For Farm Operators: Why Succession Planning is Critical
- A Legacy for the Land: Succession is about more than passing on property—it’s preserving your farm’s legacy, values, and purpose for future generations.
- Start Early: Even if retirement feels far away, starting the succession planning process early allows for flexibility and thoughtful decision-making.
- Building a Sustainable Future: Establishing a plan ensures that the farm can continue to operate and thrive, reducing the risk of farmland loss to development or mismanagement.
- Key Considerations: Ownership transfer options (family, sale, or lease), choosing successors, financial planning (estate taxes, capital gains).
For New Farmers: Opportunities in Succession Planning
- Becoming a Successor: As new farmers, you could be a part of succession planning, where an experienced farmer looks to transfer their land and operation to the next generation.
- Building Relationships: Developing strong relationships with established farmers can open doors to becoming a successor in the future.
- Skills Beyond Farming: Succession often requires knowledge of business management, land stewardship, and legal processes—skills you can develop now to be prepared for future opportunities.
- Access to Land: Farm succession can be a viable path for new farmers to gain access to land and infrastructure without the high costs of starting from scratch.
