Agricultural Economics Department

 

Date of this Version

September 2001

Comments

Published in Cornhusker Economics. September 12, 2001. Produced by the Cooperative Extension, Institute of Agriculture and Natural Resources, Department of Agricultural Economics, University of Nebraska - Lincoln.

Abstract

Nebraska farmers and ranchers are growing older. The trend continues. Who will farm the land and operate the farm/ranch business in generations to come? The answer to these questions in part will depend on how successful we are at transferring farm and ranch businesses to the next generation.

Successful farm business transitions do not occur without planning and effort. Sure, the assets will be owned by someone upon the death of the farmer/rancher, but the farm business will not continue unless planning and decision making have occurred.

The steps that have produced successful transitions in the past have typically not been formally outlined and many times have not been well documented. There are however, many factors that successful farm/ranch transitions have in common.

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