Planning the Future of Your Farm – A Workbook Supporting Farm Transfer Decisions

Virginia Cooperative Extension - Robert Andrew Branan

Type: PDF
Knowledge level: Introductory

Farm Table says:

US-workbook that stresses risk management, protecting relationships and wealth. Over 100 pages and not all relevant to Australia, but a nice guide nonetheless.

The workbook is built from materials first used in an education campaign – begun in 2004 in Virginia and North Carolina – meant to help aging farmers and landowners understand farm succession principles.

The workbook is laid out in four sections, which is supported through narrative and workbooks.

Section 1: Developing A Vision for the Future

  • Discusses the ‘soft issues’.
  • “Rating Life Values” includes a set of questions meant to get you thinking about the planning process and distribution of the farm assets to the next generation, in an exercise format where your family can lay their values on the table in a forum where everyone’s feelings are respected.
  • “Rating Your Comfort Level” is another set of statements to gauge where you are currently in your thinking on the transfer process.
  • “Setting Goals and Objectives,” another worksheet for the entire family.

Section 2: Evaluating Your Farm Resources

Series of worksheets offer space and suggestions for you to rate the features of your farm, community, and family resources and skills.

Section 3: Farm and Forest Transfer Tools

Discusses different types of business entities for agriculture, forestry and horticulture ventures, and some of the tools and agreements you will encounter in the succession planning process.

Section 4: Meet with Professional Advisers

Contains worksheets similar to those a professional adviser (financial planner or attorney) will have you complete as part of their service to you.

2017 - United States - Virginia Cooperative Extension - Robert Andrew Branan
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