Farm Transition and Farm Succession Planning
Date: November 9, 2014 - November 12, 2014
Time: 8 a.m. - 12:30 p.m.
Location: Northwest Research Station, 6686 South Center Highway Traverse, City, Michigan 49684-9550
Contact: Northwest Research Station, 231-946-1510
An attorney, MSU Extension educators and industry experts with a specialization in farm business succession and estate planning will discuss how to meet the challenges to transfer the farm business to the next generation, and other options to transfer a farm business as part of an estate plan.
This series of three-half day sessions will take business owners through the steps to plan transitioning the farm to a new successor or successors. Participants will learn the building blocks of a transition plan, communicating goals, how to determine if the business is financially viable enough to take on a new partner, building and implementing the plan, how to effectively work with a qualified attorney, how to evaluate what is fair for the successor(s) versus what is equal, options if there is no family successor, different business arrangements and more.