University of Maryland Extension

Investing in Your Farm's Future Session 3

Image of farm with text covering details of the sessions.  Details below in text
Thursday, Aug. 20, 2020 - 6:00pm to 7:30pm
Online webinar
Department of Agricultural and Resource Economics
2200 Symons Hall
University of Maryland
College Park, MD 20742
United States
Event Type: 
Kay-Megan Washington and Laurie Wolinski

Each year, the average age of principal farm operators continues to get just a little bit older. Many of these principal operators may not have developed a retirement plan, considered how to handle health care issues as they age, developed a succession plan, or even developed an estate plan. Join specialists from the University of Delaware Extension and the University of Maryland Extension as they help prepare you for this process.

Sessions will occur Thursday nights in August from 6 pm to 7:30 pm Sessions include:

Session 3: August 20 - Business planning and communications

Investing in your farm’s future takes planning. Following a well thought out farm management plan provides a family with information about the farm’s financial stability and as well as provides a set of objectives from which to manage (for example decision making or division of responsibility) the farm on a day-to-day basis. Additionally, a good farm management plan provides insight into the value of the business and can be used as strategy for growing a business. As Yogi Berra once said, “You’ve got to be very careful if you don’t know where you’re going, because you might not get there.”

Most people want to avoid conflict and potentially stressful situations: it's human nature. People often find it easier to put off communicating something they think will be controversial or turnout badly. Discussing one's plans for what should happen leading up to and after one's death can fall squarely into that category. However, by following some simple guidelines and careful planning, communicating about transition planning can become more manageable. 

Paul Goeringer
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