Farm families face unique issues concerning retirement and succession planning (who will own and/or manage the farm when the current owner is no longer able). Farming is a business which has evolved into more than just a way of life. Now, successful farming includes in-depth financial planning, implementing and evaluating new enterprises, new techniques, new tools, and planning future ownership and management of the farmstead. Many times, unfortunately, “exit” strategies for retirement and succession of leadership are often overlooked. The question, “Who will continue the farm?” is just as important as assessing the value of land, equipment, and livestock. The first step, which is often the hardest, in building a succession plan is to include and communicate with family members about the process. Some questions to get the conversation started with your family include:
How do I become financially stable?
How do I retire well?
What do I need to do to secure the future of my farm?
To help with this important process, the University of Florida IFAS Extension faculty in the Panhandle are offering a newly developed personal finance and succession planning program for Florida farmers and their families called AgSave$.
Enroll in our AgSave$ Workshop Series beginning on March 24, 2015. This four-session series of interactive workshops will focus on the basics of securing your farm’s financial future and will be offered locally in County Extension offices across the Florida Panhandle. The cost of this series is $55 for the entire family (up to four members). In addition to learning from our featured speakers, who are experts in the field of financial planning, participants will receive a Farm Journal Legacy Project Workbook to help walk your family through the succession planning process. Download the flyer here for dates, times, and registration information. If you would like more information on these programs, please feel free to contact:
Libbie Johnson or Dorothy Lee
UF IFAS Escambia County Extension
3740 Stefani Road
Cantonment FL 32533
850-475-5230
libbiej@ufl.edu or dclee@ufl.edu
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