July 15, 2024

Discussion about farm succession planned

Cheryl Mitchell

PENFIELD, Ill. — An educational discussion about farm succession planning will be part of the program during Historic Farm Days.

Cheryl Mitchell will facilitate the discussion with a panel that includes an accountant, attorney, banker and insurance agent on Friday, July 12, starting at 11 a.m. at the Pavilion.

This is the second year this panel will be at the event to provide a place for farm families to start the conversation about developing a succession plan for their operations.

“These four professionals have expertise in agriculture,” Mitchell said.

About 70% of farm families, Mitchell said, do not have a farm succession plan in place. That’s why gathering information about various strategies for protecting a farmer’s legacy is so important, she stressed.

“There will be no sales — our focus is education and providing information about various strategies and tools like gift giving,” she said.

Many times farm families avoid working on succession plans because they don’t know where to start or who to trust.

“From our past discussions, I’m now working with five families to facilitate the process of developing a succession plan,” Mitchell said.

“So, this panel of professionals is working to solve a problem for farm families,” she said. “This is the right approach to provide families a way to move forward in the process because this team knows how to protect ag assets.”

Currently, Mitchell said, the team of ag professionals is assisting families located in Ford, Iroquois and Douglas counties.

“And we are making waves in other areas of the state as far north as Chicago,” Mitchell said.

“I would love to do this in other places and vet some more professionals to work with farm families,” she said.

For more information, go to www.cherylbmitchell.com.

Martha Blum

Martha Blum

Field Editor