As a farmland real estate brokerage, we understand that farmers spend their entire lives building and developing their farms. As a result, the sale of a farm can be a complex process, requiring careful planning to ensure a successful outcome. Here are five essential steps to prepare for a successful sale:
Steps to Prepare for a Successful Sale
1. Seek Professional Advice
To ensure a successful outcome, our AG Experts will work in concert with your lawyer and accountant to provide advice, guidance, and support throughout the sale process. Seeking professional advice is important because a professional can help you navigate legal and financial complexities and has experience working with buyers and sellers in the agricultural sector.
2. Assess the Value of Your Farm
Our AG Experts will help you understand the current and potential value of your farm, identify areas where improvements can be made, and recommend the optimal way to package and position it in the marketplace to maximize value. Knowing the value of your farm can help you set a realistic asking price and negotiate effectively with potential buyers.
3. Consider Your Options
There are several ways to sell a farm, including advertised, non-advertised, MLS, in-house, partial sales, partial leases, lease backs, staggered completion/possession dates, and/or share sales. Our AG Experts draw from their vast sales experience to present you with multiple solutions to achieve your goals.
4. Prepare Your Farm for Sale
Preparing your farm for sale may involve making improvements to the property, updating infrastructure, removing items, or addressing any environmental concerns. It will also include keeping production and financial records to highlight the productive and financial potential of your farm. Our AG Experts will provide you with recommendations and strategies to present your farm in the best possible light.
5. Find a Buyer
Finding the right buyer is essential to ensuring a successful sale. Our AG Experts have a vast network of qualified buyers. Through an aggressive marketing strategy, we will find the buyer who values your farm the most. The right buyer is more likely to appreciate the value of your farm and take care of it for years to come.
Benefits of Planning for the Sale of Your Farm
Proper planning for the sale of your farm allows you to:
- Maximize the value of your farm: You can identify ways to increase the value of your farm, such as making improvements to the property or purchasing an adjoining small block to enhance your big block.
- Minimize tax implications: You can minimize the tax implications of selling your farm, allowing you to keep more of the profits.
- Protect your legacy: Planning for the sale of your farm ensures that your legacy will be protected, and your farm will continue to thrive under new ownership.
In conclusion, planning for the sale of your farm is essential to ensuring a successful outcome. By seeking professional advice, properly assessing the value of your farm, preparing the property for sale, and finding the right buyer, we will help you maximize the value of your investment, minimize tax implications, and protect your legacy.