Transferring the Fishing Business. Sunny Rice - Alaska Sea Grant Marine Advisory Program Petersburg City Council Chambers January 18, 2006. Why have this workshop?. Statewide, the median age has increased from 29.3 in 1990 to 32.9 in 1999. 32%. 39%. 47%. 38%. 36%. My Interpretation.
Sunny Rice - Alaska Sea Grant Marine Advisory Program
Petersburg City Council Chambers
January 18, 2006
The seller’s financial
security in retirement
The financial health of the fishing operation
The seller’s willingness to let go
Relationship and trust between buyer and seller
Buyer’s financial position
Buyer’s level of commitment to fishing
Buyer’s level of experience
What is Fair?
Did you pay for a college education for non-fishing heirs?
Has your fishing heir worked as unpaid deckhand?
Does family value keeping the fishing business “in the family?”
Leave fishing assets to fishing heir, life insurance to others
Provide fishing heirs with life insurance to buy out others
Will all cash and non-fishing assets to non-fishermen
Pass all assets on evenly, but provide reasonable terms in will so fisherman can buy out others
10. Pay no attention to wake-up calls like accidents, illness, or major choice point by an offspring.
9. Make sure all your sense of worth, your identity, and life’s meaning come solely from the business. Resist transferring to the next generation. This way they have the least influence and the most stress.
7. Hold on to total control of the family business.
6. Refuse to listen to other family members’ viewpoints.
5. Do all you can to block the younger generation from any involvement in goal-setting or decision making until they are middle aged.
3. Don’t discuss the subject of estate transfer.
Keep information from younger family members.This is a sure way to increase family conflict.
2. Avoid planning or making decisions
Don’t write a will or transfer plan. Let the children worry about it after you’re gone