It is Dec. 12-13 in Casper at the Parkway Plaza and is open to agriculture producers and professionals of all ages.

The extreme need for succession planning is highlighted in a report from the Small Business Review. During the next 20 years, close to 80 million baby boomers will retire and a staggering $10 trillion will be transferred from the World War II generation to the boomers. This would be the largest intergenerational transfer of wealth in history. In addition, the majority of this wealth is held by the U.S.’s 12 million privately-owned businesses and experts predict more than 70 percent of these businesses will change hands in the next two decades.

The Making a Plan workshop is designed to help current and future producers, as well as professionals, understand the need for succession planning, while providing information on the latest tools to start the process.

The workshop will feature an opening keynote address by Dr. Ron Hanson, Neal E. Harlan Professor of Agribusiness at the University of Nebraska-Lincoln. He will share the importance of estate planning for the longevity of the operation and the family unit.

The workshop also features a panel of Wyoming producers sharing experiences, successes and pitfalls of estate transition and a panel of “next generation” producers sharing their concerns, challenges and questions about taking ownership.

Participants can choose two of five breakout sessions that go in-depth on legal issues, keeping ranches in the family, financial planning and more. In addition, a “Tools for Transition” room will provide the opportunity for one-on-one visits with sponsors who provide an array of succession planning services.

The workshop is hosted by the Wyoming Department of Agriculture and the Wyoming Stock Growers Association (WSGA).

“There is currently a significant generational shift taking place in Wyoming agriculture. The Making a Plan workshop will help address the question of how we assure this is a shift to the next generation of agricultural producers, not a shift out of agricultural production,” WSGA Executive Vice President Jim Magagna said.

Attendance is open to all agriculture producers and professionals. Register now if you have neglected succession planning, need to update your current plan, are a young/beginning producer, or assist any of the aforementioned in estate planning. The pre-registration deadline is Dec. 8 and there is a $30 fee. Registration will also be open at the door. For more information or to register, visit www.wysga.org/events.htm or call 307.638.3942.

PHOTO:

Courtesy of Wyoming Stocker Growers Association

-- From Wyoming Stock Growers Association news release