Free Succession Planning Workshop Offered for Farmers and Business OwnersPosted Jan, 29, 2010
The Ohio Employee Ownership Center at Kent State University, Ohio Small Business Development Center, Dairy Farmers of America, and Braintree Business Development Center are offering a workshop for farmers and business owners looking to exit their business. The workshop is designed to provide farmers and small business owners with the information they need to get started with their farm or business transition while retaining jobs and family farms in our communities.
Studies show that those owners who complete timely succession planning achieve a higher number of their objectives. “The consequence of the absence of succession planning is that frequently farms and businesses are sold to competitors or developers, often at bargain basement prices, who may consolidate operations,” said Roy Messing of the Business Succession Planning Program at Kent State. “Or, the farm or business may need to be liquidated to pay estate taxes, or in a worst case scenario, medical bills.”
The workshop will address:
• Is the farm or business transferable?
• Who will be the next generation of owners?
• What is the valuation of the farm or business?
• What resources are available for family businesses?
• What are the legal and tax consequences owners should be aware of?
• What timetable makes sense for succession planning?
This session will also be of interest to business and financial consultants, bankers and economic development professionals.
The workshop will be held Tuesday, Feb. 16, from 9 a.m. to noon at Dairy Farmers of America – Mideast, 1035 Medina Road, Suite 300, Medina, Ohio. This is on Route 18, east of Interstate 71 and west of Interstate 77.
Workshop facilitators are Bob Cohen of the Braintree Business Development Center; Roy Messing of the Ohio Employee Ownership Center; Ed Klesack, CLU, RFC, of Centaurus Financial; and Attorney Jack Stewart, CPA, CFP.
There is no cost for the workshop, and refreshments will be provided. Pre-registration is preferred. To register or obtain more information, contact Roy Messing at firstname.lastname@example.org or 330-672-3028.
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