OSU Farm Management

Many farm families dream of passing the farm on to future generations, but the reality is that relatively few farm and ranch businesses survive the generation of their founding. The 2022 USDA Census of Agriculture showed 86,911 farms in Iowa, and a 10% decline over the past 25 years. The 2022 Iowa Farmland Ownership and Tenure Survey reported that over half (56%) of landowners have a potential successor for both ownership and management, while 17% do not have a successor identified for either. These numbers show that a goal to transition a family farm operation to future generations takes more than dreams–it requires concrete steps to build a succession plan.

Read at https://www.extension.iastate.edu/agdm/wholefarm/html/c4-17.html

Article by Melissa O'Rourke, former extension farm and agribusiness management specialist, Iowa State University Extension and Outreach

Constructing a Farm Succession Plan: Elements to Consider | Ag Decision Maker Melissa O'Rourke, former extension farm and agribusiness management specialist Iowa State University Extension and Outreach Farm Management Specialists

OSU Extension offers Oklahoma producers free assistance with farm financial planning. This program is open for all types of animal and crop operations.

This assistance includes helping develop beginning balance sheets and other financial statements which are useful for farmers and ranchers as they try to secure loans. Additionally, many USDA support programs require beginning balance sheets as part of the application process. These financial statements can help producers see how their operations performed.

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Farm Financial Planning Assistance & Benchmarking - Oklahoma State University | Oklahoma State University Learn more about Farm Financial Planning Assistance & Benchmarking, such as the offered programs by OSU Extension and additional resources.