Imagine how much better life would be on your farm if trust was not an issue. When a farm founder trusts the next generation, it is a beautiful thing to behold.

Well, 2019 is over and with it 819 dairies went out of business in Wisconsin alone. Some might say, it is the evolution of the industry; some might say, “They were poor producers.”

“I wasn’t able to talk for over two years about what happened with my grandfather,” a young farmer confides as he describes a bitter battle over the transition of land titles from his father’s father to him.

As farmers, it’s inevitable we will all one day retire. With that comes the emotional aspect of leaving the lifestyle, people, equipment and community that have supported you.

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.

I was sitting in a sea of financial planners, beside the Atlantic Ocean in Halifax Harbor, while Anthony Williams delivered his thoughts regarding the huge amount of wealth transferring going on these days.