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Extension offering virtual succession planning series
To successfully guide a farm operation from generation to generation, farm owners and families need to have a plan for where they are going and knowledge of how they will fund that transition.
The “Farming Together: Cultivating Relationships and Having the Cash to Bring in the Next Generation” workshop will be held as a three-day lunchtime series for farm families in August. The Purdue Extension Succession Planning Team is hosting this virtual series on Aug. 15, 16 and 17 from 11:30 a.m.–1 p.m.
“Farm owners often want to start with legal matters associated with transition planning. However, farm families need to find consensus on their goals and where they envision the operation moving in the future first,” says Renee Wiatt, Purdue family business management specialist. “A large part of agreeing on goals and future vision for the farm can be achieved through proper relationships and communication, as well as knowing where to start.”
There will be presentations from Extension educators and specialists with “First Steps To Succession Planning” along with “Financial Feasibility of Farm Succession.” An attorney will also present at the workshop on the topic of “Structuring a Succession Plan.”
During this series, you’ll learn about how and when to start those crucial conversations related to succession, you’ll hear from a lawyer about the legal aspects of farm transfer, then finish up with learning about strategies to fund the transition of the farm to the next generation.
All sessions will be virtual and require registration. The cost to participate in this workshop series is $40 per person. Register in advance of the program at https://cvent.me/r9yl02 . A Zoom link will be emailed to registered individuals by Aug. 14.
The Purdue Succession Planning Team is comprised of Purdue Extension educators and specialists who seek to address the needs of families planning the continuation of farm businesses. The team currently offers programming through regional workshops, succession planning presentations and farm family consultations.
The workshops are made possible through grant funding from the North Central Extension Risk Management Education Center.
Visit www.extension.purdue.edu/putnam or contact the local Purdue Extension Office at 653-8411 for more information regarding this week’s column topic or to RSVP for upcoming events. It is always best to call first to assure items are ready when you arrive and to RSVP for programs.
Upcoming Events
Aug. 15, 16, 17 – Succession planning virtual workshop series, 11:30 a.m.– 1 p.m., $40 per registration, register at https://cvent.me/r9yl02
Aug. 18 – Summer PARP, 9-11:30 a.m., Putnam County Fairgrounds, register at https://tinyurl.com/AugPARP23
Aug. 23-Sept. 13 – Dining with Diabetes, Wednesdays at 2 p.m., Roachdale Community Center, pre-registration required at asmith22@purdue.edu