Tools and Resources - Farm Succession Planning

NEW Farming Together Series Workshop Dates and Locations Set!

Huntingburg: Huntingburg Event Center, December 2-3, 2014
Reynolds: White County Extension Office, December 9-10, 2014
Rushville: The 201 Building (Downtown), January 13-14, 2015
Albion: Noble County Extension Office, January 27-28, 2015

These workshops will address the following questions:

What alternatives do you have to transfer business assets?
Can your business afford to add another owner?
How do you structure a management transfer plan?

The general agenda is as follows:

Day 1: 9:00 a.m. - 4:00 p.m. Lunch is included
Topics
o Feasibility of adding a family member
o Multiple entity structures
o Risk management tools
o Strategies for asset transfer and management transfer plans

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.