Retiring farmers using auctions as part of the succession plan have several things to do in preparation. Auctioneer, Mark Stock, said when setting the time and date of the auction, be sure to give enough prep time for everyone involved, both on the seller side and potential buyer. To do that, Stock said it’s important to check for proper documentation, and maintenance on machinery and equipment.
“You need to do a cab kit of something like that or put new batteries in. You want to have the maintenance records available, titles to your vehicles, make sure that those are all ready to be transferred. Make sure you got good liability insurance.”
And with more online companies performing online auctions and utilizing technologies, Stock recommends:
“Video footage is so important if you have that planter going through that field. You want to get the video footage of the sprayer operating in the field and the harvesting equipment doing all those things. Because those action shots give the buyer more information about being comfortable with that particular piece of machinery.”
Stock added that producers need to prepare to answer questions especially if their event is online with viewers from across the country.
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