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Hancock Estabrook, attorney Richard E. Scrimale discusses business succession planning for family farms. Mr. Scrimale’s practice focuses on the areas of business, estate and tax planning for closely held and family-owned enterprises.
“Farm owners should make legal provisions and plans for transitioning their business to the next generation. But what about the “soft” side of farm transition? Will vendors, customers, clients and employees accept the next generation of leadership, or keep looking over junior’s shoulder for the “real” leader? Beyond reducing the chances of hurt feelings, a smooth transition can enable the business to continue thriving, instead of suffering setbacks during and after transition.”
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