MU Extension Holding Workshop To Help Families With Succession Planning

Successfully transitioning a family farming business to the next generation doesn’t happen overnight.

University of Missouri Extension agricultural business specialist Wesley Tucker says it takes planning and “communication, communication, communication.”

To help families start the succession planning process and initiate communication, Tucker and an MU Extension team will lead a two-hour workshop Friday, July 29th in Savannah, Missouri from 9-11A.M. at the Andrew County Youth Building.

Planners say fear of conflict stops many families from pursuing succession plans, but sitting down together and communicating what everyone wants takes a lot of the angst out of the process. No one enjoys conflict, but it’s important to engage in “intentional communication” in the form of regular family business meetings.

The MU Extension “Preparing for Farm Succession Planning” workshop aims to show farmers the path from where their businesses are today to where they want their businesses to be when they’re gone.

Unlike estate plans that start into motion after an event – typically, a funeral – succession plans should not depend on an event. Succession planning’s focus on handing off business operations also makes it different from estate planning, which involves giving your land and equipment to your kids.

At each step in the process, the successor gains experience in management and has greater responsibility to make decisions.

You can register here or by calling the Andrew County Extension office at 816-324-3147.