Now that you have developed a loose plan for your future lifestyle, you’ve got to crunch the numbers to see if your plan can come to fruition. This is where you start to see how much value you need from the farm in order to fund a comfortable lifestyle that you currently enjoy or envision for the future.

Your Personal Financial Information

You need to start by gathering various pieces of information on your personal finances. This includes specific information on your various income sources, savings and expected expenses.

Your Farm Financial Information

You will also need to have access to the farm’s financial information to determine the feasibility of the farm in supporting the retirement of the current owner(s) while also supporting the financial needs of the future owner(s). The future owner(s) may need to consider options to increase or diversify revenue on the farm and/or bring in off-farm revenue.