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December 14, 2006 NDSU Sponsors Workshop on Farm Transition Planning A farm business transition planning workshop will be held Jan. 19-20 and Feb. 16-17 in Fargo to assist families in transitioning a farm operation from one generation to the next and improve communications and planning on an existing multigenerational farm. The workshop is sponsored by the North Dakota State University Extension Service. The successful transition of a farm business from one generation to the next often presents many challenges. However, family goals, such as keeping the farm/ranch in the family, providing a solid start to a young person’s farming career and providing a comfortable retirement for the senior generation, can be accomplished. Topics to be covered in the workshop include financial statements, determining if the farm can support two families, estate planning, developing a farm transition plan, setting personal and professional goals, communicating with family members, retirement planning, issues that can lead to failure in multiple-generation farm businesses and farm asset transfer strategies. Presenters are Bruce Middaugh, AgCountry Farm Credit Services; Terry Knoepfle, NDSU College of Business; John Baker, Iowa State University Beginning Farmer Center; and NDSU Extension Service staff. Attendance at both two-day sessions is required of all registrants. The cost of the workshop is $250 for the first four family members, plus $50 for each additional family member. This fee includes workshop materials, refreshment breaks, lunch and a continental breakfast. The workshop will be held at the Ramada Plaza Suites. Preregistration is required by Dec. 28. Registration is limited to the first 12 families. For registration information, call (701) 231-8642. ### Source: Dwight
Aakre, (701) 231-7378, daakre@ndsuext.nodak.edu |
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North Dakota State University |
