Setting your farm up for success should start day one. And, it’s never too late to make a plan.
Succession planning is vital to the prosperity of your farm for generations to come. You can’t afford to ignore this.
There are tons of ways to take the first step. If you are an established operation, get in contact with your financial planner. Sit down with your family and have the difficult conversations. No one wants to think about retirement or what will happen if the unthinkable occurs, but you can’t bury your head in the sand.
Your farm is valuable, and a lack of planning shouldn’t be its downfall.
If you are new to farming or are taking over an operation soon, you have a whole other load of information to sort through. Federal programs, taxes, property acquisition, equipment, inputs, labor, retirement planning, insurance – you name it.
We know that’s a lot. Fortunately, the Growing Forward program from Farm Credit Mid-America was built for new and beginning farmers and is tailored to your needs. It will help walk you through a business plan and get you in contact with the professionals who can help.
Learn more at https://www.fcma.com/about/growing-forward.