Mike Ghia, Land For Good
What is the future of your farm? If you are like most farmers, you are so busy with the day-to-day business of farming you find it difficult to take the time to plan ahead, particularly planning for a transition from one generation to the next. It can be especially challenging during times of financial uncertainty. The long-term concerns of farm succession and transfer may seem far way, and it can be difficult if there is not someone immediately lined up to take over the farm. At the same time, you probably have hopes for the future of your farm, and have thought about what you would like for yourself, your family, your business and your land. For those hopes to become reality requires time spent focused on planning for the inevitable transitions that come with life. Sound succession and transfer planning, with concrete actionable steps, makes it more likely that the goals and desires of all the generations involved can be met, and there is a greater likelihood that the farm will stay in farming.
The best time to start planning for the future is now, but how does a farmer take the first step? Last October, my colleagues at the VHCB Viability Program wrote here of the variety of business tools, resources and advising services available to Vermont farms. For farmers looking at succession issues, “Transferring the Farm” is a daylong workshop to learn about key issues, tools and resources to help them make informed decisions and take action steps towards transferring their farm to the next generation of their family or a non-family successor. Farmers will learn from professionals who can help in the process and from other farmers who are working through the transfer process. Topics include: why succession planning is critical; retirement and estate planning; addressing tax issues in a transfer; legal entities and tools you can use to transfer farm assets; and determining your goals for retirement, business transitions, and your land. All generations, including family and non-family members, who may play a role in your farms future are encouraged to attend.
To find when the next workshop will be available, visit www.landforgood.org/rsvp or call 603-357-1600.