Why you should begin planning your farm transition today

It’s overwhelming. It’s complicated. It’s emotional. Controversial even. You’re too busy. You’re never going to retire. None of your kids want to farm anyway.

Any of this sound familiar?

There’s a mountain of reasons why you may be putting off writing your farm transition plan.

These numbers say you’re not alone:

• Only about 33% of U.S. small family-run businesses, farms included, successfully transfer the business to the next generation
• The success rate falls to 14% and 3% with each following generation
• 85% of Minnesota farmers who participated in farm transition workshops over the past two decades have yet to complete their farm transition plans

So, why are farm transition plans so important?

• You get peace of mind knowing that your land and business are taken care of
• Your family legacy continues
• You’ve taken a load off of other family members who would otherwise need to sort things out later

And what’s more, by writing a transition plan, you protect one of our nation’s most valuable nonrenewable resources: farmland.

Farmland is rapidly being lost to development – on the order of 2,000 acres every day. Many of our producers are aging out and American Farmland Trust expects about 70% of farmland to change hands in the next 20 years.

All of us – you, me, farmers, realtors, ag service providers, universities, government – have a role to play to ensure agricultural land will always be available and affordable to incoming farmers, as well as for food security, locally and nationally.

Writing your transition plan is a great place to start.

Starting early:

• reduces stress
• allows you to take it one step at a time
• improves chances of success
• gives you time to make important decisions before age-related cognitive abilities decline

Read how other farmers have done it.

Check out our Land Hub page for transition guides and resources.

And if you have any questions, need help finding service providers or resources, or just need someone to talk through the process with, please reach out.

Header image credit: ‘Father /Son Tractor’ – Ardenwood Historical Farm” by tkksummers is licensed under CC BY-SA 2.0.