UW-Madison Extension presents comparison of farm succession strategies for farm succession professionals

Contact: Joy Kirkpatrick, 608-263-3485, joy.kirkpatrick@wisc.edu

Photo by Scott Graham on Unsplash

The University of Wisconsin-Madison Division of Extension is partnering with the Wisconsin Farm Succession Professionals Network (WiFSPN) to present a webinar that compares the success of farm succession strategies. The webinar will be offered on Tuesday, Jan. 5, 2021 from 10 – 11 am using Zoom online software.

Inadequate estate planning, insufficient farm capitalization and a failure to prepare successors are often to blame for failed farm transitions. What happens when all three of those factors strike at once? Research at OSU has confirmed that even with a clear succession plan, failing to consider the farm’s current financial performance and the economic implications of the plan can spell disaster. So which strategies tend to work, and which don’t? This session will present the research and offer practical steps forward for farm families and their consulting professionals as they begin the succession planning process.

Agriculture service providers who work with farm clientele on succession planning are invited to the January 5th webinar to learn more about successful farm transition strategies. The webinar will be offered at no cost, but registration is required to participate and receive a link to the recording if you are unable to attend the live program. Register at: https://bit.ly/Jan05WIFSPN

Our speaker, Shannon Ferrell, is a Professor in the Oklahoma State University Department of Agricultural Economics, where he specializes in Agricultural Law. He grew up on a cattle and wheat operation in Western Oklahoma, and obtained his bachelor’s and master’s degrees in Agricultural Economics from OSU before obtaining his Juris Doctorate from the Oklahoma City University School of Law with endorsements in Estate Planning and Business and Financial Services Law. Shannon spent a number of years in full-time private practice before joining OSU in 2007.

Wisconsin Farm Succession Professionals Network (WiFSPN) is an organization that was started in 2014 for agriculture service professionals who assist their farming clients with any aspect of farm succession planning. The organization includes attorneys, accountants, farm tax specialists, enrolled tax agents, financial planners, business consultants, and educators. Each fall the organization offers professional development on various farm succession topics. WiFSPN is supported by the UW Center for Dairy Profitability and UW-Madison Division of Extension.

For more information about this January 5 webinar contact joy.kirkpatrick@wisc.edu or call 608-263-3485.

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