The Wisconsin Farm Center within the Department of Agriculture, Trade, and Consumer Protection offers financial consulting and transition planning. Senior Ag Specialist Kevin Plante says these are among their most popular services.
Plante says he expects higher call volumes this year due to the state of the farm economy — high expenses, and low commodity prices.
He says his goal is to help a family work through the farm’s financial viability to support the next generation while not “leaving mom and dad out to dry.” Family dynamics often take center stage, even in financial consulting. If siblings are taking over the farm, they need to have a serious conversation about how they work together, their skill sets, and where holes need to be filled.
What’s the process for getting financial advice? Plante needs financial history, such as the past few years’ balance sheets, schedule F, etc.
You don’t need to be in a rough patch to call on the Wisconsin Farm Center. Sometimes it’s good to have another set of eyes on the farm’s monetary goals and plans. Plante says it’s better to anticipate issues than get caught by surprise and make rushed financial decisions.
The services are free and confidential: https://datcp.wi.gov/Pages/AgDevelopment/FarmCenterOverview.aspx
