Business Transitions: Family Farm and Business Succession Planning
Business Transitions: Family Farm and Business Succession Planning is for farm and business owners that are ready to begin considering succession planning, as well as other retirement and estate planning decisions. You may not yet know WHO you want to take over your business, and you may not have a formal strategy in place.
This course leads you through creating a "transition plan." Individually-designed business transition and management succession plans can help owners of successfully transition a business to the next owner or owners. This can help you avoid the costly and unnecessary taxes, disputes, and legal battles that can arise from simply willing a business upon your death.
Throughout this course, we use the phrase “transition planning” to refer to the different types of planning, used alone or in combination, to plan the transfer of a business from one successor to the next. While we often refer to farm business transition planning, the material in this course is relevant to any business.
Through videos, short readings, scenarios, and knowledge check questions, you will learn about the importance of communication and goal setting with family members, planning advisers, and other people who have an interest in your farm or business. You will also learn communication strategies to apply as you have these important conversations. You will learn a basic approach to understanding estate and succession planning opportunities and issues. Additionally, you will learn about fundamental issues involving transfer of property during your lifetime or following an owner's death. You will be guided through a series of asset inventory forms, which you can download and print to retain for your own records.
Although the course is intended to increase your knowledge and understanding about business transitions, it is NOT intended to be and should not be interpreted as legal advice or opinion concerning these issues or their application. You will need professional advice and counsel to apply these ideas to actual situations.
Some courses also provide credits that can go towards professional certifications. None of the online courses offer credits that can go on a college transcript.
Please refer to the course description to learn if a specific course offers certificates and/or credits towards professional certification.
The definition of a passing grade varies from course to course. Once you register for an online course, please log in to learn about a specific course’s grading criteria.
Also, keep in mind that not all courses offer certificates. Please refer to the course description to learn whether or not a specific course offers a certificate.
2 hours, 30 minutes