Did you know that every entity registered with any state secretary of state must complete an additional Beneficial Owner Information report or face a $500-per-day late filing penalty? I hope you knew that, but I bet this got your attention if you didn’t know.

Running a multigenerational family business is no small feat. Passing on a successful operation where multiple generations are motivated to work, take risks and raise their families is yet another feat. But each is possible, even highly likely, by following this blueprint for motivating the next generation.

One of the key fears of aging farm founders is the conflict they anticipate when the farming heir has access to millions of dollars of land and the siblings who are off to other careers do not have the same net worth opportunity in their future. Or do they?

On Friday, Oct. 4, current Secretary of Agriculture Tom Vilsack returned to World Dairy Expo to say he accepted that challenge to develop strategies that help small and midsized operations continue to be in business.

Working together, the family was able to have discussions about how the farm could utilize its cash flow to find a combination of saving, borrowing, insuring and gifting assets to nonfarming children at the optimal times to have maximum impact on their lives while also having a minimal impact on farm operations.

Many of today’s youth are served well through 4-H and FFA programs throughout the state and nation, but those aren’t the only successful youth programs available in agriculture. Several commodity or livestock groups tailor specific programs to encourage youth involvement beyond 4-H or FFA, and Amalgamated Sugar Youth Grower Program is one example of these outstanding programs.

Grounded in faith and family while investing in the future, Aletta Holsteins followed an articulate succession plan. The family now operates two dairies and has expanded to poultry and hogs as well.