'Passing the Torch' Transition Planning Workshop on Nov. 20

PUBLISHED ON August 29, 2023

HARRISBURG, Pa. — It’s never too early or too late to start thinking about “passing the torch” and finding someone in line to transition ownership of your dairy business. Dairy farm families are invited to the “Passing the Torch” Interactive Transition Planning Workshop on November 20 from 8:30 a.m. to 3:30 p.m. in Mechanicsburg, Pa. Hosted by Penn State Extension and the Center for Dairy Excellence, the day-long workshop will cover everything from communication and family dynamics to legal and accounting considerations. The event will include lunch. Registration is $25 for the first two family members and $5 for each additional family member.

“Maybe your kids are only in high school or college, and you’re not ready to pass the torch quite yet. It can take years to successfully transition your business, so having one-on-one conversations now can help down the road when you’re ready to begin the process. Maybe you don’t have a family member interested in taking over your dairy enterprise, maybe you’re just starting to think about retirement, or maybe you’re nearing retirement and haven’t thought about your succession plan at all. It’s not too late,” said Melissa Anderson, Programs and Operations Manager at the Center for Dairy Excellence. “No matter what stage or situation you’re in, this workshop will get everyone around the table for one-on-one coaching with facilitators, legal experts, accountants and more.”

During the workshop, attendees will learn about the overall transition process and key communication tips, the retirement planning process, the legal transition process, and the accounting transition process. Family members will also participate in one-on-one, interactive family roundtable discussions that are led by outside advisors to keep the process moving in a productive way. Attendees will walk away with a workbook and tangible next steps for taking action.

Learn more about the sessions and speakers:

Paula Ledney serves as an Education Program Associate / Financial Analyst in the Business, Energy, and Community Vitality Unit. Her focus is assisting food, agriculture, and natural resources-based businesses with financial planning; record keeping; financial statement and ratio analysis; budgeting; business and enterprise analysis; and financial literacy and decision making. Program work in these areas results in measurable improvements made by stakeholders in efficiency, growth, competitiveness, innovation and job creation. She holds Bachelors Degrees in both Finance and Environmental Resource Management, and a Certificate in Financial Planning, all from Penn State.

Registration is $25 for the first two family members and $5 for each additional family member. Entire dairy farm families are invited to the event. To register for the workshop, call 717-346-0849 or visit www.centerfordairyexcellence.org/passing-the-torch. Email Melissa at [email protected] with questions about the event.

–Emily Barge, Center for Dairy Excellence

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