Equipping and empowering Extension staff and industry professionals to assist Virginia agribusinesses to successfully transfer farm wealth to the next generation
Agricultural Economics & Community Development
Rachel Henley
Extension Agent
Virginia Cooperative Extension
Powhatan
Abstract
Transferring existing farm wealth to the next generation comes with unique challenges. Sobering statistics highlight that intergenerational farm-wealth transfer needs additional extension programming focus; specifically for professionals working in this area that have not historically been reached. Family farms and forests make up the majority acreage across Virginia with older generations holding the majority of ownership and management responsibility. Approximately 91% of these agribusinesses are owned by one producer’s household and/or extended family. Effective extension programming in farm and forestland transition helps ensure national economic security and quality of life. This work specifically targets professionals working in this area to increase collaboration and effective transitions. Agribusiness Management & Economics (AME) program team leadership worked to plan and conduct a 2.5 day training by the International Farm Transition Network (IFTN) held in Virginia March of 2022. This training focused on family dynamics, the coordinator/facilitator role, and process for working through farm transition with families. This opportunity trained 23 professionals including VCE staff (16), Virginia Farm Bureau, Farm Credit, a local land trust, and NC Farm Link coordinator. The trainers said, “this was the most engaged group we’ve had, and your energy around this subject has given (them) some ideas for additional training and other improvements.” Following this training a summit for the newly formed Virginia Farm Succession Professionals Network was held in June of 2022 with over 60 interested individuals. This network is the first effort of its kind in Virginia focused on bringing professionals with various expertise (ex. attorney, accountant, governmental agencies, lending, land trust, etc.) together to focus on farm and forest transition. There were 85% of interested respondents wanting the network to increase connections with other professionals as well as increase the number of successful farm transitions with farmers/landowners. Over 71% were interested in collaborative marketing of resources available to farmers/landowners related to farm transition. The network will focus on professional development and opportunities to collaborate on programs/work with clients. More work will come in 2023 bringing the network and professionals together to hone skills and expand impact throughout the agricultural community.
Authors: Rachel Henley
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Rachel Henley Extension Agent, Virginia Cooperative Extension, Virginia, 23139