Colorado summit to focus on family farm transitions

Registration is underway for an upcoming event focusing on succession and estate planning for farm and ranch families in Colorado.

The Colorado Department of Agriculture and Colorado State University Extension have scheduled the inaugural Family Farm Transition Summit for Dec. 9 and 10 at the Denver Marriott Westminster in Westminster.

Accountants, financial advisors, lawyers and lenders are encouraged to attend and join in efforts to enlarge a network of service providers and increase awareness of available services.

“Our partnership with CSU Extension will help us establish a team of professionals through the Family Farm Transition Summit with the skills to work with ag families to develop and implement their succession plans,” said Mark Gallegos, technical services section chief for the Colorado Department of Agriculture.

Jeff Tranel, an agricultural and business management economist at CSU, said estate planning and farm succession are two of the most critical issues faced by farmers and ranchers in Colorado and around the world.

“Given the worldwide importance of sound farm succession planning, it is critical that people helping farmers and ranchers — attorneys, accountants, coaches, facilitators and others — have an understanding of both the personal and business aspects faced by producers as they transition their farms and ranches to future generations,” Tranel said.

The Family Farm Transition Summit will cover such topics as the importance of creating a succession plan, reasons why farmers and ranchers don’t have succession plans, a banker’s perspective and mediation services.

The goals of the summit are to increase the number of farm and ranch families that complete the process of succession and estate planning and successfully transfer their businesses to the next generation.

This summit is limited to 100 participants, and early online registration is encouraged. More information is available by contacting Gallegos by telephone at (303) 869-9093 or email at marka.gallegos@state.co.us.