You’ve worked hard building your family farm. And now, you’ve decided it’s time to move on. As a farmer, you know how important it is to be prepared for any contingency. And you should approach your business exit with as much planning and preparation as you run your farm.
First question—what are your goals? Do you want to keep the farm in the family? If so, know the odds are not in your favor. Statistics show it’s rare for a family business—any type of business—to make it through the third generation and almost unheard of to make it to the fourth.
But you can save the family farm with proper succession planning.