Minnesota Dairy Initiative Coordinator, Jill Zieroth recently attended two webinars facilitated by the The International Farm Transition Network (IFTN), which provides MDI coordinators with tools they can use when helping farms with farm transition planning.
The Importance of Regular Family Meetings
The “Family Meetings as a Succession Planning Tool” webinar highlighted the importance of having a succession plan in place. Intentional communication is a key piece of a successful transition plan. A good way to maintain open communication is with regular family meetings. This webinar addressed relationships that are challenging in a family business, as well as conflicts that families face during a farm transfer, i.e., being fair vs. doing what is right to preserve the farm, relinquishing vs. retaining control, profit for owners vs. affordability for heirs, etc. Jill says, “As an MDI coordinator, I appreciate the opportunities IFTN offers to learn more about leading effective team meetings, encouraging open discussion, talking through conflicts, and helping families determine what makes the most sense for the future of their farms.”
Long-term Care Costs Impacting Financial Health
According to the Administration for Community Living, someone turning age 65 today has a 69% chance of needing some type of long-term care services in their remaining years. Why is this important to farmers? Long-term care costs can have an impact on the financial health of a farm, and those costs need to be considered in a transition plan. The International Farm Transition Network (IFTN) provided another great webinar on things to consider when going through a farm transition. “The Impact of Long-Term Care Costs on Farming Operations” was presented by Robert Moore, Attorney/Research Specialist from Ohio State University, who talked about developing a risk assessment, the roles Medicare and Medicaid play, and five-year lookback on asset transfers. “This is great information that I can share with farm families as they transition their farms from one generation to the next. It’s important that our MDI teams cover all the bases when working with farm families, and this aspect of farm transition planning is another key to the success of the farm,” Jill shares.
If you’re ready to work with MDI and set transitional goals for your dairy farm, contact us today to get started.