Author: Gregory Drake
Planning Unit: Butler County CES
Major Program: Farm Management, Economics and Policy
Plan of Work: Financial Management
Outcome: Intermediate Outcome
Succession planning is a necessary but difficult process. FarmLASTS estimates 88% of farmers and farmland owners do not have an exit plan. With good communication and a well-developed plan, transitioning a family farm or business can be accomplished. The Butler, Logan and Warren County agriculture extension agents led and taught a 3-part virtual farm transitions series. The program was offered by all Mammoth Cave agriculture agents and had 16 participants with farm estate values totaling $10,500,000.
According to end of session evaluations, 100% of the participants will use the information learned to start the family communication process to develop a plan. One hundred percent of participants plan to gather all essential documents and 75% of participants already started collecting necessary documents before the series ended. One hundred percent of the participants increase their knowledge of the legal requirement of a transition plan and intends to utilize that knowledge in developing their plan.
A follow up survey conducted 6 months after the program concluded that: 85% or participants have gathered their essential documents or are gathering them. 29% have contacted a legal professional. 50% of the estates represented in the program are valued between 1 and 5 million dollars. Protecting these assets for our farm families will pay benefits for years to come.
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