University of Minnesota Extension’s Agricultural
Business Management Team, in partnership with the Minnesota State College and
University System’s Farm Business Management program, hosted 12 farm transition
workshops and one retreat to assist farmers transition their farm business to
the next generation. This partnership,
which reached 215 participants, sought to create a more comprehensive, updated
farm transition curriculum to reach all areas of Minnesota.
The educational programming focused primarily on
mitigation of human risk during the transition process, helping farmers
understand effective business communication strategies to ensure business
continuity and healthy family relationships. Materials also focused on financial
and legal risk concepts. Reduced net farm profit in 2019 and Covid-19 in 2020
presented new challenges for farm families preparing for transition and estate
planning, but our materials prepared families to have frank conversations about
their business, as well as provided participants with additional resources to
reach out to for more assistance and information. These included additional
resources from project collaborators Minnesota Department of Agriculture and SCORE, a volunteer business mentorship program.