Tools and Resources - Farm Succession Planning

NEW Farming Together Series Workshop Dates and Locations Set!

Vincennes: Southwest Purdue Ag CEnter, January 16-17, 2014
West Lafayette: Beck Center, January 23-24, 2014
Huntington: Huntington University, February 4-5, 2014
Jeffersonville: Women in Agriculture Pre-Conference, February 18-19, 2014

The programs will cover Business Structure, Taxes, and Valuation and help you anwswer the following questions:

Which entity structure is right for you?
Why do the assets in and entity drive the type you choose?
How do you value your business and why?

The general agenda is as follows:

Day 1: 9:00 a.m. - 4:00 p.m. Lunch is included
Topics
o Legal and tax issues with farm transfer,
o Long range business planning,
o Operating and buy-sell agreements
o Business valuation
A farm family panel will also share their experience.

Day 2: Complimentary 1-hour farm family meeting with Farm Succession Planning Team
Fee: $150 for first 4 family members, each additional member costs $15

You can download a flyer with information about the program here.
Download the registration form here.

Today’s farm families recognize the value of estate and succession planning. They understand the importance of both the financial and family pieces that are uniquely intertwined in the process.  The challenge is that today’s farm families are really the first generation of formal planners and they want to get it right.  Ultimately, an owner’s ability to effectively manage their farm business risk is their competitive advantage and estate and farm succession practices figure prominently in a whole-farm risk management strategy. 

Purdue University Extension is working to facilitate the farm family’s effort by leveraging a wide range of resource types to share information.  Whether it’s a local programming event, a state-wide conference, or a written publication, the goal is to enhance the farm family’s planning experience.

Purdue Extension is offering a one-on-one farm family assistance program to help with the beginning stages of planning.  Members of the Farm Family Succession Planning Team will be available to help individual families organize their goals, assess financial feasibility of a transfer, evaluate alternative strategies for achieving family goals, and assist in identifying their planning team.

 

 

Searching for specific information on a topic? Please contact us at comagctr@purdue.edu. We may be able to help you.