Managing for today and tomorrow

Contributed by Ryan Drollette, Extension Program Specialist, drollett@iastate.eduDrollette_Ryan-cropped - Copy

Managing for Today and Tomorrow (MTT) is a next generation Annie’s Project program that focuses on the transition process necessary to provide a new wave of beginning farmers across the country.  MTT is important because it is difficult to talk about passing on the family farm to the next generation and maybe even harder to deal with this topic on an individual basis.  Preparing for the future of an on-going business takes work, especially knowing that the plans provide direction for the business to continue operating without you.  A good transition plan helps ensure a farm or ranch continues as a productive agricultural business.

Iowa State University Extension and Outreach has developed, tested, and is now offering MTT to help individuals and families plan and execute a successful transition for the business management and assets of the farm.   The program also includes information concerning retirement needs and options for the present business owners.  The five session program is designed for farm women (of all ages and often participants in class represent both the retiring operator and the new wave entrepreneurs from the same operation) and discusses the four components that create a successful transition­—business planning, estate planning, succession planning, and retirement planning.

Comments from program participants have been very positive and some former participants have helped organize additional classes for their friends and relatives.  Participants have commented that the materials were very well organized and helpful as an ongoing resource.  Many participants have been inspired to begin or continue farm transition and succession discussions with their families and implement a plan, thus, enabling the next generation of farm families to have the opportunity to live on and operate successful farm businesses.

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