Let us ensure your operation’s success. Farms and ranches grow and change over time. Our Legacy Consultants work with you, as a facilitator, with no hidden agenda to sell you something. Our goal is to Keep Farmers FarmingSM and to help you define your legacy.
Let First Dakota National Bank help keep you farming. Talk with us about the benefits of Keep Farmers Farming.
A Legacy is more than just transferring assets to the next generation (estate plan) in hopes that things hold together. It is the sharing of experience, work ethic, morals, and history. Agriculture holds the best stories of opportunities and challenges. As part of the agriculture community, we are all responsible for continuing and building on the progress of prior generations. Most of the time, this involves passing knowledge and assets (transition plan) from one family generation to the next. This often can account for some very challenging conversations and actions.
Keep Farmers Farming will work with you, and all those involved, in the transition of your farm or ranch. Our only goal is to help you build pride in the legacy of your operation. We recognize that each operation is unique, so each transition plan we help create is tailor made for your situation.
We will facilitate the strategic planning process for all stakeholders of your operation. Strategic planning includes a complete SWOT analysis. A SWOT analysis helps you define your operation's Strengths, Weaknesses, Opportunities and Threats (SWOT). Next we help you define goals and objectives for your operation with your SWOT in mind. From there we assit you to define action plans that will allow you to reach those goals and objectives. We will help hold you accountable to accomplish these action plans with defined timelines. A great plan without action is no different than a poor plan. Both lead to under performance or worse, failure. We can do this at our office, your kitchen table or an offsite facility.
Best Business Practices:
Let's face it, agriculture today is unlike anything we have experienced thus far. There are fast paced advancements in every area of our wokring operations from precision technology to genetic markers to marketing to the way we conduct business. Best Business Practices are an essential part of every operation, but also the easiest to put on the back burner. We are great at handling the day to day function of our operation, but we have a tendancy to leave the business and financial piece to the very end. Within this area we can touch all aspects of the farm and ranch business, from improving financial management to helping resolve labor issues to improving efficiency and increasing our asset utilization. Having the right team in place to help your operation succeed in this business enviornment is essential to the survival of your legacy.
Volatile markets are an increasing part of agriculture so utilizing the tools available to manage the risk impact on your operation is more important today than ever. For some, that can bring uncertainty or even fear. Our consultants work with your operation to learn about the tools available in the market and the impact those tools have on your operation so you can make a better educated decision when it comes to minimizing risk.
Let First Dakota help you today. We will help you guard against complacency. Remember, "the enemy of great is good". If we settle for good, we will never be great. Our goal is to help you get the business right so the family can survive and thrive. Together we can Keep Farmers Farming!
Keep Farmers Farming Resources
- Financial Locator Worksheet
- Legacy Letter newsletter Winter 2016
- Legacy Letter newsletter Fall 2016
- Legacy Letter newsletter Spring 2016
We are not lawyers, accountants, or tax advisors. We do not offer legal, accounting, or tax advice. This information is to help you understand that there are alternatives to how you choose to hold and transfer your assets. We will give you recommendations, but ultimately you will decide - after consultation with your own attorney, accountant and/or tax advisors - if the recommendations are appropriate for your situation and support your perfect plan. First Dakota provides this information without warranty of any kind, either implied or expressed. Laws vary from state to state so the information contained in this material may not apply to your situation. Any information presented to you is not intended as legal, accounting, or tax information. We will provide a list of lawyers and accountants that are available to help you, but it will be your option to use them or other advisors of your own choice.
Our Legacy Consultants will work with you to help you maximize the success of your operation.
Choose a local bank who supports your dreams. Since 1872, we’ve prided ourselves on offering you the hometown touch, complete with unparalleled customer service. Open an account for your dreams with First Dakota National Bank.