What does it take to successfully pass on the farm business to the next generation? It takes a lot of hard work, time and communication to make a successful management transfer. The Farm Transition Team of OSU Extension is pleased to be offering a series of workshops across Ohio to help farm families plan for the transition of their business to the next generation.
This workshop will help farmers assess the future of the farm business, discuss developing the next generation of managers, communicate about farm succession, review retirement planning, plan for the unexpected, consider long-term healthcare costs, understand legal considerations of farm transition and discover ways to increase family communication. This workshop will challenge farm families to actively plan for the future of the farm business. In between session, farm families will be asked to hold critical family conversations to help identify planning areas that will need work to accomplish a successful farm business transition.
Some of the key topics which will be addressed during the workshops include:
- Key questions to answer when planning for the future of the family farm business
- Family communication in the farm transition process
- Providing income for multiple generations
- Farm succession with multiple offspring and family members: Fair vs. Equal
- Retirement strategies
- Strategies to get my farm and family affairs in order
- Long term health care issues and costs
- Getting your family affairs in order
- Farm business structures and their role in estate and transition planning
- Estate and transfer strategies
- Trusts and life insurance
- Tax implications of estate and transition planning
Pre-registration is required for each location. The workshop is being taught by the OSU Extension Farm Transition team in conjunction with the Wright & Moore Law Company. The sessions currently planned for 2016 are as follows. Farm families are encouraged to attend the workshop which best suits their travel and calendar needs. Specific information for each location can be obtained by contacting the host county.
Defiance County
Dates: February 18 & 25, 2016
Location: OSU Extension Defiance County, 06879 Evansport Rd, Defiance, OH 43512
Details: RSVP by February 4, 2016
Cost: $60/person or $100 for 2 people from the same farm business.
Phone: 419-782-4771
Registration Flyer at: http://defiance.osu.edu/events/farm-business-transition-workshop
Champaign County
Dates: March 1 & 15, 2016
Location: Champaign County Community Center Auditorium
Details: RSVP by February 23, 2016
Cost: $35/person or $60 per couple
Phone: 937-484-1526
Registration Flyer at: http://go.osu.edu/agevents
Pickaway County
Dates: March 22 & 29, 2016
Location: Pickaway Co Community Foundation, 770 N Court St, Circleville OH 43113
Details: RSVP by March 11, 2016
Cost: $35/person or $60 per couple
Phone: 740-474-7534
Registration Flyer at: http://pickaway.osu.edu/sites/pickaway/files/imce/AG_documents/2016%20Transition%20Planning%20registration%20flyer.pdf
Sandusky County
Dates: April 6 & 13, 2016
Location: Sandusky County Job & Family Services Bldg, 2511 Countryside Dr, Fremont, OH 43420
Details: RSVP by March 15, 2016
Cost: $60 for the first person and $40 for each family member from same operation thereafter.
Phone: 419-334-6340
Registration Flyer at: http://sandusky.osu.edu/
More information about the OSU Extension Farm Transition Team and media requests can be obtained by contacting David Marrison at marrison.2@osu.edu or 440-576-9008.