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advice on retirement
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Jay NE Ohio
Posted 3/28/2021 11:44 (#8920916 - in reply to #8920696)
Subject: RE: advice on retirement

northeastern Ohio
There should have been articles of incorporation filed with the secretary of your state when the corporation was set up originally. This agreement will dictate how your shares can be sold or assigned if the business is going to continue.

The agreements that I have seen usually discount the price you will receive for your shares due to the reduced marketability of those shares. For example, it may say that shares can be sold or gifted to family members or members of the corporation at 80% of their appraised value.

With that said, it is between you and your brother to come to an agreement. You could choose to gift the depreciated assets (tractors, equipment, buildings, ect) and sell the land and cattle. The sale of the land could be through a land contract over the next 10-20 years to provide a steady income to you while making the transfer more affordable to your brother or niece.

Even if you don't choose to completely retire now, it is good to get this cleared up so that your family doesn't have to deal with it down the road. Good luck in whatever you choose.

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