As farm ownership progresses through generations, it becomes more and more likely that owners may have one or more children or heirs that are not actively involved in the business.

Dairy farmers are rapidly exiting the business. More than 2,700 dairy farms shuttered operations in 2018, a 6.8% decline, according to the USDA. It’s not a surprise given the industry has suffered five years of below break-even production, and supplies have outstripped demand, which has put downward pressure on prices. 

Sometimes farm succession planning comes down to one question: Do you want the farm to continue to be a family farm or not?

A statement often made by professional athletes is: They stayed in the game beyond the years of their peak performance. Of course, the couple of million dollars they made for their time helped ease the transition.