Farm business succession is critical to the future of farming. Estimates indicate 500,000 farmers will retire in the next 10 years. These farm families face financial, legal and human resource risks as they transfer the business. Families fear the transition will ruin family relationships and the business. Communication, goal setting, and implementing a written succession plan can mitigate these risks. This project encouraged families to develop their succession plans and offered education and assistance to the families. The project provides producer workshops in the four participating states. This project offered two professional development opportunities, one in Virginia in 2008 and another for the midwest states in 2010 in Omaha. Team members and collaborators provided succession planning programs to families. As a result, a total of 675 participants conducted farm business meetings, discussed their wants, needs, expectations and fears for the farm succession; learned the importance of communications and analyzed the financial capacity of their farms for the succession.
Number of Participants: 675
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There are no educational materials available for this project.
REPORTS & EVALUATIONS
There are no reports or evaluations available for this project.