There’s a significant difference between a succession plan and an estate plan.

Having a clear understanding of debt, whether long-term or short-term, fixed or variable, can help develop a strategy. 

There are a lot of farmers in their 30s and 40s who don’t know what their future looks like.  The truth be told: 77% of farms don't have a succession plan. And this obviously has a lot to do with why only 12% of farms pass onto the third generation!

Farm and ranch succession seems to be one of the hot topics in meetings and magazine articles the past couple of years. If you read the Progressive sister publications to Ag Proud – Idaho, you no doubt have read articles about succession.

For fourth-generation dairy producer Jared Kurtz, managing the income-generating capabilities of a dairy herd and farm are important for the future, but investing energy in family is foundational to building a dairy legacy.

Transition/succession/estate planning can be intimidating, but here are four points that I hope ease some fears, answer questions and light a fire under you to stop procrastinating.

It might be the worst-kept secret in agriculture that many farmers are reaching retirement age, bringing to light the need for a proper succession plan. Yet, many farmers put off having the often difficult or uncomfortable conversations surrounding succession planning.