How will your family farm or ranch business operate in the future when the owner retires or is gone?
Are you currently working with another generation who may be questioning their role(s) in the future farm or ranch business, or are you yourself questioning your current role?
“Design Your Succession Plan” is a two-day, interactive curriculum recently developed by North Dakota State University (NDSU) Extension, and is now available for New York farmers, through Cornell Cooperative Extension of Schoharie and Otsego Counties (CCE) and the Schoharie County Office of Agricultural Development.
Participants will be able to better open the lines of communications with family and farm partners to create a shared vision for the farm business.
They will also be able to choose and work with professionals such as attorneys, accountants, lenders, insurance agents, and tax experts to build and implement a plan that reflects their shared vision.
The workshop will be held on Thursday and Friday, April 5-6, 10am-3pm at the new Farm Credit East offices, 7397 State Highway 80, north of Cooperstown.
There is a charge.
Pre-registration is required by Friday, March 30. Space may be limited as this program is being offered to farms throughout the Mohawk Valley Economic Development District, including (but not limited to) Oneida, Herkimer, Otsego, Schoharie, Fulton, Montgomery, Chenango and Delaware Counties.
To register or for more information, call or email Alicia terry at (518)295-8792 or email firstname.lastname@example.org, or David Cox at (518)234-4303(x119) or email email@example.com.
Space will be available on a first-come, first-served basis.
Principal presenters are curriculum co-developers Carrie Johnson and Ashley Ueckert, both Extension Specialists at NDSU.
Additional presenters include tax and finance consultants from Farm Credit East, who will outline succession planning services; and Jerry Cosgrove, Farm Legacy Director at the American Farmland Trust, who will highlight “Conservation Options in Farm Estate Planning.”
With more than 80 percent of farm and ranch families (nationally) seeking to pass on the family farm on to the next generation, research shows only 30 percent of farms survive to the second generation, and only 12 percent survive to the third generation.
A successful transition takes careful planning and the willingness to address what can be challenging, but not insurmountable issues. This program provides the tools and resources to begin a succession planning process.
“The program will prepare you to envision, communicate, plan, write and shape the legacy of your family farm or ranch business, as well as save hundreds of dollars by completing these crucial planning steps before visiting with professionals,” said Alicia Terry of the Schoharie County Office of Agricultural Development.
David Cox, CCE Agricultural Program Leader agrees, adding, “We are excited to pilot a program for all farm partners that has been developed by NDSU for the past five years. The need is very real and timely, as we face the aging of our principal farm owners and operators. We hope many farms in our region are prepared to take advantage of this unique opportunity.”