Design Your Succession Plan

"Empowering families to get started on their succession plan."

How will your family farm operate in the future when the owner retires or is gone? Are you currently working with another generation who may be questioning their role in the future of the farm or are you yourself questioning your current role?

More than 80% of farm families hope to pass the family farm on to the next generation, but research shows only 30% of family farms survive to the second generation, and only 12% survive to the third generation. A successful transition to the next generation takes careful planning.

To help NYS farm families start their succession planning process, Cornell Cooperative Extension educators will be utilizing a new interactive program designed by North Dakota State University Extension: Design Your Succession Plan. This program provides tools and resources for producers who want to begin the succession planning process.

Participants will have an opportunity to open the lines of communication with family to create a shared vision for the family business. They will also learn to choose and work with professionals such as attorneys, accountants, lenders, insurance agents and tax experts to construct a plan and documents that put the family's vision into action. Attendees will learn through scenario-based learning how to relate real-life experiences to the farm transition process. This webinar series will utilize a "flipped classroom" which requires that attendees complete pre-work prior to each session. This could include watching videos, visiting websites, or completing a handout/worksheet. This pre-work should not take more than 15-20 mins each week, but will enrich your experience during each of the weekly webinars.

"The program will prepare you to envision, communicate, plan, write and shape the legacy of your family farm, as well as save hundreds of dollars by completing these crucial planning steps before visiting with professionals," said Bonnie Collins, Farm Management Educator, CCE Oneida.

Cost for this Workshop Series as a Farm is $100.00 (this includes one workbook with worksheets focused on gathering helpful data, financial planning and timelines). Each additional workbook is $25 which can be given to others engaged in the farm transition process. Register Online by October 24, 2021.

Sessions 6:30-8:00 pm EST & Topics:

WEEK 1 - Nov 2nd: Starting Your Succession Plan

WEEK 2 - Nov 9th: Family Meetings and Conversations 

WEEK 3 - Nov 16th:  Determining What You Want 

WEEK 4 - November 30th: The Next Generation & Your Legacy 

WEEK 5 - December 7th: Choosing & Working With Professionals

WEEK 6 - December 14th: Next Steps & Helpful Tools & Resources