ALLENTOWN, Pa. — How will your family farm business operate in the future when the owner retires or is gone? Are you currently working with another generation who may be questioning its role in the future of the farm business or are you yourself questioning your current role?
More than 80 percent of farm families hope to pass the family farm on to the next generation, but research shows only 30 percent of family farms survive to the second generation, and only 12 percent survive to the third generation.
A successful transition to the next generation takes careful planning and preparation. To help farm families start their succession planning process, Penn State Extension is offering a new interactive program, “What’s your exit strategy?”
This program provides many of the tools and resources for producers who want to begin the succession planning process. This program is being offered in six locations across Pennsylvania.
In northwestern Pennsylvania, the program is scheduled for Fridays, Jan. 5 and Jan. 12, 2018, at Burch Farms Country Market & Winery, 9210 Sidehill Road, North East, Pa.
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.
For more information, call John Berry at 610-391-9840, or johnberry@psu.edu for information on a workshop near you, or visit https://extension.psu.edu/succession-planning-what-s-your-exit-strategy.
