6 minute read
AUXILIARY NEWS
By Devin Zarda, vice president, WPGA
Hello, friends! Summer
is finally here, so it means the Wisconsin Potato Growers Auxiliary annual meeting is coming shortly. I always look forward to this event so that I can see all our members and get caught up on what has happened in the last year or two, particularly now because of COVID. This year, we will be meeting in person, but are also talking about a virtual option. Keep an eye on your mailbox for details regarding our annual meeting and banquet. You may have even received your invite (since I write these about a month in advance). I really hope to see you there! But this article is more than just informing you about our annual meeting and banquet. I want to let you all know about how you can do more for the Wisconsin Potato Growers Auxiliary. We have spots opening on our board this year, so this is your cue to come join us. By becoming involved and sitting on the Board, you can help us spread the word that Wisconsin grows great potatoes and educate consumers and children about where their food comes from. There are many reasons to join our board, but your voice needs to be heard. Where would you personally love to see us spend our time, money and energy? By joining us on the Board, you can help direct where we focus. Your time donation will help our industry continue to grow. You will also be surrounded by women who have a desire to see our industry succeed, educate people about potatoes and who love to have a good time! So, will you step up? Will you help us out? Can we count on you? I personally cannot wait to see you join us! Until next time,
By becoming involved in the Wisconsin Potato Growers Auxiliary and sitting on the Board, you can help spread the word that Wisconsin grows great potatoes and educate consumers and children about where their food comes from. In this image, area students visit the Spudmobile to learn about potatoes, varieties, and how they are grown and prepared for meals.
Devin
$22/year | $2/copy | Volume 73 No. 05 | MAY 2021
THE VOICE OF WISCONSIN'S POTATO & VEGETABLE INDUSTRY
VEGETABLES & FARM SAFETY/INSURANCE ISSUE
MILWAUKEE CHIP CO. SOURCES Spuds from Okray Family Farms RESTRICTIONS ON FARM Gatherings During COVID? IN-FIELD WEATHER And Crop Monitoring
THE SUBTLE ART OF Nitrogen Management THE SUBTLE ART OF Nitrogen Management
INTERVIEW: CHARLES WACHSMUTH Chippewa Valley Bean
Kidney beans are emptied into a truck during harvest in a field on Mark Dombeck’s farm near Perham, Minnesota. Kidney beans photo from Minnesota Public Radio News. ©2019 Minnesota Public Radio®. Used with permission. All rights reserved.
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THE VOICE OF THE WISCONSIN POTATO & VEGETABLE INDUSTRY
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Agribusiness Ownership Transition
By Lisa Horn and David Shapiro, CliftonLarsonAllen
In the life of a business, ownership transition is inevitable. Whether selling to private equity or to the next generation of your family, someone else, at some point in time, will own your company. Many farm owners do not realize how this process, often highly emotional, balances a complex set of considerations necessary to achieve their objectives. Owner transition is commonly driven by age, as you approach a time to slow down or retire. And though you may typically think about transition as an event somewhere over the horizon, advanced planning is critical for you to achieve your objectives. Running the day-to-day operations of an agribusiness can often require a complete commitment of time and energy. Too many owners think about their businesses only as sources of annual income that support their lifestyles and spend little time thinking about their companies from buyers’ points of view.
FARM VALUE
Farm and agribusiness owners should think not only about the income generated from their businesses, but also the value of the operations themselves. Start a structured thought process around the attractiveness and transition readiness of your farm or agribusiness. Give yourself time to prepare the business and implement the changes necessary to achieve the best possible outcome. Transition could happen sooner than you think. Selling your agribusiness when you are ready to retire can be anticipated. But, many times, a sale of a business is forced by one of the five “D’s” (death, divorce, disability, disagreement and distress). Think through the details of what
– Lisa Horn and David Shapiro
Above: Running the day-to-day operations of an agribusiness can often require a complete commitment of time and energy. But too many owners think about their business only as a source of annual income that supports their lifestyle and spend little time thinking about their company from a buyer’s point of view.
happens to your business in one of these scenarios. • Who will have the authority to make ownership-level decisions? • How will the business be managed going forward? • Should the business be sold? Without appropriate planning, these situations can hurt your business and your family. Make transition part of your agribusiness strategy. Prepare for what can be a complex and emotional process by considering these questions well in advance: • Does your business have enough value to financially support you through the next act of your life? • How will new ownership impact the legacy of the business? • What do you want to do after ownership transition is completed?
TRANSITION ADVISORS
The CliftonLarsonAllen team of professional owner transition advisors work alongside you to understand your specific business needs and goals. We are here to help seamlessly guide you through every step of the transaction process. For more information on owner transition, contact Lisa Horn at lisa.horn@CLAconnect.com or David Shapiro at david.shapiro@ CLAconnect.com. The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting, investment or tax advice or opinion provided by CliftonLarsonAllen LLP (CliftonLarsonAllen) to the reader. For more information, visit CLAconnect.com. CLA exists to create opportunities for our clients, our people and our communities through industryfocused wealth advisory, outsourcing, audit, tax and consulting services. Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SECregistered investment advisor.
Above: Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC-registered investment advisor.
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