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How to prepare the generations

Estimated time: 30 minutes

Why is this important?

One of the most critical issues in the “life” of a farm business is the preparation for the transfer of the farm to the next generation. It’s a tough topic to think about let alone talk about it with family members. Farm families don’t always know where to start.

Steps to take

1. Download and print

Your Valuable Papers
Taking time to organize your papers and financial records may be the best investment you ever make. This publication will help farm families gain knowledge about recordkeeping and gather important information in one place.

2. Hear from other farm families.

Meet three farm families who started 8-10 years ago addressing the issue of estate and farm succession planning:

3. Who to contact

For additional information on estate and farm succession planning contact the Extension Agricultural Business Management Specialist in your state or email
Mike Sciabarrasi at the University of New Hampshire Cooperative Extension.

4. Review additional resources

This Montana State University Extension publication, Transferring Your Farm or Ranch to the Next Generation begins to help untangle the complex web of economic, legal and family social decisions that are naturally a part of the process to successfully transfer your farm or ranch to the next generation.

Next step

How to talk about succession planning