Many producers utilize off-farm jobs to generate additional income and procure benefits such as health insurance and retirement funding. This raises the question, particularly for smaller farms, of how to balance off-farm employment while maintaining a successful operation at home. When deciding whether you can (or should) manage an off-farm job, here’s some things to consider.
Estate and succession planning is a topic that is too often put off. But the cost to putting it off can be huge, and it puts the future of your family’s farm legacy at stake! To avoid an unexpected financial burden, let’s identify the hurdles that stand in the way of getting started and five key steps to getting a plan in motion.
Estimates are that $600 million in profitability (based on $8.4 billion of gross sales) is missed each year in Northeast agriculture. Don’t leave money on the table, or miss an opportunity for your farm business.
The greatest goal, for many farm families, is to successfully pass the farm on to the next generation. It is important for farm businesses to have a generational transfer plan in place to ensure the senior generation will be comfortable in retirement and the younger generation is prepared for ownership and management of the ...