Managing Farm Succession & Profit Margins reached 301 producers with farm succession planning education through nine workshops and three additional conferences/presentations. In addition to workshops and presentations, there were 42 individual farm meetings with 21 unique farms, representing 83 unique individuals.
Four focus groups were conducted to learn the succession
and financial analysis needs of local producers and learn the format that works
best for them. There were a total of 28 participants for the focus groups. The focus group results shaped the workshop series and
The project team offered workshops in four locations. Workshop topics included:
- Succession strategies and tools
- Communications and conflict management
- Fair vs. equal inheritances
- Financial position, performance and capacity of the farm to reach their goals
- Retirement planning
- Business entities and tax considerations
The project team developed a
workbook as a product of the project. The workbook is designed to be
used by succession professionals as they work with farm families on
Overall, 406 unique participants were reached through this education effort. Approximately 45 farms took at least one action step for their succession plans. Due to the economic climate in the dairy industry, fewer farms were in the right financial and emotional position to implement succession steps than the project anticipated.