How will your family farm operate in the future when the owner retires or is gone? Are you currently working with another generation who may be questioning their role in the future of the farm, or are you yourself questioning your current role?<\/p>\n
More than 80 percent of farm families hope to pass the family farm on to the next generation, but research shows only 30 percent of family farms survive to the second generation, and only 12 percent survive to the third generation. A successful transition to the next generation takes careful planning.<\/p>\n
To help New York State farm families start their succession planning process, Cornell Cooperative Extension educators will be utilizing a new interactive program designed by North Dakota State University Extension, Design Your Succession Plan. This program will provide tools and resources to begin the succession planning process.<\/p>\n
Participants will have an opportunity to open lines of communication with family to create a shared vision for the family business. They also will learn to choose and work with professional attorneys, accountants, lenders, insurance agents and tax experts to construct a plan and documents that put the family’s vision into action.<\/p>\n
“The program will prepare you to envision, communicate, plan, write, and shape the legacy of your family farm or ranch business, as well as save hundreds of dollars by completing these crucial planning steps before visiting with professionals,” said Bonnie Collins, farm business management educator, CCE Oneida County.<\/p>\n