Family mediation: succession planning
A farmer leased 200 acres to give his parents some income and security. He subleased the land to a neighbor. In applying for a new FSA loan, he realized the full extent of the family debt crisis. After an initial adverse decision, he met with the loan officer, local bank manager, financial advisors, family members (who had serious disagreements) and a mediator. After a couple of meetings, the family realized they would have to work together to keep the farm, and were able to work out a plan to restructure the debts. Today the farm is profitable again and, thanks to the FSA loan, they were even able to expand production.
