What does it take to successfully pass on the farm business to the next generation? It takes a lot of hard work, time and communication and not every farm business succeeds in making the transition. OSU Extension, Wayne County has scheduled a two part farm transition and succession workshop for Wednesday March11 and Wednesday March 18. Both days will be held at Fisher Auditorium, 1680 Madison Ave on the OARDC campus in Wooster. Each day will start at 10:00 am and conclude around 3:00 pm.
The workshop is structured to help farm families develop a transition plan for the future, discover ways to increase family communication, and learn necessary strategies to successfully transfer management skills and the farm’s business assets from one generation to the next. This workshop will challenge farm families to actively plan for the future of the farm business. Participants will be expected to do some work and hold some necessary family conversations between the two sessions to help identify planning areas that will need work to accomplish a successful farm business transition.
The workshop will be led by David Marrison, OSU Extension Educator in Ashtabula County. David is nationally recognized for his work and expertise in farm transition. Other resource people and presenters at the workshop include Robert Moore, attorney at law with the Wright & Moore Law Co., John Kinkopf, President, Haudenschild Agency and Rory Lewandowski, OSU Extension Educator in Wayne County. Some of the topics that will be covered over the two days of the workshop include:
- Key questions to answer when planning for the future of the family farm business
- Family communication in the farm transition process
- Providing income for multiple generations
- Farm succession with multiple offspring and family members: Fair vs. Equal
- Retirement strategies
- Strategies to get my farm and family affairs in order
- Long term health care issues and costs
- Farm business structures and their role in estate and transition planning
- Estate and transfer strategies
- Trusts and life insurance
- Tax implications of estate and transition planning
Thanks to sponsorships from First National Bank, Farm Credit-Mid America and Wayne Savings Community Bank, the registration cost is only $35/participant which includes refreshments, noon lunch and a resource notebook.
Source:osu.edu