The Interactive Workshop Is Ideal for Dairy Farm Families in Any Stage of Transition
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. There are still spots left for the “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 for dairy farm families. 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.
“With over 94 dairy producers joining us at the ‘Passing the Torch’ Transition Planning workshop series over the past year, it’s evident that transition planning is a complicated and important process that many dairy farm families are facing. There are a variety of financial, legal, accounting, and lifestyle considerations to think about. It’s not too late to sign up for the November 12th workshop,” 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.”
The workshop is ideal for dairy farm families who are in a wide range of stages, including:
- 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 at this workshop 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. This workshop will help you consider various options since the “torch” can go to anyone and there are other paths to consider when planning your transition.
- 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. The speakers at this workshop will help you realize it’s not too late. You’ll hear a more in-depth discussion about business structures and plans, when and how to use them, and more.
During the workshops, attendees will hear from various legal and financial experts. They will dive into business structures and plans, when and how to use them, and information on pre-nuptials, post-nuptials, and how to structure them. Attendees will hear examples, success stories, and case studies of different transition plans and reflect on what their plan is if someone passes away unexpectedly.
“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 workshop. Call the Center at 717-788-0304 to register over the phone. Visit www.centerfordairyexcellence.org/passing-the-torch to register online.