Facing the challenge of farm transition planning?

From AgPR

DeWITT, Mich. — Ag Transition Partners, a group of educators and agricultural consultants, is continuing its no-cost farm transition planning project that includes no-cost consulting services to help producers move their transition plans forward.

There are three webinars to prepare participants, along with on-site or virtual coaching and action plan templates. American Agri-Women, the nation’s largest coalition of farm, ranch and agri-business women, is supporting the project and hosting the program’s webinars.

A recording of the first webinar, “Farm Transition: Planning for Success I — Getting Started” is now available for download from AAW’s website at http://bit.ly/1iCP20h.

The second webinar “Farm Transition: Planning for Success II — Mapping the Process” will be presented Nov. 17 at noon Central.

The second webinar will cover the Ag Transition tool, which is the process the families will follow and the information that producers will need to gather to help develop a transition plan. There will also be a brief introduction to the third and final webinar.

Register for the second webinar by following this link: Registration URL: http://bit.ly/1kgA3ug and the webinar ID is 118-664-379.

The third session “Farm Transition: Planning for Success III — Making it Happen” will be held Dec. 8. Registration details will be posted at a later date.

The project’s multi-layer approach sets it apart from other planning processes, better helping farm families ensure the legacy of their operations. Each family will be coached by a member of the Ag Transition Partners and action plans will be developed using the University of Minnesota’s Ag Transitions online templates.

This project is free for participating farm and ranch families and is made possible through a grant from North Central Extension Risk Management Education Center and the USDA National Institute of Food and Agriculture.

Why are Farm Succession and Business Transition Planning Important?

According to some studies, an estimated 70 percent of farms and farmland will transition ownership in the next 20 years and fewer than 50 percent of farmers have estate plans; less than 70 percent have named successors; and less than 11 percent have farm business transition plans in place. The consequences of a failure to plan can be severe.

Delayed planning is a complex and challenging problem. If the farm is inherited by multiple heirs, inheritance taxes and other fees may cripple the farm and its new owners. Inadequate farm succession planning may result in heirs becoming owners who are incapable of running the farm business; conflicts may develop among heirs; and the farm may have to be partitioned off to accommodate heirs who want to “cash in” on their share of the business.

These scenarios can be avoided when families learn how to work together as a team, confront difficult issues and decisions and commit to making a decision.

For more information, or to sign up to for the project contact Kristine Ranger, project manager, at [email protected] or 517-974-5697. 

About Ag Transition Partners

The Ag Transitions Partners team of ag business consultants and educators bring over 130  years of experience serving the agri-food industry in various capacities.

Kristine Ranger, M.Ed. has over 35 years of experience managing and delivering educational programming, project management roles, project evaluations, and teaching and coaching producers in all aspects of business development.

Joe Colyn brings 30-plus years of agri-food market and value chain knowledge and specific expertise in business planning, including leadership in compiling beginning farmer resources that compliment farm transition coaching.

Bob Olson brings 35 years as a professional educator and business consultant. Previously he served as an Extension agent/educator with the University of Minnesota, specializing in farm financial, estate and transition planning. On staff with one of the nation’s Cooperative Development Centers he works with value-added agricultural business performing feasibility studies, market assessments, and business plans.

Doris Mold brings 30-plus years of practical farm business experience and consulting, specializing in business and management planning, coaching and evaluation. She is the president elect of American Agri-Women.

About American Agri-Women

American Agri-Women promotes the welfare of national security through a safe and reliable food, fiber and mineral supply. Since 1974, AAW members have worked together to educate consumers; advocate for agriculture; and offer networking and professional development opportunities.

The organization is celebrating its 40th anniversary with a Drive Across America, a five-month long education and advocacy tour. Follow the event on Twitter or follow the event on Facebook: http://www.Facebook.com/AgriWomen/.

Go to the AAW web site for more information and to join, http://www.americanagriwomen.org. Find AAW on social media at: Facebook.com/AgriWomen/ and Twitter.com/Women4Ag/, @Women4Ag.