Date of this Version
Cornhusker Economics, May 9, 1997, agecon.unl.edu/cornhuskereconomics
Transferring a family-operated farm or ranch between generations presents many challenges. Typically, the transfer requires inter-generational transitions in management, ownership, and control of the operating unit. These transitions can occur a little at a time over a period of years. Or, they can happen very quickly when a divorce, a death, a disability, a dispute, or a departure quickly remove a person from production unit activities. Whether the transition is slow or quick, the life situations of two or more generations of individuals and families are changed.