Farm Succession: Who Will Continue What You've Built?
For many farmers, the land isn’t just an asset—it’s a living history and a legacy. It’s the result of decades of early mornings, calculated risks, and a deep-rooted stewardship of the soil. But as the average age of agricultural producers continues to rise, a critical question looms over the horizon: What happens to the farm when you step away?
Succession planning is often the most avoided chore on the farm. It’s more complex than fixing a tractor and more emotional than a bad harvest. Yet, without a clear roadmap, the legacy you’ve spent a lifetime building can dissolve in a single generation of legal battles or financial mismanagement.
Passing the torch requires more than just signing a deed. A robust succession plan balances three distinct, yet overlapping, areas that, when done thoughtfully, create a successful handover:
The Family: Navigating the emotions of "fair vs. equal." How do you compensate children who stayed on the farm versus those who moved away?
The Business: Ensuring the operation remains profitable during and after the transition. Can the farm support two families during the "overlap" years?
The Ownership: The legal transfer of assets, land, and machinery.
The best time to start a succession plan was ten years ago; the second-best time is today. Waiting for a "crisis event"—like an illness or injury—to force the conversation usually leads to rushed decisions, thinking equal means fair, high taxes and assuming children want the farm without asking. And what about any off-farm heirs?
One of the biggest hurdles in farm succession is the distribution of assets. If one child has spent twenty years working alongside you for a modest wage, giving them an equal share alongside siblings who have no interest in farming often feels "unfair" to the successor. Conversely, leaving everything to one child can feel like a slight to the others. There are creative solutions that our business, estate and ag law attorneys can guide you through.
A farm is more than its acreage; it’s a set of values and a way of life. By formalizing your succession plan, you aren't just "planning for the end"—you are ensuring a beginning for the next generation. You are providing them with the stability they need to innovate, grow, and eventually, one day, ask themselves the same question you are asking now.
Your farm deserves a succession plan as carefully tended as the land itself. Read our Step-by-Step Guide to Ag Succession Discussions, then, let's get the conversation started to create solutions that continue what you’ve built; your business, your farm, your legacy.