Returning to the Farm Workshop Helps Farm Families Plan For Farm Succession

By Joy Kirkpatrick

UW Center for Dairy Profitability, University of Wisconsin-Platteville and University of Wisconsin-Extension are offering a workshop to help farm families plan for a son, daughter or partner to return to the farm and eventually take over the farm business. The four-day workshop will be offered on the UW-Platteville campus. The dates are Jan. 16 and 17 and Feb. 13 and 14, 2015.

Families looking toward the future of their farming operations have many issues to consider. Two issues of extreme importance to the future life of the business are the development of a son, daughter, or partner to be the future manager of the business and the creation of a succession plan. The Returning to the Farm workshop helps families make these plans.

Returning to the Farm is open to all farm families who want to learn more about planning for farm succession. Families are expected to participate in both sessions. At the end of the February session, families will have action steps to move forward with a plan.

Through this program, farm businesses will:

• Determine if an existing operation is large enough to support an additional partner.
• Uncover alternatives for the transfer of farm assets.
• Recognize personalities and learn to work with each individual’s strengths.
• Write long- and short-term business and family goals.
• Learn how to address issues in a multiple generation farm business.
• Hear the current issues and information on the tax implications of farm transfer.
• Understand the tools of estate planning and business succession planning.
• Receive business succession and estate planning resources.

The registration fee for this four-day program is $300 per farming unit (up to four people per farm). This includes materials, meeting room costs, refreshment breaks and lunches. The registration deadline is January 9, 2014. If more than four people attend from a farming unit, $75 will be charged for each participant over four.

For more information about the program or to register contact Joy Kirkpatrick, UW Center for Dairy Profitability Outreach Specialist at 608-263-3485 or by email joy.kirkpatrick@ces.uwex.edu . Returning to the Farm is funded by UW-Center for Dairy Profitability, UW-Platteville, and UW-Extension.

Source:uwex.edu