Dafter, MI – Do you think about the following questions? I want an heir to eventually own the business, but I want to treat my kids fairly, how do I do both? I know I need to do something regarding an estate or business succession plan, but I don’t know how to begin! How have other family farm businesses handled the senior generation transitioning away from active management, particularly if there are other partners? How does the senior generation delegate authority in the business, but still maintain some control?
MSU Extension will conduct a series of half- day workshops from March 17-19 (three days) from 10:00 am to 2:00 pm each day. Business owners will be taken through the steps to plan transitioning the farm to a family successor, successors, or transitioning the property to a non – family successor. Actual farm family cases will be used so participants learn the issues other families face and how they handled them. Topics include evaluating the financial health of the current operation and owners, communicating goals, how to determine if the business is financially viable enough to take on a new partner, building and implementing a plan, evaluating what is fair for the successor(s) versus what is equal, options if there is no family successor, different business arrangements, how to effectively work with a qualified attorney and more. The Ag Transitions workbook and other hands on business succession templates will be provided as take home resources.
MSU Extension educators with an emphasis in estate and business succession and other farm succession professionals will be presenters. Presenters will be available each afternoon on an appointment basis to meet one-on-one with families to answer additional questions.
The sessions will be held at the Bruce Township Hall, 12 Mile Rd, Dafter, MI. The workshops are open to the public and pre-registration is encouraged, but not required.
Partial Agenda
What are the basic building blocks of a farm transition plan?
What are the options for an owner to retire/phase away from a management role?
How do you communicate with each other?
How do you determine if your farm can take on a new partner?
Setting obtainable goals for your family farm transfer
Building and implementing a plan of action; some of the important legal agreements/documents needed
What business arrangement (LLC, Corporation, partnership, etc.) is right for me?
Conservation easements as a transition tool
While the workshops are aimed at Agricultural businesses, non- farm family businesses go through the same process and are welcome to attend.
For more information or to register contact the Menominee County MSUE Office @ (906) 753-2209 or Katelyn Thompson @ thomp737@msu.edu.
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