The Interactive Workshops Will Have Sessions on Family Dynamics and Financial Considerations
How can families begin the farm transition process when so many of us find our identity in our careers? Are there younger people who hope to continue the farm? Are you having honest conversations? Is there a plan in place? Dairy farm families are invited to “Passing the Torch” Transition Planning Workshops this fall to answer these questions and more. Hosted by Penn State Extension and the Center for Dairy Excellence, the day-long workshops will be held on November 18 (East Earl, PA) and November 20 (State College, PA). The events will include lunch, and entire dairy farm families are encouraged to attend. Registration is $25 total for the first two family members and $5 for each additional family member.
“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,” said Melissa Anderson, Programs and Operations Manager at the Center for Dairy Excellence. “We have several families who are planning to join us for these workshops in November, and our goal is to keep the discussions personal and interactive. You’ll participate in one-on-one family roundtable discussions that will be led by outside advisors to keep your family’s communication moving in a productive way.”
Two of the sessions will focus on initial steps involved in farm transitions, communication and family business dynamics, and financial considerations to keep in mind. Learn more about these sessions:
- “How Do We Begin?” with Dr. Charlie Gardner. “I’m just not ready to turn the cows over to my son” “Well, I’m ready for more responsibility and ownership.” These are examples of statements that Dr. Charlie Gardner, a dairy farm consultant, has heard family members say to each other in the midst of challenging conversations. He will share examples of how to keep these types of communication patterns moving in a productive manner and offer strategies for taking the initial first steps in the transition process.
- “Financial Considerations for Farm Transition” with Dr. Brian Reed. Where are we now? Where do we want to go? How are we going to get there, and what financial considerations can make our future dreams a reality? Assessing the present situation of the farm, including scale, profitability and potential growth opportunities, can allow for productive strategic planning for the future. Dr. Brian Reed, a dairy farm consultant, will share several financial considerations that are important to the farm transition process. He will outline various methods to gradually transition business knowledge, responsibilities, financial assets, and decision-making.
In addition to these two sessions, additional speakers from Penn State Extension, Hazen Law Group and Top Notch Accounting will lead discussions on the retirement planning process, the legal transition process, and the accounting transition process. Attendees will also 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.
To register for a workshop and view the full program, call 717-346-0849 or visit www.centerfordairyexcellence.org/passing-the-torch. Email Melissa at manderson@centerfordairyexcellence.org with questions about the event.