Proper succession planning is critical for farm longevity and sustainability. A successful succession requires not only farm business transition, but also sustained family cohesion. Our “Farming Together: Cultivating Relationships and Having the Cash to Bring in the Next Generation” took an integrated approach to tackling the task of succession planning, by handling both financial and human risk. Our project addressed the mental component by preparing participants to discuss and plan for succession while also preparing participants to be financially ready for succession by analyzing their financial statements and considering expenses associated with bringing in the next generation.
We conducted 6 single day workshops and one 3-day virtual meeting around Indiana to farms and agribusinesses who are prepping for succession or interested in bringing the next generation into the business. We expected to reach roughly 150 farm family members, but we reached 68 farm family members through our programming. We presented participants with a menu of topics that we can discuss on their one-on-one call. By attending the program, farms and agribusinesses were prepared, mentally and financially, to start or finish the succession planning process. Our team is still in progress on scheduling hour-long follow-up Zoom meetings with farmers to discuss issues of their choice.