The retreat focuses on farm business succession and family estate planning. It is intended to be useful for established farm owners and their successors. An emphasis will be on not only how to transfer the ‘financial business’ but how to transfer the ‘management and responsibility’ of the farm. Other topics covered in this workshop include:
- the stages of succession planning
- contribution and compensation
- balancing the interests of on farm and off farm heirs
- the importance of communication
- goal setting
- analyzing the business
- the use of trusts, wills, and life estate deeds
- and more.
Facilitators designed the retreat to allow time for significant planning discussion within the farm family. It is highly recommended that each member of the family involved in the farm transition and their spouses/partners (if applicable) attend this retreat. Each retreat will run from 4:00 pm -8:30 pm Friday and 8:00 am – 4:00 pm Saturday.
Do you have questions about how to begin working through these challenging topics? Or, have you already started your plan and want to learn more? University of Minnesota Extension and the Minnesota State College and University System partner to offer hands-on farm transition education focused on multi-generation farm businesses. We offer two no-cost sessions from which to select. Pick either/or.