Your grandfather started the farm and then your dad took over. He retired and now you are in charge and your sons and daughters are working the farm with you. As you look to retire and pass along the farm to your kids, do you have a plan to successfully transition and maintain profitability?
Ask yourself these questions: Who do I want to make the decisions? What if that person doesn’t want to continue farming? What role will I have on the farm in the future? How do I communicate my intentions to my kids? These are all important questions that any business operator needs to ask and answer.
You can find answers by attending one of ASA’s Succession Planning Regional Workshops. ASA in partnership with eLegacyConnect is conducting a series of six regional succession planning educational workshops in 2014. The Succession Planning Workshops titled “Five Keys to Effective Succession Planning,” are sponsored by Farm Credit and AGCO, Illinois Soybean Association, Kentucky Soybean Association, Michigan Soybean Association, Ohio Soybean Association and South Dakota Soybean Association.
The workshop dates and locations are:
- July 30, Sioux Falls, S.D, Sioux Falls Convention Center
- Aug. 4, Memphis, Tenn., AgriCenter International
- Aug. 6, Paducah, Ky,, Julian Carroll Convention Center
- Aug.19, Columbus, Ohio, Renaissance Columbus Downtown
- Aug. 21, Fort Wayne, Ind., The Landmark Centre
The workshops are open to all soybean producers and have a registration fee for ASA members of $50 for the first person in a family and $30 for each additional family member. For non ASA members, the registration fee for the first person in a family is $90 and a $70 fee is charged for each additional person. To register, click here and choose which session you want to attend.
The workshops are taught by Kevin Spafford, founder of Legacy by Design. Legacy by Design is a firm dedicated to succession planning for farm families and agribusiness owners. Over the last 10 years, he’s spearheaded initiatives to improve the way farmers, ranchers and agribusiness owners engage in the succession planning process.