Design Your Succession Plan

Design Your Succession Plan "Empowering families to get started on their succession plan."

Online Zoom Series Coming to NYS!

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.

 This six session Tuesday evening series is being offered via Zoom with an online learning platform for use in-between sessions. Session dates are: 11/2, 11/9, 11/16, 11/30, 12/7 & 12/14. The cost is $100 per farm family and includes a workbook valued at $25. There are scholarships available for veterans. Please choose veteran as your farm category and there will be no charge for participating in this series. There will be follow-up to confirm your veteran status prior to the start of the series. There is also the ability to add additional workbooks at a cost of $25 at registration. Contact Laura Biasillo at lw257@cornell.edu or visit https://tinyurl.com/z5ujstpw for more information. The registration deadline is October 24^th to ensure on-time delivery of the workbook.

Starting Your Succession Plan

Family Meetings and Conversations

Determining What You Want

The Next Generation & Your Legacy

Farm Financial Management Tuesdays - Planning for a Change or Exiting Your Farm Business

November 30, 2021 : Assessing the Financial Ramifications of and Options for Significant Change to Your Farm Business

The inflationary economy is upon us! The huge influx of money into the US economy following the COVID-19 pandemic has manufactured high prices and in turn increased operating costs for farm business thus forcing many businesses into net operating loss situations. Other farms are facing high labor costs or chronic labor shortages.  Some farms have taken on debt loads that make these increased costs unaffordable.  Depending on the stage in the business lifecycle, it may make sense to change enterprises or exit the farming business entirely. 

Join CCE ENYCH Ag Business Educator, Elizabeth Higgins, and CAAHP Ag Business Educator, Dayton Maxwell, for a one-hour program to learn about the financial aspects of changing or exiting a farm business. 

December 7, 2021 : The Family and Emotional Component; Shifting Business Direction and Life After Farming

As farm business enterprises are changed or disbanded, the emotional stress can be tremendous, especially when individuals and family members maintain diminished assurance relative to future security. 

Join Gabriel Gurley and Brenda O'Brien of New York FarmNet for a one-hour program focused on successfully navigating the emotional turmoil of a family farm business transition.

December 14, 2021 : New Venture Creation; Shifting Business Direction and Life After Farming

Change creates opportunity and new opportunities are certain when farm businesses change or end. 

Join Gabriel Gurley of New York FarmNet for a one-hour overview of identifying ways and means to capitalize on new opportunities resulting from farm business transitions.

Remote Produce Safety Alliance Grower Training Course - Dec 2021

December 8 - December 9, 2021

A grower training course developed by the Produce Safety Alliance (PSA) that meets the regulatory requirements of the Food Safety Modernization Act (FSMA) for farms subject to the Produce Safety Rule. All farms are welcome to attend to learn about recommended food safety practices for growing, handling, and storing fresh produce. Course registration fee includes a course manual and certificate of course completion by the Association of Food and Drug Officials (AFDO).

Tax Management for Beginning and Small Farm Businesses

January 18, 2022

Tax Management for Beginning and Small Farm Businesses.

A one-night virtual meeting for beginning and part-time farmers that provides useful tax information enabling participants to be make better tax decisions for their business.   Federal and state income taxes will be covered. Tax regulations specific to NYS will be covered as well.