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.
The Butler County Rural Development organization has a rich history of success. It is part of commun... Read More
Increased prices have recently caused some enthusiasm in beef cattle markets. Producers are looking ... Read More
The Butler County Rural Development organization has a rich history of success. It is part of commun... Read More
Butler co. is a small rural county, our youth need involvement with good adults, educational program... Read More