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Planning a successful transition of the family farm

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Local farm families, agri-business and financial planners are encouraged to attend, “Farm Transitions and Succession: A Workshop for Farm Families.”

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The classroom-style session runs noon to 4 p.m. Dec. 19 at the Maple Community Center.

The cost is $10 person. A lunch and snack will be provided.

“It used to be the farm business was expected to move from generation to generation based on a simple agreement drafted by the farmer,” said Jane Anklam, Douglas County UW-Extension agriculture educator. “Now we are facing more complex realities of land values and generational needs that leave us wondering if the family farm can indeed be passed from the owner to the next generation.”

This workshop defines the characteristic of a successful farm transfer between the succeeding generation and the retiring generation.”

Participants will:

• Gain an awareness of various tax and legal consequences of farm transition and succession options from UW-Extension farm law specialists.

• Learn how to set up effective communication for timing of farm transfers, treatment of off farm children, and parents’ future security

• Understand how to select a business model for succession (LLC, Corporation)

• Build the structure a family meeting for the purpose of developing a plan for a smooth and successful transition in the years ahead.

“Ninety percent of our nearly 43,000 acres of farmland in Douglas County is owned and managed as family farms.” Anklam said. “It is important that we carefully manage farm succession to maintain a robust agricultural resource.”

“Farm Transitions and Succession: A Workshop for Farm Families” is made possible by U.S. Department of Agriculture Risk Management Outreach, and sponsored by Douglas County UW- Extension and the UW Center for Dairy Profitability.

To register for the session, contact the Douglas County UW Extension office at 715-395-1363 or jane.anklam@ces.uwex.

edu.

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