Succession Planning Key To Keeping Farm In The Family

A farm succession planner says about seven in ten farms will change hands over the next 15 years. Doctor Ron Hanson, the Harlan Agribusiness professor emeritus at the University of Nebraska, says it’s important for farmers to have a succession plan in place that not only keeps the next generation on the family farm if they so desire, but also their family together. Starting the conversation, though, could be the most difficult part.

Hanson says communication is key when determining which potential successors want to return to the farm, and if they’re capable of continuing the operation.

Doctor Ron Hanson of the University of Nebraska notes that of the farms currently in operation, less than one-tenth of one percent will still be run by the same family 100 years from now.