Farm succession planning — including non-family members

Farm transition plans are starting to include non-family members and it offers unique opportunities and challenges in succession planning. We will cover how transition plans have evolved, lending support, essential items, tools, economic pressures and policy items.  Dairy Stream host, Joanna Guza, and guest Bill Oppriecht of Compeer Financial discuss the following topics:  Evolution of farm transitions Lender support Essential items What’s driving the shift to non-family members Successful example of a blended farm ownership Risks for non-family members Lending tools or resources Biggest challenge Economic pressures Advice to dairy owners who don’t have a successor Policy Reviewing transition plans Special thanks to Compeer Financial for sponsoring this episode. About the guest Bill Oppriecht is a senior dairy lending specialist at Compeer Financial. He has been part of the Farm Credit System for more than 11 years, with the last six years focusing specifically on dairy operations. Bill grew up on a small dairy farm and uses that background to help support dairy producers in southern Wisconsin. Bill graduated from University of Wisconsin-Platteville, double majoring in ag business and animal science with a dairy emphasis. He is a member of Dairy Business Association, Professional Dairy Producers, Farm Bureau and the Wisconsin Holstein Association. Bill resides in southwestern Wisconsin with his wife, Heidi, and two sons, Alex and Evan.  Resources Success in Succession Planning series (1 of 3): How to get organized Success in Succession Planning series (2 of 3): Financial analysis Success in Succession Planning series (3 of 3): Legal and mediation Dairy Streamlet: Succession planning and creating generational wealth Succession planning and creating generational wealth Compeer Financial is proud partner of Dairy Stream.  Learn more about Dairy Stream sponsorship. This podcast is produced by the Voice of Milk, a collaboration of individual dairy organizations working to improve the future of dairy farm families. Become a sponsor, share an idea or feedback by emailing [email protected].  Join us at Dairy Strong on January 14-15 in Green Bay, Wisconsin. Gain timely political updates, dive into the dynamics of producer-processor relationships and learn strategies to sustain a stronger future for dairy through innovation and collaboration. United together, we’re leading with purpose—one person, one policy and one farm at a time. To learn more, visit dairystrong.org.