Succession planning and creating generational wealth

Early, often and transparent was a common theme in the conversation on succession planning and generational wealth. Jud Snyder and Brad Guse of BMO share insight on competing in the new normal, basic succession planning conversations, “killer D’s,” generational wealth process, liquidity, adding new family members and advice. Dairy Stream host Joanna Guza dives into the topics below with Jud and Brad:

• 1:55: What succession planning used to look like and what we are seeing now
• 3:19: Can your farm compete in the ‘new normal’
• 4:54: Basic succession planning conversations
• 7:15: Emotions involved in succession planning
• 8:46: Perfect time to exit
• 10:50: Ideal time to end the farm with no successor
• 13:20: Keep an eye on macroeconomics   
• 14:01: Considerations when selling to a third party
• 15:25: Preparing for the unexpected, ‘Killer D’s’
• 18:15: Process of generational wealth and how it’s generated
• 20:36: The 2017 Tax Cuts and Jobs Act doubled the lifetime estate and gift tax exemption and set to expire Jan. 1, 2026, how does this impact succession planning
• 22.19: Who should be involved in succession planning
• 24:01: What is liquidity and why is it important
• 26:04:  Considerations with marriage and new family members
• 27:14: Multiple siblings but only select few taking over the farm, what about the other non-farming children
• 29:54: When does life insurance play a role
• 32:10: How to keep the older generation involved
• 34:48: Final advice on succession planning

Special thanks to BMO for sponsoring this episode.

About the guests

• Jud Snyder
  Jud Snyder is Regional President of the Midwest with BMO Wealth Management and BMO’s Senior Executive for Southeast Wisconsin. 
  Jud oversees the strategic development and delivery of BMO Private Bank’s personal wealth management platform to high net worth individuals, families and organizations, including closely-held and family-owned businesses, endowments and foundations throughout the Midwest. Jud joined the Bank in 1994 and has over 28 years of experience in financial services. 
  Prior to taking his current role, he spent much of his career in Commercial Banking. He was responsible for leading the growth and development of M&I’s Equipment Finance Company. This included strategic and managerial responsibility for sales, operations, underwriting and equipment management capabilities within Equipment Finance. In 2010, he was named M&I’s Head of Specialized Industries. In this role he was responsible for Equipment Finance, Global Trade, Health Care, Dealer Finance, Agribusiness and Sponsor Finance. Following the BMO acquisition in 2011, he moved back into the head role at BMO Equipment Finance with the mandate to leverage the business across BMO and grow the business to scale. 
  Jud obtained his BA in Russian and Economics from UW Madison (’94). He serves on the Board of Directors for The Boys and Girls Clubs of Greater Milwaukee (Trustee), United Way of Greater Milwaukee & Waukesha County, Milwaukee World Festival, Froedtert Health Systems (Chair), and Teach for America Milwaukee. He was previously a Director and Chair of the Milwaukee Ballet (2012-2019) and a past Chairman and Officer of the ELFA (Equipment Leasing and Finance Association) (2010-2020). 
  Jud lives in River Hills, Wisconsin with his wife, Amy and their children. 
• Brad Guse
  As an agricultural banking officer for BMO Commercial Bank - Marshfield, Brad Guse manages a portfolio of diverse production agricultural relationships made up of primarily dairy farm accounts. Guse has ten years of experience in the dairy nutrition field and over twenty - eight years of experience in agricultural banking. He was appointed by Wisconsin’s Governor to serve on the Dairy 2.0 task force as well as to serve on the Wisconsin Housing and Economic Development Authority (WHEDA) board of directors.
  He’s very involved in the Ag community serving as the school director and an instructor for the Wisconsin Bankers Association agricultural lending schools as well as serving on the American Bankers Association’s Ag and Rural Banking conference committee to name just a few.
  Brad served 21 years in the Wisconsin Army National Guard, retiring in 2004 after his unit’s successful deployment to Afghanistan. Guse holds a bachelor’s degree from the University of Wisconsin-River Falls. 

This podcast is co-produced by the Dairy Business Association and Edge Dairy Farmer Cooperative, sister organizations that fight for effective dairy policy in Wisconsin and Washington, D.C.  Become a sponsor, share an idea or feedback by emailing podcast@dairyforward.com. 

Attend Dairy Strong on Jan. 16-18 in Green Bay, Wisconsin to gain firsthand inspiration and discover the challenges and solutions experienced by other farmers when implementing sustainable practices. Gain practical knowledge and motivation to implement practices that will make a positive impact on the environment and farms. Learn more and register at dairystrong.org.