in retirement, ensures a lifestyle for dependents, encourages business success, and promotes family harmony.

So, contact Kevin today for a consultation, we’ll address your questions, eliminate the confusion, and set your mind at ease.