“Joining forces with another farm can increase efficiencies or offer opportunities of scale,” advises Maxson Irsik of K·Coe Isom.
The Benefits of Mergers, Joint Ventures and Creative Partnerships:
- Diversification of farm operations, land base, crops or livestock.
- Build cash flow or grow market share.
- Bolster the viability of your succession plan.
- Bring greater financial returns.
But, advises Irsik, you should look before you leap. “Like any other business endeavor, you’ll need to do your homework first.”
To read Irsik’s recommendations before joining forces with another farm, check out his latest article in the High Plains Journal: Would a Merger Make Sense for Your Farm?
Looking to set up your farm or ranch for the next generation, while providing income for retirement? Contact a K·Coe Next Gen advisor to get started with succession and estate planning, transition navigation, and legacy building.