Planning for the future of your operation is more than planning the next seasons crop; it’s about the future and legacy of the operation. Extension Farm Business Management and Marketing Educator Kevin Brooks will be hosting a Farm Succession Planning Program on March 5th to help families in western Illinois navigate the complexities of passing the operation to the next generation.
“In the Midwest, on cash grain farms, less than 20% of farm operations, which also includes absentee landowners, have a plan to transfer the farm to younger generations in the future,” says Brooks. “Out of that less than 20%, there are problems with how things are set up. Most of that centers around communication and just not knowing exactly what to do, or an idea of what works and doesn’t work.”.
Brooks adds that this will be an interactive workshop where attendees can partake in a conversation about the farm succession process.
“So, what we’ll be talking about in this meeting is the strategies on the communication side mostly, planning side, and what to look for in an attorney or a financial estate planning advisor that can help walk you through this,” says Brooks.
The Planning Farm Succession workshop will be held on Tuesday, March 5th, from 10 AM to 12 PM at the Warren-Henderson Farm Bureau building. For more information or to register- visit the Extension website.
