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Unit 3: Managing the Farm/Ranch Business for Long-Term Success

(Mona Whalen)

Farm Transfer and Retirement Planning

Just as with the start-up and growth phases, farmers are encouraged to develop planning or advisory teams for transfer and retirement. A farm transfer advisory or planning team can help the family identify options, make preliminary decisions and review the financial and management alternatives. As decisions are made, the team can review the plan and provide feedback and recommendations.

When pulling together an advisory team, suggest that it include other individuals who have already gone through the process as well as specialists from farm transfer organizations, estate planners, lawyers, social workers and accountants. There are many Extension educators who specialize in these areas as well.