by: Denny Riethman, Extension Educator
A workshop on farm transition and succession will be held 9:30 a.m.-4 p.m. January 30, 2019, at Romer’s Catering at Westlake, 1100 S. Main St., Celina. This event is designed to help families develop a succession plan for their farm business, learn ways to transfer management skills and the farm’s business assets from one generation to the next and learn how to have conversations about the future of one’s farm. Attendees are encouraged to bring members from each generation to the workshop. Featured speakers will include David Marrison, OSU associate professor; extension educator, attorney Robert Moore with Wright & Moore Law Co., Peggy Hall, OSU assistant professor and an attorney in agricultural law; and Denny Riethman, Mercer County OSU Extension educator. Registration is limited to the first 60 people. The cost is $20 per person and $30 per couple. The registration deadline is January 23. Contact the Mercer County OSU Extension Office at 419-586-2179 to register.
Topics covered during the workshop will include:
• key questions to answer when planning for the future of the family farm business.
• family communication in the farm-transition process.
• analyzing the family farm business/keeping the business competitive into the future.
• providing income for multiple generations.
• developing the next generation of farm managers
• farm succession with multiple offspring and family members: fair versus equal.
• retirement strategies.
• preparing for the unexpected.
• strategies to get farm and family affairs in order.
• analyzing risk in today’s world.
• long-term health-care issues and costs.
• farm business structures and their role in estate and transition planning.
• estate and transfer strategies.
• buy/sell agreements.
• trusts and life insurance.
• tax implications of estate and transition planning.
• information needed by an attorney