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Free Succession Planning Workshop Offered in Fostoria for Farmers and Business Owners

Posted Feb, 23, 2010

The Ohio Employee Ownership Center at Kent State University, Ohio Small Business Development Center, Ag Credit and Braintree Business Development Center are offering a workshop on March 2 for farmers and business owners looking to exit their business. The workshop is designed to provide farmers and small business owners with the information they need to get started with their farm or business transition while retaining jobs and family farms in our communities.

Studies show that those owners who complete timely succession planning achieve a higher number of their objectives. “The consequence of the absence of succession planning is that frequently farms and businesses are sold to competitors or developers, often at bargain basement prices, who may consolidate operations,” said Roy Messing of the Business Succession Planning Program at Kent State’s Ohio Employee Ownership Center.  “Or, the farm or business may need to be liquidated to pay estate taxes, or in a worst case scenario, medical bills.”

The workshop will address:
• Is the farm or business transferable?
• Who will be the next generation of owners?
• What is the valuation of the farm or business?
• What resources are available for family businesses?
• What are the legal and tax consequences owners should be aware of?
• What timetable makes sense for succession planning?

This session also will be of interest to business and financial consultants, bankers and economic development professionals.

The workshop will be held Tuesday, March 2, from 9 a.m. to noon at Ag Credit, 610 West Lytle Street, Fostoria, Ohio. This is south of Fostoria on state Route 12, east of state Route 23 and west of state Route 18.

Workshop facilitators are Bob Cohen of the Braintree Business Development Center, Roy Messing of Kent State’s Ohio Employee Ownership Center and Ed Klesack, CLU, RFC, of Centaurus Financial.

There is no cost for the workshop, and refreshments will be provided.  Pre-registration is preferred.  To register or obtain more information, contact Roy Messing at rmessin2@kent.edu or 330-672-3028.


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Media Contacts:
Roy Messing, rmessin2@kent.edu, 330-672-3028
Emily Vincent, evincen2@kent.edu, 330-672-8595