To assist farmers with succession planning, the Farm Journal Legacy project will hold a workshop in Garden City on Friday at the Clarion Inn and Conference Center, 1911 E. Kansas Ave.
Registration is from 8 to 8:45 a.m. The event is from 8:45 a.m. to 4 p.m., and lunch will be provided.
Launched in 2010, Farm Journal Legacy Project workshops help families begin the process of transitioning their family farm to the next generation. The succession planning program hosts approximately 12 events in a different city each year.
The Legacy Project workshops offer hands-on training with speakers who are experts in succession planning, tax and legal issues.
Speakers for the Garden City workshop include Johnne Syverson, of Transition Point Business Advisors; Kevin Bearley, of Kennedy and Coe; and Paul Neiffer, of CliftonLarsonAllen.
It’s estimated that 90 percent of families fail to keep their fortunes and loved ones together for three or more generations. Syverson, a family business consultant with Transition Point Business Advisors in West Des Moines, Iowa, believes good planning and preparation can help farmers be part of the 10 percent who stick together.
The key is to focus on all four types of wealth and capital — human, intellectual, social and financial. Human capital involves who we are, where we come from and the talents of the family.
Intellectual capital includes work and life experiences, formal and informal education, spiritual beliefs and practices and work ethic.
Social capital consists of a person’s contribution back to the community. Finally, financial capital is comprised of assets, such as real estate, machinery, livestock and buildings.
“These components make up a more holistic view of wealth,” Syverson said. “It is important to transfer all components of wealth to the next generation. Without which, the financial wealth will eventually disappear.”
During the workshop, Syverson will explain how to construct a succession plan, have critical conversations with stakeholders and assemble a helpful team of advisers.
Other workshop speakers, Kevin Bearley, principal with Kennedy and Coe, and Paul Neiffer, agribusiness CPA and business adviser for CliftonLarsonAllen, will cover the legal and tax aspects of succession planning.
The workshop will cover critical questions about the components of a good succession plan, the right time to give up control, what are equal or fair ways to compensate family and non-family members involved in the farm, and whether the next generation is ready to lead.
Attendees will receive a step-by-step workbook to help them implement their plan. Registration is $119. Additional guests from the same farm cost $69 each.
To register, and for more information, go to www.FarmJournalLegacyProject.com or call (877) 482-7203.
Farm Journal Media is the nation’s prominent agricultural media company. Its magazines are the 138-year-old flagship Farm Journal, Top Producer, Beef Today, Dairy Today and Implement & Tractor. The company’s broadcast division produces and distributes two national television programs, “AgDay” and “U.S. Farm Report,” and three daily radio programs, “AgriTalk,” “American Countryside” and “Market Rally.” In 2014, the company introduced My Farm Radio, 24/7 digital mobile radio channel. The company produces the industry-leading web portal AgWeb.com and dominates mobile communication through “Farm Journal Mobile,” including Commodity Update.