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This article was conceived to be business tips to implement during the economic recovery. Unfortunately, the word “recovery” appears to be misplaced and too optimistic. Recent economic news on the national front and anecdotal news from our clients indicate the economy has not yet reached the stage of recovery.
There still appears to be a flat line or even a continuing downturn in the economy. This may continue for some time as the deleveraging cycle continues and the economy continues to be impacted by the mortgage debacle.
Carpe diem – “seize the day” – is a quote we often hear, but typically not in relation to succession planning. Ordinarily, successful farm succession planning is a process rather than an event.
However, in December of 2010, President Obama signed the Tax Relief, Unemployment and Job Creation Act of 2010 (the “Tax Relief Act”), which creates major motivation for families to resolve their issues and accelerate the process to move forward with transferring farm assets through succession planning.
