Transitioning Your Family Farm. Building for the Successful Transition of Your Agricultural Business- Workshops and Resources. Donald J. Breece Farm Management Specialist Barry Ward, Leader, Production Business Management [email protected] Funded Grant. Thanks . Sponsorships.
Who Should Attend?
Host Extension Educators (Agents)
helped to recruit!
To spend time away from the distractions of everyday farm life, and critically review your business.
To learn farm business transfer strategies and how to implement them.
To discover ways to increase family communication.
The two-day workshops were designed to help farm families develop a transition plan for their family business. The sessions challenged participants to examine their business to the core and to actively plan for the future.
The workshop retreats were conducted at four locations in Ohio. Two of the workshops included an overnight stay.
The workshops were conducted by Ohio State University Extension and supported by a grant from the North Central Risk Management Education Center and USDA.
Dr. Bernie Erven, Professor Emeritus of Agricultural Economics at The Ohio State University
Paul Wright, attorney at Law and former OSU Extension Ag Law Specialist.
Dr. Don Breece, OSU Farm Management Specialist.
Barry Ward, OSU Extension Leader, Production Business Management.
OSU Extension Educators:
David Marrison, Ashtabula Co.
Chris Zoller, Tuscarawas Co.
Jeff McCutcheon, Knox Co.
Chris Bruynis, Wyandot Co.
Mike Gastier, Huron Co.
Julia Woodruff, Ashland Co.
Overview of Transition Planning
Objectives of Succession Planning
Retirement Planning & Tax Management
Treatment of Off-farm heirs
Legal Q & AWorkshop Outline
Sessions were held from 9:00 a.m. to 4:30 p.m.
Five functions of management
Revision of Extension Bulletin:
“Transferring Your Farm Business to the Next Generation”
Part 1 How can you tell that you business is profitable enough?
Part 2 Are there enough income and assets to provide for the older generation?
Part 3 How can you help the two generations get along?
Part 4 What should you transfer? In what order?
Part 5 How to avoid paying too much income, gift and estate tax?
Developed a participant notebook of materials, case studies, and teaching outlines.
Nine Fact Sheets
Soon to be on OSU Extension’s Ohioline: http://ohioline.osu.edu/
Communication, Family Business Meetings, Planning, Structure, Taxes, Transfer Strategies
95 Participants in each of four workshops, another 85 in two additional day long programs (Legal, Financial and Taxes).
of a 5 point scale!