MSU Extension expands resources to help farmers with business

EAST LANSING — Navigating the complex transition of farm ownership is one of the most critical challenges facing Michigan agriculture today. To address this, Michigan State University Extension is rolling out targeted educational programs designed to safeguard both family legacies and the financial futures of incoming farm managers.

At the core of the effort is farm succession planning — a multi-year process aimed at transferring farm ownership while balancing competing family and financial priorities. Through private consultations, state-wide workshops and digital resources, MSU Extension educators guide farming families through six primary objectives:

• Maintaining financial security for the retiring senior generation
• Preserving overall family harmony
• Ensuring a viable path to financial success for incoming successors
• Maintaining flexibility for unforeseen changes
• Designing a straightforward, manageable administrative plan
• Minimizing income and estate taxes across all generations

Because these priorities can frequently conflict, educators note that establishing a balanced plan typically requires two to three years of deliberate planning among senior generations, junior successors, and non-farming heirs.

To support the next wave of agricultural leaders, MSU Extension has also expanded its specialized training series. The Beginning Farmers DEMaND (Developing and Educating Managers and New Decision-makers) series delivers fundamental business education — covering credit, insurance, record-keeping, and risk management — through accessible videos, webinars, and bulletins tailored for newer operators.

Complementing this initiative is Farm Money Matters, a bilingual online course tailored for producers with under a decade of experience. Offering eight self-paced modules alongside live cohort meetings and direct mentorship, the curriculum equips emerging farmers with core financial literacy skills. Portions of the coursework are also integrated into MSU Extension’s Farm Business Record Keeping for the Global Majority program, expanding educational access for farmers of color.

These educational frameworks are developed through broad interdisciplinary partnerships. MSU Extension farm business management teams work alongside university researchers, commodity groups, industry advisors, and the MSU Product Center to ensure training reflects current market realities.

Producers and farm families seeking additional information on succession planning or beginner manager resources can reach out directly to their local MSU Extension office.