Apr 11, 2025
Reimagining a Generational Family Farm
When Brad Wiley sold his dairy herd in 2018, he and Elizabeth Collins — partners in both life and business — faced a pivotal moment for his family's 465-acre Rensselaer County farm, Otter Creek Farm. Rather than viewing the transition as an ending, they saw an opportunity to reimagine the farm's potential.
Building on previous consultations with HVADC, Collins recently completed a second round of HVADC Business Technical Assistance to secure a new path forward for Otter Creek Farm. This strategic process helped the team finalize the legal and business structure to preserve the Wiley family's agricultural legacy and protect their shared vision for the farm’s future.
Future-Proofing the Farm
Estate planning can be a daunting task for farm owners, especially when family dynamics are complex. The stakes were particularly high for Collins and Wiley, with Wiley’s children uninvolved in the farm and the couple unmarried. Without careful legal planning, Collins risked losing her livelihood if anything happened to Wiley.
Working with HVADC legal consultant Megan Harris-Pero, they navigated the intricate legal and financial considerations, ultimately securing peace of mind and protecting both their personal assets and the farm's future.
“This money through HVADC was a really important part of our farming journey,” noted Collins. “There was no extra income for [estate planning], and we put it off, yet it probably needed to be the first thing that was done. We needed to know how to keep this going if something happened to one of us. How do we create security? How do we make a transition if we needed?”
The result is a carefully structured agricultural enterprise comprising three distinct businesses: a farm LLC owned by Wiley, which maintains the land and buildings; a cattle LLC operated in partnership; and Graceful Acres, Collins' farm stay business. This complex structure isn't just about financial management — it's about creating flexibility and long-term security.
Their estate planning goes beyond traditional inheritance models. They've created a framework that could allow future generations or new farmers to engage with the land through flexible lease arrangements
One innovative example is chestnut farmer Russ Wallack of Breadtree Farms, who is leasing 20 acres on Otter Creek Farm. Instead of charging a standard per-acre lease, Wiley and Collins developed a unique agreement that would share profits only after the chestnut trees began producing. "Russ had all his money invested in the trees," Collins noted. "Charging an immediate lease would have been short-sighted. We wanted to invest in his success."
Wiley sees additional benefits beyond the financial arrangement. The estate planning has already begun reconnecting family ties, bringing his sister closer to the farm's operations.
"She was never really active in the farm growing up," Wiley shared. "But through our current planning, we've created a way for her to be more involved, which is important to me, my parents, and our family's legacy."
Measuring Growth and Opportunity
When discussing potential expansion, Collins described a nuanced approach to growth: “In business, you grow to a certain extent, then you plateau. Before you grow to the next tier, you need to add new people. We are at the top of our step with all three businesses. The two of us have reached our human capacity. Instead of immediately adding staff or expanding, we want to pause, celebrate our accomplishments, and get better at what we're doing."
Collins outlined specific considerations for future growth. She wants to maintain the intimacy of their farm stay, potentially focusing on local community engagement rather than rapid expansion. "We're looking to create more neighborhood connections," she said. "Our goal is to make the farm a place for local people to relax, unwind, and connect with agriculture."
“HVADC Helped Us Put the Impossible Into Reality”
Otter Creek Farm’s model offers hope for other farmers facing economic uncertainty. By diversifying income streams, creating flexible business structures, and viewing agricultural enterprises holistically, Collins and Wiley have demonstrated that farming can be both economically viable and deeply meaningful. This approach offers a blueprint for other farms adapting to shifting economic and environmental conditions.
For agribusinesses considering similar approaches, Collins' advice is straightforward: clearly identify your needs, be open to unconventional solutions, and don't be afraid to seek assistance. "HVADC helped us put the impossible into reality with financial support," she said.
To learn more about HVADC’s BTA programs, visit https://www.hvadc.org/business-technical-assistance.