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BILT Founders go on the CBUZZ Podcast
Succession Planning for Those Who Feed the Heartland
Key Indicators of Legacy Risk in Agriculture
•Succession Plans: According to a study from Purdue University and other farmer surveys, only 55% of farmers have done some level of succession planning.
•Business Structure: The vast majority of farms have no formal business structure. About 86% of farms are in sole proprietorships. A business entity can support liability protection, taxes or variety of other areas, but also comes with some drawbacks.
•Local Economics: Rural/urban growth patterns impact quality of life, labor pool, infrastructure, local market demand, regulation and asset value.
•Growth of Commodity: Farm sector or commodity growth/decline impact legacy risk.
•Land Leaving Agriculture: A significant portion of farmland and ranchland is on pace to be paved over, fragmented or compromised.
THE SOLUTION
One Platform to Plan Your Farm's Future
One Platform to Plan Your Farm's Future
LegacyAcres is a purpose-built succession planning platform for farm and ranch families, now live at LegacyAcres.co. BILT Connections was awarded $200,000 through Ohio's Third Frontier TVSF grant program, which we used to contract Big Kitty Labs to build the platform. Here's what it lets you do:
See Your Whole Plan at a Glance
See Your Whole Plan at a Glance
The LegacyAcres dashboard shows exactly where your succession plan stands. Valuation progress, outstanding to-dos, and a step-by-step status tracker are always present so nothing falls through the cracks.
Catalog Every Acre and Every Asset
Catalog Every Acre and Every Asset
Land, buildings, equipment. Add them once and LegacyAcres keeps a running total of everything that needs a succession plan. Our powerful AI tools allow you to gather asset information from the snap of a photo!
Pull and organize vital information from your paper records
Pull and organize vital information from your paper records
Simply upload your key financial documents—such as P&L statements, tax returns, and bills of sale—and let our AI tool do the heavy lifting. Our platform extracts critical data and auto-populates your dashboard, eliminating manual entry and seamlessly generating a comprehensive, accurate valuation of your entire operation. Documents are stored in our secure vault only you and individuals designated by you may access.
Decide Who Inherits What
Decide Who Inherits What
Add successors, assign specific assets, and watch ownership percentages update in real time. No spreadsheets, no guesswork about who gets what, and the succession conversation gets much easier.
Model Scenarios Before You Commit
Model Scenarios Before You Commit
Try a 50/50 split, a successor-led plan, or anything in between. Compare scenarios side by side before you finalize anything.
Attorney-Ready Reports in One Click
Attorney-Ready Reports in One Click
Generate a succession plan summary, asset report, or debt and liability report on demand ready to hand to your attorney or advisor.
Pass Down What You Know, Not Just What You Own
Pass Down What You Know, Not Just What You Own
A guided knowledge transfer walkthrough captures how the farm actually runs governance, operations, and the institutional know-how that usually leaves the room with you. Our platform lets you record your answers as you go and translates the audio into text.
Ready to Protect Your Farm's Legacy?
THE TEAM
Chimdi Chekwa, CEO/President
Ag. Marketing Expert, Former OSU Football All-American
David Marrison, Strategic Advisor
OSU Director of Farm Financial Management & Policy Institute
Atty. Robert Moore, Strategic Advisor
OSU Ag. & Resource Law Program
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