Continued Conversation About Small Ag-Related Businesses Determine Own Destiny

Today we are continuing our conversation about the many privately held companies that support agriculture who may be transitioning or transferring their business within the next decade or so. One Accord Capital CEO Jeff Rogers explains why it is so important for owners to begin the transitioning process early.

Rogers: "It's going to happen either by default or design. It is a bit like your state — it will happen when it transfers either by design or default. The state has its own default plan so if you don't proactively do it, the state has one for you. That same thing happens in the transfer of the business — if you do it by design the net to the family — not only financial but honestly emotionally — is much differently than if it goes into a welfare environment where it is just a financial transaction it's put up at auction and you really have very little say over what happens. It really doesn't have to happen that way. Here is another simple phrase: you don't want to sell your company, don't want to your farm,

What you want is for someone to come buy it — and they are very different. When you need to sell it — it is not a good way to do it. What you want to do is that you run it so well that the right person comes along and wants to buy it. Then you are in a good position."

More tomorrow on how to begin the transition process.

To learn more about the steps in transitioning or transferring your company, go to www.oneaccordcapital.com for additional resources.