Succession & Business Planning
A farm succession plan identifies when and how management, income, and ownership of a farm operation’s assets are to be transferred to a succeeding operator. These plans vary in complexity and can involve stipulation of a future farm management and/or business plan. Succession planning often, but not always, correlates with retirement.
Of our recent survey of Newport County farmers in our Farmland Conservation Plan, only 16.7% have a succession plan in place. More than 4 out of 5 farms surveyed lack a formal succession plan.
Lack of a plan and a successor increase the chance a farm will stop being actively farmed or be sold off and developed.
There are many steps involved in creating a succession plan that works for both the farmer and their successor. However, there are many great resources available. Resource libraries for farm planning including sample documents, videos, articles, and helpful advice can be found at:
Check our Workshops page to see any upcoming events on farm transfer and business planning.
Middletown, RI 02842