KEWASKUM, Wis. — Farmers make decisions every day to improve their farm business and provide their family with a comfortable home and lifestyle. Farm succession can be overwhelming for families when added to the daily decisions necessary to run the farm because it requires early planning and good communication.
Have you planned for your family and the farm’s long- term sustainability? A well-planned farm succession should be designed to address not only the farm transfer of ownership and assets, but also to plan the financial sustainability of the farm business and all parties involved.
To assist farmers in developing and implementing a farm succession plan, UW-Madison Extension Ozaukee, Sheboygan, Washington, and Fond du Lac Counties will be hosting “Cultivating your Farm’s Future: Digging Deeper”, a three-part farm succession series on February 11, February 25, and March 10. The meetings will be held from 1 pm to 4 pm each date at the American Legion Hall, Kewaskum, WI.
Whether you are planning to transfer a viable business to the next generation for your own retirement or to provide a plan for your heirs, this three-part series offers something for every farm business and farm family. Join us as we dig deeper into Cultivating Your Farm’s Future to address long-term sustainability factors, estate planning, retirement income and sources, communication, operating agreements, and transfer of labor, management, and assets. The meetings will include:
- February 11 focusing on “Where are we now?”. The first session will focus on long-term sustainability factors, can the farm do what we are asking it to do financially, personal finances, and personal and farm inventories.
- February 25 focusing on “Where do you want to be?”. The second session builds on the first session and includes mission, goals, and values; estate planning and gifting; and retirement planning.
- March 10 focusing on “How do we get there?”. Session three will focus on strategic planning issues, communications across generations, operating agreements, and transfer of labor, management, and assets.
Guest presenters include Compeer Financial Senior Lending Officer Paul Dietmann; Extension Educators Tina Kohlman, Stephanie Plaster, and Carol Bralich; Extension Area Director Cindy Sarkady; and Schoelmer Law Firm Attorney Amanda Follet.
As part of the program, individuals will complete parts of the newly developed Cultivating Your Farm’s Future Workbook for Farm Succession Planning in Wisconsin which will help them to articulate their farm succession plan.
Registration fee for the three-part series is $25 per person, or $10 per person per individual meeting. Registration for each individual session are due one week prior to the workshop. Registration fee includes refreshments, speaker fees, and a resource guide for each individual.
For more information, or to register for the Cultivating Your Farm’s Future-Farm Succession Series, please visit http://fyi.extension.wisc.edu/dairy/calendar to view a copy of the flier. Questions can also be directed to Extension Ozaukee/Washington County Agriculture Educator Steph Plaster.
— University of Wisconsin Extension, Ozaukee County
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