Getting Started on Your Succession Plan – Live webinar Thursday, Oct. 27, 2016
Join us at the Chippewa County Extension Office (711 N. Bridge Street, Courthouse Room 13, Chippewa Falls, WI). Preregistration for this webinar on getting started on your succession plan is required, contact the Chippewa County UW Extension Office at 715-726-7950 to register. There is a $5 per person/ per session fee to cover the cost of materials. The farm succession webinar series continues into this fall and through early spring of 2017. Future dates and topics are:
- Nov. 17, 2016 – How Big is Your House? – How Big Does It Need To Be? Financial analysis for succession planning – Kevin Bernhardt, UW-Extension farm management specialist (1:00 – 3:00 pm)
- Jan. 26, 2017 – Estate planning – Bridget Finke, Attorney, Bakke Norman Law Offices (1:00 – 3:00 p.m.)
- Feb. 23, 2017 – Long Term Care: Planning for My Future Needs – Steve Shapiro, Medigap Insurance Specialist, State of Wisconsin Board on Aging and Long Term Care and the Wisconsin Office of the Commissioner of Insurance (1:00 – 3:00 pm)
- March 23, 2017 – Medicaid Eligibility and Recovery – Anthony Schmoldt, Attorney, Schmoldt Law Office (1:00-3:00 p.m.)
A webinar to discuss the first steps of farm succession planning will be held Thursday, Oct. 27, 2016 at the Chippewa County UW Extension office. This two-hour webinar begins at 1 p.m.
Farm business owners looking to the future of their farming operations have many issues to consider. Succession planning includes planning for the owner generation’s later years; business planning to ensure the operation has financial capacity; developing the successor’s management skills; and estate and tax planning. However, before these areas are addressed many conversations should take place around the values, vision and goals of the family members/farming partners and the goals of the business.
This webinar is for both the owner and successor generations to learn how to begin the succession planning process, which starts with three questions: Where is the farm now? Where do you want it to be? How do you get there? Joy Kirkpatrick, Outreach Specialist for the UW Center will lead the webinar and topics include:
- An overview of farm succession planning and important components
- A three step process to help businesses organize their ideas and issues around succession
- Exercises and worksheets to help farm partners talk about their goals
- Resources available to assist farm businesses through the planning process