Earlier this summer, Governor Mike Pence proposed a $1 billion investment in Indiana innovation and entrepreneurship. Outlined in his proposal were six main areas of focus for the investment to go towards, as outlined in last week’s post and further elaborated on by the Indiana Economic Development Corporation (IEDC) here. This week, we will be dissecting the first area of focus on the list, and giving our recommendation for what we believe would be most beneficial to future entrepreneurs. As stated by the IEDC, this includes:

In July, Indiana’s governor announced a proposed $1 billion injection into Indiana innovation and entrepreneurship. The announcement was made at the Eighth Annual Innovation Showcase, hosted by Venture Club of Indiana, and sponsored in part by Gutwein Law.

It takes a lot of hard work and dedication to build your own business. When the time comes, you may like to keep it in the family. Having a succession plan in place will ensure that the legacy of your business will live on in accordance with your wishes. As you begin thinking about your options, you may come to the realization that your children aren’t yet ready to take over the business. This raises a number of additional questions: What will happen until my children are ready? What if they aren’t interested? What will I do if they aren’t?

There is a lot to think about when putting together a succession plan for a farm: Will it stay in the family or be sold? If it does stay in the family, will all or some of your children remain active? How long do you want to stay involved in the operations? The path to get where you want can be daunting. Luckily, there are certain steps that can be taken now to make the process easier when you are ready to transition. One step we suggest is to separate the farm land from the farming operations.

Over the past two months, we have been discussing questions to consider when entering into a joint venture or merger (see Part 1 and Part 2). Once you and your potential partner have aligned on your business philosophy and products or services, it’s time to start thinking of your employees.