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Finseca CEO encourages farmers to create succession plan
The CEO of a financial planning company says it’s critical for farmers to have a plan for passing on the farm business and assets.
Marc Cadin is with Finseca.
“As we think about succession planning and farming being the backbone of so many things in this country, we want to make sure we have the right people, in the right seats, doing the right kind of work today,” he says. “We also want to look around the corner and say what does the next generation look like and how can we think financial products to put people in a position for greater training, make sure that we’re in a position to deal with the death of a key employee, and make sure that we’re developing that next generation to take over because if we don’t we know a farming business will simply not run as well as it does today.”
He tells Brownfield advisors can help get the right succession plan in place for your operation.
“My advice to any rural family, farmer, farming business leader is don’t do it on your own because you don’t have to,” he says. “There are people trained to help you and I strongly encourage anyone going through this process to engage someone to help them make good decisions that are objective and thought about through the long-term.”
And, he says advisors with agriculture knowledge are ready to help farmers.
“The beauty of it is there are lots of really strong companies that have advisors that really understand the farming business,” he says. “The financial planning process is that it’s all about the people and what you find is advisors ask really good questions.”
Finseca, inspired by the notion of Financial Security for All, represents the men and women of the financial security profession who deliver financial security to their clients every day.
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