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, or if you’d like to open an account.
Kitchen Table Strategic PlanningSM helps support the performance of your farm or ranch business. We facilitate this process, and help create an Ag Advisory team for you. Expected outcomes include building on your competitive advantage; more clearly communicating your strategy to stakeholders and centers of influence; better prioritizing your financial needs; and providing focus and direction to move from plan to action.
This plan will help you implement new best practices, and we will formalize your advisory team to assure you have the expertise to maximize performance. Common members of an Ag Advisory team often include your ag banker, accountant, lawyer, insurance agent, market advisor, agronomist, veterinarian, or others who bring needed expertise to your operation.
Kitchen Table Strategic Planning
The first step is to examine your Strengths, Weaknesses, Opportunities & Threats (SWOT). This process will help you utilize your strengths to overcome your weaknesses. It also helps guard against your threats and take advantage of your opportunities.
Next, we will help you define and prioritize goals and objectives for your operation. These goals and objectives will have a near term and long-term view in mind. After these are determined, we assist you to define action plans that allow you to reach your goals and objectives.
Last and most importantly, we help hold you accountable to accomplish these action plans with defined timelines. A great plan without action is no different than not having a plan at all. As the saying goes, failing to prepare is preparing to fail.
What if something happens to you or to key leaders of your operation? Succession plans should be in place for key leaders, regardless of their age or current health status. Succession planning ensures your operation develops depth at key positions and with duties needed to ensure ongoing success.
Succession plans are vital to the legacy of your farm or ranch. This planning prepares your operation for a planned retirement or an unforeseen accident or illness that prevents key leaders from performing their duties. Additionally, this planning helps you avoid family conflict, keeps your information private, minimizes taxes, and protects your assets.
Through the Keep Farmers Farming program we examine the Five Pillars of Estate Planning:
- Pillar One: Estate Planning Documents
- Pillar Two: Asset Management
- Pillar Three: Income and Taxation
- Pillar Four: Insurance
- Pillar Five: People
Keep Farmers Farming Resources
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.