While most farmers are meticulous planners when it comes to growing crops and raising livestock, a surprising number of farmers are very unprepared for passing their farms onto the next generation, according to research from Successful Farming magazine.
"Readers have told us that almost 60 percent of farm families lack a current estate plan, and nearly 80 percent don't have a written plan to transfer the farm to the next generation," said David Kurns, Editorial Content Director of Successful Farming.
"Given the increasing size and complexity of today's farms - along with USDA statistics showing almost 40 percent of farmland is owned by individuals over 65 years old - farm planning and succession is a critical issue for today's farm families."
These factors, combined with lower commodities prices, suggest that many farmland acres may be changing hands in coming years. Successful Farming magazine has featured this subject extensively in the magazine and on its website, www.Agriculture.com. But there is clearly a need for more education - and planning.
"We have a 113-year history of helping families address farm business matters, including succession," said Kurns. "Today, we are announcing an expanded team of expert advisers to augment our succession planning coverage in a number of areas, including improved communication with non-farm family members."
"Can Their Problem Be Solved?" - one of Successful Farming's most popular columns written by family business consultant and advisor Dr. Donald Jonovic - has taken the lead on succession coverage for more than 25 years. Kurns said two new columnists will join Dr. Jonovic to form a new "Generating Success" adviser team.
They are:
*Jolene Brown, of West Branch, Iowa. Brown is a well-known farm family consultant, author and speaker. Her tested business tools provide leadership and management solutions to farm owners. She is a co-owner and active partner with her husband in a cash grain operation.
*Myron Friesen, of Osage, Iowa, is co-owner of Farm Financial Strategies, Inc. During the past 15 years, he has worked with farm families across the Midwest developing strategies to transition their farms. He owns and operates a 620-acre crop and livestock farm with his wife and children.
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