Family owned farms have always been a staple to the American economy and culture. In fact, according to the U.S. Department of Agriculture, 96% of farms in the United States are family owned.
However, the reality is that few farm businesses survive their founders due to a lack of interest or capital from the next generation or, in many instances, the absence of a succession plan. The goal that most parents have for their children to take over the family farm requires more than just dreams. Today, you must have a concrete succession plan to preserve your agricultural legacy. Emphasis on the word “today.”