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Farm Succession Planning Education in Indiana

Ed Farris

Summary

As Indiana farm families face the issue of transferring the farm business to the next generation of operators, the need for information and resources in the area of business transfer and succession planning has become crucially important. The Purdue Succession Planning Team, comprised of Extension Educators and Specialists, was formed in 2011 to address this need. The team mission is to cultivate strong Indiana farm families through the succession planning process by providing educational opportunities and current resources.
From 2013 to 2015 North Central Extension Risk Management grant-funded workshops have been held at regional locations throughout Indiana. There have been 343 attendees at these sessions in various stages of the succession planning process. The team also partnered with the Purdue Women in Ag team by presenting topics at the annual Midwest Women in Ag Conference held in Indiana.
Workshops have focused on beginning succession planning steps, financial skills, communication strategies, business structures, risk management tools, options for asset transfer to the next generation, and management transfer plans. Team members also conducted family meetings with the workshop attendees to help them move forward with planning the next steps.
The workshops have been highly rated by participants. A strong majority from a 2015 survey (87%) indicated that they planned to utilize knowledge gained from the workshops in developing or improving their succession plans. In 2016 the team is continuing its efforts by scheduling workshops across the state.

Details

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