The Interactive Workshop Will Go Beyond the Basics With Transition Planning
It’s never too early or too late to start thinking about “passing the torch” and finding someone in line to transition ownership of your dairy business. Dairy farm families are invited to a “Passing the Torch” Next-Level Transition Planning Workshop on November 12 in Bird in Hand, Lancaster County, Pa. Hosted by Penn State Extension and the Center for Dairy Excellence, the day-long workshop is designed to go beyond the basics when it comes to transition planning. Speakers will cover everything from communication and family dynamics to legal and accounting considerations. The event will include lunch. Registration is $40 for the first family member to attend and $10 for each additional family member. Visit www.centerfordairyexcellence.org/passing-the-torch to register online or call the Center at 717-788-0304
“Maybe your kids are only in high school or college, and you’re not ready to pass the torch quite yet. It can take years to successfully transition your business, so having one-on-one conversations now can help down the road when you’re ready to begin the process. Maybe you don’t have a family member interested in taking over your dairy enterprise, maybe you’re just starting to think about retirement, or maybe you’re nearing retirement and haven’t thought about your succession plan at all. It’s not too late,” said Melissa Anderson, Programs and Operations Manager at the Center for Dairy Excellence. “No matter what stage or situation you’re in, this workshop will get everyone around the table. If you have attended one of our previous ‘Passing the Torch’ workshops, this event is designed to take those topics to the next level with a deeper dive.”
During the workshop, attendees will:
- Hear a more in-depth discussion about business structures and plans, when and how to use them, and more.
- Learn about pre-nuptials, post-nuptials, and how to structure them.
- Get more examples and case studies of different transition plans.
- Reflect on what your plan is if someone passes away unexpectedly.
- Hear success stories.
- Participate in one-on-one, interactive family roundtable discussions that are led by outside advisors to keep the process moving in a productive way.
“Thank you for giving us a platform and context to start very difficult conversations. It was very helpful – even just to begin a starting point,” shared one dairy farmer who attended a previous workshop in this series.
Registration is $40 for the first family member to attend and $10 for each additional family member. Entire dairy farm families are encouraged to attend the events. Call the Center at 717-788-0304 to register over the phone. Visit www.centerfordairyexcellence.org/passing-the-torch to register online.