IFTN is a network of service providers from professional backgrounds, such as accountants, lawyers and ag lenders, working to assist farm businesses with their successful transition to the next generation on a family farm or another identified successor.
IFTN provides comprehensive training for professionals who work with farmers and coordinate their farm clients’ business succession planning process.
“Farmers may be at various stages in their farm transition – identifying a successor, transferring management responsibilities or structuring estate plans,” according to Swenson at American Federal in Hallock. “Certified Farm Succession Coordinators are able to help farmers with their transition planning process.”
“Succession planning is not only the transfer of assets, but also the transfer of labor, skills and decision making,” Swenson continued. “It requires financial analysis to ensure the business can support the goals of all the members of the farm operation and requires planning and communication skills. Farm operators are increasingly realizing the importance of creating a succession plan and the value of an advisory Banker to lead the process of clarifying goals and ideas, exploring solutions and coordinating communication.”