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the next generation<br />
And he was welcomed.<br />
“He came home from college, and we<br />
said, ‘OK. We need the help,’” Sue said. “We<br />
didn’t want him to feel like he had to come<br />
back, but we were glad he did.”<br />
Sue and Doug also have two daughters,<br />
whom they knew weren’t coming back to<br />
the business. Their oldest child, Jill, is a<br />
nurse in Dubuque. Their younger daughter,<br />
Amy, operates a dog grooming and boarding<br />
business in Clinton County.<br />
As they began talking with Tyler and their<br />
daughters about succession planning, fairness<br />
was a big focus.<br />
Experts agree that is a key concern for<br />
families who have children who are going<br />
to be involved in day-to-day operations as<br />
owners and/or managers and children who<br />
choose not to have that level of involvement.<br />
Finding an equitable way to divide<br />
things and determining how to value such<br />
things as sweat equity or non-farm assets<br />
come into consideration, according to the<br />
nonprofit Practical <strong>Farmer</strong>s of <strong>Iowa</strong>, which<br />
produced a recent publication on transition<br />
planning. (See box, page 75)<br />
“There are definite objectives when other<br />
kids are involved,” Doug said. “You have to<br />
find the balance for everyone.”<br />
Doug and Sue knew what path they wanted<br />
to take, and when the plan was developed,<br />
their lawyer asked for all the family<br />
members to be present so he could explain it<br />
thoroughly to them and answer any questions,<br />
Sue said.<br />
“This process has to be based on trust,”<br />
she said. “We have no secrets.”<br />
Doug explained: “Sue and I had three<br />
main goals. Number one, to structure the<br />
transition so that, financially, it would<br />
work for us as we retired. Number two, we<br />
wanted it structured so that Tyler and his<br />
sisters were all treated as equally as possible.<br />
Number three, it had to be structured<br />
so that, financially, it would work for Tyler<br />
“It is a big<br />
deal for me<br />
because<br />
what it takes<br />
to start<br />
today is a<br />
lot different<br />
than what<br />
it took in<br />
the past.”<br />
— tyler petersen<br />
Enjoy Independent Living 55+<br />
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Executive Director<br />
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