Farm transfer planning is a process to determine how a farm will pass on to another farmer. The transfer plan addresses all pieces of the transfer puzzle—interpersonal, financial, and legal. It lays out a path for the transfer of farm management, income, and assets. A farm transfer plan typically addresses retirement needs, estate planning, changes in business structure, and conservation goals.
This is a six-part webinar series presented by John Baker of the Beginning Farmer Center at Iowa State and Dave Goeller of the North Center Risk Management Center at the University of Nebraska. The modules include: Introduction, What is Important, Communications, Planning for Retirement, Estate Planning for Succession and Transfer planning. The entire series is about 3 hours long. The website also includes a resources button that links to downloadable worksheets on farm transitions.
A list of transfer mistakes that small business owners commonly make
An article from the Financial Planning Association, 2003, 2 pages, Available online
On this site, you create an account and then are able to access a step-by-step guide that will walk you through all the aspects of planning for the future of your farm. The tool asks questions, you type in the answers, and then it saves them in your account. That way you can tackle this process bit by bit. The site also provides tips, resources and online assistance.
University of Minnesota, Center for Farm Financial Management
Business Transfer Guide for the Junior Generation and Business Transfer Guide for the Senior Generation
Workbooks for transferees in a family transfer and for the exiting farmer; useful for non-family transfers too.
NY Farm Link, 2004, 34 pages, Order online, $12 each includes s/h
A clear discussion of transfer of labor, management, and ownership.
Ontario Ministry of Agriculture, Food and Rural Affairs (OMAFRA), 1999, 4 pages, Available online
An outline of steps to take.Peter Coughler – OMAFRA; Christine Wenger – Acting Succession Planning and Business Agreements Program Lead/OMAFRAOntario Ministry of Agriculture, Food and Rural Affairs (OMAF)2010, 10 pages
A discussion of stewardship issues in estate planning
American Farmland Trust, Farmland Information Center, 2004, 1 page
From NCFC Business Consulting
6 pages, keepthefarm.org
Dr. John Fast, President of Family Enterprise Solutions, shares tips and strategies to help you create an effective succession plan for your operation.
Farm Management Canada Video, 6 minutes
Please ensure you seek professional input for your state of residence in regards to information that changes across state borders, i.e. tax information.
Created and edited by Robert Andrew Branan, Attorney or the Virginia Department of Agriculture Virginia Cooperative Extension, Virginia Tech, and Virginia State University.
2012, 114 pages, Available online
From California FarmLink
1 page worksheet to help determine the pace of management transfer
Transferring Ownership and/or Retiring from Farming
Three ways that farmers can transfer their assets
Dennis Kauppila, University of Vermont Extension Service, 2003, 9 pages
Your Land Is Your Legacy: A Guide to Planning for the Future of Your Farm
A comprehensive guide to conservation options and farm transfer
Jeremiah P. Cosgrove and Julia Freedgood, American Farmland Trust (AFT), 2002, 58 pages, Abstract available online
Order by calling American Farmland Trust at (800) 370-4879