; Helping farmers develop a farm business succession plan | Conferences | AgRisk Library


Conference Name Helping farmers develop a farm business succession plan

John Baker


There has been a great deal of discussion concerning the aging farm population and the pending transfer of wealth from the older generation to the nest generation. Many farm owner/operators desire to transfer the farm family business to the next generation. The legal means of transferring the land and other assets to the next generation are well known and used. Many owners have an estate plan but do not have a plan for transfer money, management and assets during their lifetimes. Succession planning is not only the transfer of assets, but also the transfer of labor, skills and decision-making. It requires financial analysis to ensure the business can support the goals of all the members and requires planning and communication skills. Many farm businesses are realizing the importance of creating a succession plan and the value of a skilled facilitator to lead the process of clarifying their goals and ideas, exploring options, and coordinating communication. A facilitated process can lead to better informed business planning and estate planning decisions.
The IFTN has developed a seminar to train professional service providers on "how" to work with farm families to develop farm family business succession plans. To date over 125 individuals for 10 states have attended the training been certified as Succession Coordinators.
The breakout will focus not only on the subject matter but also on the strategies employed by NDSU to recruit professionals to attend the seminar.