NEW PHILADELPHIA, Ohio — A workshop will be held March 1 from 10 a.m.-4 p.m. to address farmland succession issues. The event will take place at Kent State University’s Tuscarawas Science and Advanced Technology Building, Room 126, located at 330 University Dr. NE, New Philadelphia.
The entire process for mapping out a succession plan to transfer the eventual ownership of a family farm from one generation (parents) to the next generation (their adult children) can be an overwhelming task for many families. Where does this process even begin?
Who makes the final decisions? Can you be fair to all the children involved? Often farm families never can get past the “family obstacles and personal fears” that can actually become road blocks which prevent a succession plan from being put in place to protect the family farm and to insure that their family farming legacy continues for another generation.
This program will focus on the “what-if” family issues that most families avoid discussing and/or pretend will never happen. An important point to remember: If these family succession issues are not discussed and then resolved by all family members themselves, it could end up costing each family member a lot of attorney costs or even tie up the farm estate in a legal court dispute.
Can a farm family afford that and their farming operation still survive to the next generation? This presentation will outline the necessary steps to implement as well as achieve a successful succession plan that will avoid these potential misunderstandings between family members.
Parents must embrace a vision for passing on their farm that is shared by all family members involved for this succession process to achieve a successful transition of ownership to their adult children and to insure that their family farming legacy is preserved.
Overview of the importance of succession planning; how to develop mission statements for family and business; specific questions each family must consider related to succession planning; so you thought you were buying the family farm — guess again.
Other topics include: Keeping Your Farm in the Family for the Next generation; is there a succession plan?; question & answer session.
The speaker will be Ron Hanson, the Neal E. Harlan Professor of Agribusiness at University of Nebraska-Lincoln.
He has counseled farm families for more than 30 years to help them resolve family conflicts in a more positive manner and to improve family relations through better communication. Chris Zoller is an Extension Educator, Agriculture and Natural Resources, with Ohio State University Extension in Tuscarawas County.
Preregistration is required and costs $25 per-person, and includes lunch. Register online at www.tusc.kent.edu/bcs or call 330-308-7434.