Generational Transfer Happens Whether We're Prepared for it or Not- So Why Not Plan Ahead Now?Mon, 09 Jul 2018 10:20:52 CDT
One of the legendary ranches in the Southern Great Plains is the RA Brown Ranch of Throckmorton, Texas. Donnell Brown in a part of the RA Brown Ranch legacy. He spoke to producers recently during the 2018 Texoma Cattlemen’s Conference about how they can ensure the longevity of their operations using the same thought-processes and strategies his family has done successfully for over a century now. He offered a few of those tips in an interview with Radio Oklahoma Ag Network Farm Director Ron Hays.
“Generational transfer happens whether we’re prepared for it or not. So, why not take the time to prepare for it,” Brown said. “That means we have to talk about mortality. We’ve got to realize we’re not going to live forever and so what can we do to set our children up for the best success.”
Personally, Brown says his focus in preparing his children in that way has been through teaching them - teaching them to work, earn, save and invest. And with that, continue to grow and build the business. Brown says this was the same training his parents imparted to him growing up always stressing the importance of “keeping the ranch in the family and the family in the ranch.” A key component to actually succeeding at this requires some wise estate planning, complete with all the necessary tools in place to minimize any financial burdens or implications.
“With the Death Tax or Estate Tax that thankfully our current administration is working hard to get rid of or diminish, you know what we’ve had to live with in the last few years is very challenging to keep a business intact when the Death Tax is nearly 50 percent,” he said. “You have to keep it a viable size to maintain it as a viable economic unit as a business.”
Listen to Brown share more of his advice to Hays about estate planning for a farm or ranch business, on today’s Beef Buzz.
The Beef Buzz is a regular feature heard on radio stations around the region on the Radio Oklahoma Network and is a regular audio feature found on this website as well. Click on the LISTEN BAR below for today's show and check out our archives for older Beef Buzz shows covering the gamut of the beef cattle industry today.
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