Showing articles tagged with "Succession". Show all posts.
As agricultural producers start to think about planning for the eventual transition of their operation to the next generation, there are five essential steps that will facilitate a smooth transition and help ensure the financial stability of all involved. Read More
Succession planning is something most farmers and ranchers know they ought to do to protect the agricultural operations they’ve built and to provide for their families. Unfortunately, it’s also a topic rife with emotion and that requires sometimes awkward conversations, so it’s often postponed. Below are five common reasons why a farmer or rancher will put off their succession planning, along with suggestions to resolve these issues. Read More
Farms and ranches are valuable enterprises, both for the food they provide and for the equity accrued over time in their assets: land, equipment, facilities and livestock. With 87 percent of America’s farms and ranches family-owned, these assets are often passed to the next generation. This transition process is rife with operational, financial and interpersonal considerations; a comprehensive succession plan is essential to managing the issues effectively. Read More
Across rural America, every day farmers and ranchers pass down a tradition of hard work and commitment to their children, sometimes building on generations of family commitment to producing safe and abundant food. Often, these children grow up to join the family operation, having learned a love of the land and the animals in their care along with the work ethic and specialized knowledge necessary to succeed in farming and ranching. Read More
Research has told us what many already know: American farmers are getting older. According to the the most recent data Ag Census data, the average age of U.S. farm operators rose from 55 in 2002 to 57 in 2007. There has been a 20 percent increase in the number of operators 75 years and older, and a 30 decrease in the number of operators under 25 years of age. Read More