Take the critical first steps in starting your succession plan by attending a Farm Journal Legacy Project workshop.
The farm and its assets typically represent 97% of what a farm family owns, says Kevin Spafford, Farm Journal succession planning expert. Yet, even with the farm comprising this much of a farmer’s financial worth, he says, farmers neglect to make time for succession planning.
"Real life does get in the way," he says. "But it won’t get easier, so you have to make it a priority."
Spafford says one of the most common questions he hears about succession planning needs is: "Where do I start?"
"One of the very best ways to learn more about succession planning is by attending a Legacy Project Workshop," he says. "Over the course of six hours, you’ll learn the five keys to planning success and I’ll equip you with many of the secrets to achieving your succession goals."
Here’s this summer’s Legacy Project workshop lineup:
June 16: Syracuse, N.Y.
July 14: Omaha, Neb.
July 16: Moline, Ill.
July 18: Austin, Minn.
Launched in 2010, Farm Journal Legacy Project workshops help families begin the process of transitioning their family farm to the next generation. The succession planning program hosts approximately 12 events in a different city each year. Attendees utilize a workbook designed specifically for the Legacy Project, which also includes worksheets and beneficial information.