Posted: Tuesday, January 24, 2023
Author: Vinny Delgado, Partner, Ranch Sales | Licensed in MT
Dear Vinny,
Over the holidays, my family finally decided to sell the family property. At first, I was very upset and angry that they would even consider letting someone else have access and ownership of our ranch. It has been in our family for over 100 years! I know it’s the best decision for my parents, and my sisters don’t care, but I am still upset. What advice do you have for me to come to terms with this and effectively and efficiently help my family list the property?
- Coming to Terms
Dear Coming to Terms,
Selling a ranch that has been in the same family for over a hundred years is an emotional process. I understand how you could be upset about this decision. I have sat at the table many times to discuss next steps with multigenerational sellers. It sounds like the decision has already been made in your case, and it is time to start making plans for the future. First and foremost, I recommend enjoying the ranch for as long as you still own it without interfering in the sales process. It is time to get rolling, interviewing reputable brokers in your area and deciding which broker’s personality fits that of your family. Ranches that have been in the same family for as long as yours have typically need some cleanup. This could be an excellent opportunity to spend time on the ranch and clean up items that have been neglected, such as junk piles, bone yards, and buildings that may be past their time. Another vital part of selling a ranch is financial planning; I would not skimp when hiring the best accountant and attorney you can afford to help with handling the tax implications and distribution of proceeds from the sale. Good luck with the sale!
