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Farming Together: Next Step to Successfully Growing Future Farm Generations

Jenna Nees

Summary

“Farming Together: Next Step to Successfully Growing Future Farm Generations” provided families with tools to effectively prepare for changes in their businesses. Through a series of daylong workshops and breakout sessions during the Midwest Women in Ag Conference, the program material influenced over 250 farm family members. The program material addressed financial preparedness strategies and inter-generational transfers. Financial analysis included evaluating and determining whether the farm business is financially feasible for the next generation. Participants delved into their generational differences and how those differences affect the family farm. Six months after the completion of the regional meetings, participants met with the Purdue Succession Planning Team to assess their progress in implementing their succession plan and discuss adjustments to enhance their plan.

Participants gained the tools needed to develop/implement a farm business succession plan through this program. Survey results indicated participants increased their knowledge of communication across generations, assessing financial strengths & weaknesses, and retirement planning. The quotes from participants indicate the personal impact the workshops had on families. One participant stated, “This really helped our family move forward with solid plans. This workshop really opened up the line of communication in our family.” Likewise, the workshops achieved our goal of influencing multiple generations as stated by one participant, “Very great and much needed information. As an 88 year old land owner, I learned a great deal.

Details

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