10/12/07 Planning for farm succession

The Potato Growers of Idaho recently secured a ten thousand dollar grant from USDA's Risk Management Agency to help educate spud farmers. With the average age of an Idaho farmer at 54 years PGI's executive director Keith Esplin says producers need to start developing a succession plan early especially if they hope to have a son or daughter running the farm in the future. ESPLIN "There's so many things involved. The asset transfers all bring tax implications to mind but then you've also got management issues. A lot of farmers they may have run the farm for themselves for 40 years but if the farm is going to stay a successful operation someone else has to take over that management." The first workshop on this topic will take place during the All Grower Annual Meeting on November 14th, in Pocatello. A succession planner has been invited and will provide first-hand training to help growers recognize the important elements that need to be addressed when putting together a successful plan. A second workshop will be offered next January during the annual Potato Conference, which will also take place in Pocatello on the campus of Idaho State University. Voice of Idaho Agriculture Bill Scott