Farm Transition: Starting The Conversation About Finances
Wednesday, October 29, 2025
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Farm Transition: Starting The Conversation About Finances
In this episode, Tracy sits down with Jessica Groskopf, Extension Educator at the University of Nebraska-Lincoln, to dive into one of the toughest, and most important, topics in agriculture: farm transition planning.
Transitioning the farm to the next generation is about more than just numbers on paper; it’s about family, communication, and financial clarity. Jessica shares practical insights and candid advice for families navigating these emotionally charged and financially complex conversations.
In This Episode:
- Jessica’s background & connection to transition planning
Hear how Jessica’s personal and professional experiences have shaped her approach to helping farm families with transition planning.
- The biggest fears on both sides
Jessica shares what the owner generation and the next generation fear most when it comes to farm finances—and why those fears often go unspoken.
- Honest conversations and written agreements
Why clear communication, written plans, and realistic expectations are critical—especially before the next generation returns to the farm.
- Is the farm financially viable?
Jessica breaks down the three key financial documents she uses to determine whether a farm can truly afford to bring another family into the business.
- Family living expenses & off-farm income
What’s the average cost of family living, and should the farm cover it all? Jessica discusses realistic expectations and creative ways to make it work.
- When to talk about ownership
How soon is too soon—and how long is too long—to discuss ownership with the next generation? Jessica shares her honest perspective.
- Fair vs. equal—navigating family dynamics
Jessica tackles the elephant in the room: fairness, equality, and entitlement in modern farm transitions.
- Using life insurance in transition planning
Learn how families can use life insurance policies as a tool to balance and simplify complex transition plans.
- Common mistakes in transition planning
Jessica highlights the top pitfalls families make—and how to avoid them.
- Words of wisdom for families just starting out
Jessica offers practical and heartfelt advice for families beginning their farm transition journey.
🔑 Key Takeaway
Farm transition planning isn’t just a financial process—it’s an emotional and relational journey. Honest communication, clear documentation, and proactive financial analysis are the keys to creating a successful and sustainable future for the farm and the family.
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🔗Show Resources:
📥 FREE DOWNLOAD: Transition Planning Resource Guide. Tracy shares a new free tool for listeners eager to learn more about transition planning.
https://www.farmmarketer.com/impact_farming_show/free_resources
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Learn more and access University of Nebraska-Lincoln’s farm transition resources:
👉 University of Nebraska-Lincoln Extension: https://cap.unl.edu
Jessica Groskopf Website:
🌐 https://jessicagroskopf.com
Jessica’s Life Insurance Articles:
📑 https://cap.unl.edu/news/ideas-estate-and-transition-planning-life-insurance/
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Thank You to our Show Sponsor
Here at The Impact Farming Show, our goal is to bring our audience the people and ideas that will IMPACT their farming operation. We couldn't do it without the continued support of our sponsors that are committed to supporting our show and our shared vision of helping farmers succeed.
Please take a moment to check out this week's show sponsor: Farm Credit Canada
Make your mark
You're ready. So are we. Find your place in the industry with loan products, advisory services, and knowledge resources.
Financing and resources for the next generation of Canadian food.
Learn More: fcc.ca/youngfarmer
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About the Guest:
Jessica GroskopfExtension Educator at the University of Nebraska-Lincoln, Applied Agricultural Economist, Speaker, Educator, Organizer
I educate farmers and landowners about grain marketing, farmland leasing, Farm Bill commodity programs and other farm management topics. I am currently working on a smartphone app to aid grain farmers make informed grain marketing decisions.
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* Disclaimer - As always, this information is not intended to provide business or medical advice. To ensure that your own circumstances have been properly considered and that action is taken based on the latest information available, you should obtain professional advice from qualified business or medical professionals before acting on any of the information in this post.
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The Impact Farming Show
Welcome to Impact Farming, Farm Marketer's video and audio show dedicated to helping Canadian farmers excel in the business of farming. Our goal with this show is to introduce our audience to the people and ideas that are going to make an IMPACT on their farming operation.
Show Host - Tracy Brunet
CEO of Farm Marketer
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Tracy and her husband are cattle ranchers in South East, Manitoba. As host of the show, primary producer and agvocate, Tracy is passionate about helping farmers succeed in the business of farming.
In each episode, Tracy chats with today's most successful farm advisors and industry leaders to bring our audience the best and most important ideas.
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