COOPERSTOWN, N.Y. — 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 an excellent two-day, interactive curriculum recently developed by North Dakota State University (NDSU) Extension, and is now available for NY farmers, initiated by Cornell Cooperative Extension of Schoharie and Otsego Counties (CCE) and the Schoharie County Office of Agricultural Development.
Participants are better able to open the lines of communications with family and farm partners to create a shared vision for the farm business, as well as 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, 10 a.m. to 3 p.m, at the new Farm Credit East offices, 7397 State Highway 80, north of Cooperstown. The cost is $95 per farm, allowing two people per farm. Additional farm team members are $60 each and are encouraged to attend. Lunch and all workshop materials are included.
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. Space will be available on a first come, first served basis. Register online at cceschoharie-otsego.org/agriculture/farmtransitionplanning. For more information, call or email Alicia Terry at 518.295.8792 / firstname.lastname@example.org, or David Cox at 518.234.4303 (x119) /email@example.com.
Principal presenters are curriculum co-developers, Carrie Johnson, Ph.D., 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.”
This program is sponsored in part by CCE Schoharie and Otsego Counties, the Schoharie County Office of Agricultural Development, the Mohawk Valley Economic Development District, and Farm Credit East. CCE is an employer and educator recognized for valuing AA/EEO, Protected Veterans, and Individuals with Disabilities, and provides equal program and employment opportunities. Accommodations for persons with special needs may be requested by contacting CCE by April 1, 2018, at518.234.4303.
–CCE Schoharie & Otsego Counties
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