My husband and I recently met with our adviser to discuss farm succession strategies. We thought we’d learn how to phase out of the farm operation in the next five to seven years so our farming son could buy our machinery and take over the daily management. However, the conversation quickly shifted toward our estate planning. Now, I’m confused on what farm succession entirely involves. I just know we don’t have a plan to gracefully exit the business, nor to keep the farm together when it goes to our three kids. It’s a lot to take in! Should we focus on moving the operating assets and day-to-day responsibilities to our son first? Or is it better to start on our farm estate plan?
— Submitted by email from L.L.
This story is from the May - June 2024 edition of Successful Farming.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the May - June 2024 edition of Successful Farming.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
KRISTOPHER KLOKKENGA
The Illinois native farmed in Ghana and lived in Denmark before coming home to take over his family's operation.
DON'T LET YOUR GUARD DOWN WHEN USING A SKID STEER
These mini workhorses are fun to operate and make chores go quickly. But injuries can occur if safety isn’t top of mind.
MEET NCBA PRESIDENT MARK EISELE
This Wyoming rancher brings a lifetime of cattle experience.
TOP SHOPS
THREE DIFFERENT APPROACHES TO TURN A SHOP INTO YOUR FARM'S HEADQUARTERS.
GRAZING MANAGEMENT TRANSFORMS GRASSLANDS
Developing the land's natural resources benefits the ranch operator and the wildlife.
KNOW YOUR NOZZLE
Small factors can help optimize herbicide applications.
MOUNTAINS OF MACHINERY
COMMODITY PRICES ARE LOW AND INTEREST RATES ARE HIGH. BUT AN OVERSUPPLY OF USED EQUIPMENT OFFERS OPPORTUNITIES.
DAIRY BARN FLOORING
It starts at the ground level.
SHOP HACKS
Great storage improvisations using PVC pipe.
HOW TO KILL A FARM
Problem: Out-of-state, non-farming heirs want their farming brother to do all the work but share decisions and profit.