Being a farmer is a beautiful and challenging profession. In fact, it's a way of life! Taking over a farm is a significant and important step in your life.
Often, a farm stays within the family and is passed down from parents to children. However, it also happens that a farming business is taken over by an employee. Sometimes, there's a split. In such cases, the agricultural land remains in the farming sector, while the residence or another building is taken over by a private individual.
Whatever the situation, at Agriteam real estate agents and appraisers, we understand the challenges involved in the process of taking over a dairy farm, arable farming operation, or any other type of farm. We are your partner in the buying and selling of agricultural real estate and would be happy to tell you more.
What's Involved in Taking Over a Farm?
First and foremost, you should think about your entrepreneurial skills. Are you convinced that the farming life suits you and that you are capable of running a business? If so, the next step is to express this.
An important condition for a successful takeover process is to continually focus on the relationship and communication between parents, children, partners, and other family members. Express expectations to each other and stay in conversation throughout the entire process. The entire takeover process can take anywhere from 5 to 8 years, so our most important tip is: start early!
Next, develop a step-by-step plan. What do you want to achieve during that 5 to 8-year takeover period? What is required, and who does what? It's important to have a business and future vision and align it with all involved parties.
Lastly, it's wise to seek the assistance and knowledge of experts in a timely manner. Your Agriteam real estate agent and appraiser have a wide network of specialists such as accountants, feed suppliers, and banks and understand the significant and sometimes difficult decisions that need to be made.
The Appraisal and Financing
An important part of any business takeover is financing. Our appraisers are experts in agricultural appraisal. This appraisal forms the basis for financing your business takeover. We work closely with accountants and banks and know what it takes to prepare an appraisal report that will be accepted by the bank or lender.
Agriteam real estate agents and appraisers is a nationally operating collaboration of independent regional real estate agents. We are your partner in the buying and selling of agricultural real estate, and our real estate agents will guide you through all the important phases of your business operations.