Keeping a farm in the family through several generations takes good planning, excellent communication and more than a little bit of luck. Often succession planning is not considered early enough by either generation. Often, families “talk”, but not about the business of the farm and it’s future. Fathers do not know if their offspring are […]
Category: Business
Do you have a succession plan in place for your farm? Most businesses have succession plans in place to help ease the transition when the current leadership steps down, but we don’t often hear about farmers making succession plans, and as we know, farms are businesses. A succession plan is a plan identifying internal talent to […]
Family farming is one of the most challenging and rewarding professions there is. Farmers are more connected to nature than most people. Farmers understand the complexities of working with their land to produce food for our nation. Multi-generational farming passes on the knowledge, wisdom, and traditions to the next generation. But what can farmers learn from the next generation […]
When considering transitioning the family farm to a member (or members) of the next generation, all parties should carefully evaluate the financial health of the farm. Some of the questions may be sensitive, but both the parent and child will need to face them openly and honestly in order to ensure the current and future […]
Family farms have been disappearing over the years, with the number of dairy farms dropping more than 90% since 1970. There are many benefits to having a family farm, which we will take a look at here. The Animals A love for animals is a key factor for many who become farmers. Having the patience to care […]
Multigenerational Farming offers the chance for a younger generation to reap what’s been sowed by their parents and grandparents. Although there are always new machines and techniques to make farming less labor intensive and more efficient, these new-fangled methods could also have unforeseen consequences. This article touches on two examples where the new generation of farmers […]
Keeping the farm in the family in the family is more than just a nice tradition. It is a way to provide security for yourself in retirement, establish your own legacy, and to help your posterity plan for their future. Farming presents many challenges no matter what you grow or where you grow it. Uncertainties in […]
There are a lot of farmers across the country worried about passing their land down to future generations. Farming is a difficult business to have success in. Having a proper succession planning strategy is one of the most important aspects of farming. Almost every farmer wants to give his or her land to the next generation. Farming […]
As farmers, we face daily struggles. Family farms looking to transition from one generation to the next, face even greater challenges. When the children of the family are young, it’s easy to put off future planning. When they enter the teenage years, their contribution is great and this is, quite possibly, the most productive time for […]
Since every farmer, and every farm, is unique, estate planning should fit the uniqueness of a situation. This is especially true when transitioning a farm to a new owner. One of the key elements of any transition is fairness – to the owner and the new owner. When the transition involves a direct family member, a common approach is to […]
