Farm families facing the challenging issue of transferring the farm to the next generation confront many hurdles in putting together a sound succession plan. Some programs are helping farmers with financial management – solidifying and preserving farm operations, ensuring these operations are profitable, sustainable, and transferrable in the years to come.
Successful examples include:
- Purdue Extension adapted a program from University of Nebraska Extension, presenting two online, evening sessions focused on land values, trends, leases, communications strategies, succession planning, and legal issues. The program, So You Inherited a Farm, Now What?, attracted 84 participants who attended live learning sessions, while 25 viewed the first session recording and 45 viewing the second recording. A quarter of the participants estimated the financial impact of the program to their farming operation was greater than $10 per acre.
- Michigan State University Extension agents worked with farms enrolled in the MSU Extension TelFarm program to improve financial management skills and help them prepare to manage yearly tax liabilities. The TelFarm program provides accounting and financial analysis support to farmers across Michigan. Forty-six programs reached 2,907 participants, providing education on tax management, TelfFarm, cash flow projections, succession planning and more.
Source: National Impacts Database
Read the full impact statement.
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