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Bussines Planning and Retirement Planning are vital to the success of a farm business. There are many local resources available to farm businesses. The Small Business Development Center has numerous resources from business planning assistance to business counseling. In addition, Virginia Tech, Virginia Cooperative Extension, and the North Carolina Farm Transition Network provide enormous amounts of information related to farm succession planning, business planning, and retirement planning.
Isle of Wight County plans to host workshops this winter on various topics related to business planning, succession planning, and retirement planning. Please check the Events page for upcoming workshops dates.
The major barrier to starting any type of farm business planning is the lack of communication. Communication is vital to creating successful business, succession, and retirement plans. This link will refer you to many articles which may help to open the lines of communication so good planning can begin.
This document published by Iowa State University can familiarize farm owners and operators with issues, problems, and available tools related to estate planning.
To read about how U.S. farmers plan for their retirement visit this website.
"The Graying Farm Sector: The Legacy of Off Farm Migration" by Fred Gale (USDA Economic Research Service, Fall 2002)
USDA's report of Understanding U.S. Farm Exits
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