CHICAGO, ILL. (RFD-TV) — High land prices, the rising cost of equipment, and difficult family conversations can make farm succession planning challenging. American Farmland Trust is working to help farm families navigate those decisions and keep farmland in agricultural production for future generations.
Angie Doucette with American Farmland Trust (AFT) said many farmers are approaching retirement age but face challenges finding someone ready and able to take over the operation.
“One of the biggest challenges that faces many farmers is that they’re reaching retirement age, but it can be difficult to find someone ready and able to take over the farm,” Doucette said.
High Costs and Difficult Conversations Complicate Succession
Doucette said high farmland prices can make it difficult for younger farmers to afford the land and equipment needed to establish or continue an operation.
Families may also struggle to discuss retirement and the future of the farm, even when they recognize the need to plan ahead.
“Many families also find it hard to have these conversations about retirement and the future of the farm,” Doucette said. “They’re difficult conversations to have.”
AFT encourages families to begin the process early, giving them more time to consider their options and work toward a transition that addresses everyone’s needs.
AFT Supports Farm Families Across the Midwest
Doucette said AFT provides resources and direct technical assistance to help farm families plan for the future of their operations.
That support includes helping families work through important decisions, connecting them with legal and financial professionals, and facilitating conversations about their goals.
“We help farmers start the transition early,” Doucette said. “That’s really something we try to emphasize.”
She said AFT has seen success through workshops and one-on-one support, helping families develop plans for the future of their farms.
“The idea is to keep farmers farming and to keep farmland in farming,” Doucette said.
ADM Farm Forward Initiative Helps With Planning
AFT’s work in the Midwest receives support through the ADM Farm Forward initiative, which is designed to help farm families make informed decisions about succession and create opportunities for the next generation.
Doucette said the initiative combines direct assistance and workshops with connections to legal and financial professionals. It also provides opportunities for farmers to connect with peers who are navigating similar decisions.
She said those connections can be especially valuable because succession planning can feel isolating for families.
“Sometimes this process can feel isolating. It can feel difficult for folks as they’re navigating the transition,” Doucette said.
The initiative aims to help families evaluate their options, establish a plan and keep agricultural land in production.
Start Conversations Before a Transition Is Necessary
Doucette said one of the most important steps farmers can take is to begin talking with family members well before a transition becomes urgent.
She encouraged farm families to identify their goals and values and create a roadmap for the future.
“Start talking with your family. Do it much sooner than you think you need to,” Doucette said.
She said family members may approach succession with different priorities, but beginning conversations early can give everyone more time to identify options and work toward a successful transition.
“The earlier those conversations happen, the more options families can identify to figure out how the transition can be successful for everyone involved,” Doucette said.
Where Farmers Can Find Resources
Farm families interested in succession planning can find resources through American Farmland Trust. Doucette also encouraged farmers to contact the organization directly at [email protected] to discuss their circumstances and potential next steps.
LEARN MORE: farmland.org
