User:Mewsmj03/sandbox

= Farm Succession Planning = Succession planning for family farms is an integral transition process that needs to occur to ensure the transfer of our family farms. Each farm succession situation is unique in it's own way. The number of people involved, their equity positions and goals can differ vastly and will affect how the families or parties wish to continue with the plan.

Does the next generation want the farm
Does the successor want to take the farm over. This seems logical in making sure your future successor want to take the farm over, but this is often an overlooked aspect of farm planning. Many time the next generation feels either pushed or obligated to take over the farm, which is not an ideal situation.

Costs
Is it financially possible to buyout the farm and a reasonable price that both parities can agree to. Recent increases in commodity and cattle prices have driven overall agriculture buyout prices higher. This presents a problem in family farm succession planning in that it pits the older generation, able to sell at full market price to a 3rd party, vs the new generation who can't afford the debt load at full price.

Transfer of power
Is the current generation willing to release or integrate your help into this transition process. Many older generations are eager to have the next generation assume ownership but are reluctant on releasing the control.