POTOSI, Mo. — Successfully transitioning a family farming business to the next generation doesn’t happen overnight. To be successful, it takes advanced planning and lots open communication between all parties.
To help families start the succession planning process and initiate communication, MU Extension will lead the free two-hour workshops across the state in March, with a class at the Wurdack Extension & Education in Cook Station on Monday, March 6 at 6 p.m.
The fear of conflict stops many families from pursuing succession plans, but sitting the family down together and communicating what everyone wants takes a lot of the worry out of the process says Hopkins.
“While it might sound foreign, the more we can separate ourselves from the family roles and treat it like a business, the greater our chances of actually making this work,” she says.
The U.S. Small Business Administration found that businesses are more at risk of failure when transitioning to family members instead of people outside the family.
“Keeping the family in the farm and the farm in the family is the goal of nearly every Missouri producer,” says Chris Chinn, director of the Missouri Department of Agriculture. “In order to do that, producers must be intentional and focused to prepare a succession plan that takes all parties and priorities into consideration.”
The MU Extension “Preparing for Farm Succession Planning” workshop will show farmers the path from where their businesses are today to where they want their businesses to be when they’re gone.
“Whatever you do, don’t leave it for your kids to work out after you are gone,” says Hopkins.
Register for the workshop in two ways: Online at https://extension.missouri.edu/events/preparing-for-farm-succession-planning-1674664023 or by calling Washington County Extension Office at 573-438-2671. If you have questions or need special accommodations, call Rachel Hopkins at 573-438-2671.