Succession Planning
For kids who know nothing about agriculture, stepping foot into the Children’s Discovery Museum in Normal, Ill., might be their one chance to walk in a farmer’s shoes.
Gen Z’s challenges aren’t just academic; they’re personal, says Jill Bramble, president and CEO of 4-H. Many young people say they are falling short, unable to envision a successful future where they feel connected to their friends, families, and communities.
Now is the time to evaluate your land goals, decide what physical assets will bring value to your business and invest in what you personally value to live a purpose-driven life.
Feeling the weight of a down market isn’t lost on Jeff Havens. As an entrepreneur, his entire business disappeared in the wake of the COVID-19 outbreak. He had to reinvent himself and his business.
Kelly Garrett is provoked by opportunities and applies a keen eye for how they accelerate his business.
Sam Beveridge joins the Ag Inspo podcast to share how your best contribution to the farm may be untraditional.
Bri Osborne returned in 2019 to help her father manage their family farm, overseeing 1,000 acres and 7,000 hogs while expanding their dragline manure and spray drone businesses.
People become close as a team when they work together on something hard. It helps to find opportunities for them to have ownership and solve things together, Runkel says.
Chris Payne joins the new Ag Inspo podcast to detail his journey into farming.
Since Lance Dobson’s return to the family farm, he’s added cattle, cereal rye for forage and a seed dealership. “Whether it’s exercising or farming, hopefully diversification in our day will yield results that improve our longevity,” he says.
Working on a succession plan for your operation? Here are a few key points to keep in mind.
These days Keith Vodrazka works for an entrepreneurial startup with big plans and different leadership challenges than he experienced during his time in big agribusiness.
Matt Gunderson, vice president of Farmers National Company, says having these advisers will give your plan the sturdiest foundation.
In 2022, Dalton Dilldine bought a shuttered commercial grain facility and outfitted it with monitoring and automation technologies. This year, he’s taking a hard look at spray drones and how they can fit across his acres.
From a Buckeyes cheerleader to farmer to farm-fluencer, Zoe Kent explains her journey on Grow Getters.
Communication between one generation to another can seem like talking a different language. “I suggest you approach looking at another generation with curiosity rather than judgment,” says Kim Lear of Inlay Insights.
Pride is deeply seeded in Nolan Parker and Matthew Brown. They hail from multigenerational farm families, but decided to set out on their own in 2022. The pair of Louisiana farmers are excited about their future.
Unscripted viewers know, Tyne occasionally complains about her husband, who uses this opportunity to tell his side of things. James provides a different take on what he characterizes as “13 blissful years of marriage.”
The good news is there are legal devices to do whatever a farmer wants to do. The key is using the right mechanisms for the relationship piece.
There’s a serious lack of communication between generations, and procrastination and conflict avoidance are killing agriculture, says Elaine Froese, a farm family transition expert.
Matt Spillman and his two brothers are carrying on their father’s legacy. Each brother has a specific role in making all the wheels turn on the farm.
When raised by farmers, our earliest lessons in leadership, stewardship and life in general occur with the rhythms of the seasons. It turns out, even in a season of loss the learning continues.
From understanding breakeven price per bushel to finding a mentor who persevered through the 1980s, Alan Hoskins with American Farm Mortgage and Financial Service shares pointers for a long, financially sound career.
“If handled improperly, transition events can be the death of your business. Or it can strengthen your business and clearly outline who you are and where you want to go,” says Dick Wittman.
From switching to 100% strip-till this past fall to learning to build seed scripts and planting her first crop as a full-time farmer this spring, Sarah Tweeten is making her mark on her family’s Iowa operation.
How are you showing up on the farm? Do your actions meet up with your goals? Rena Striegel, a farm succession planning consultant, encourages the next generation of on-farm leaders to do some self-reflection.
Focusing on marketing and margins will help farming’s next generation protect against the ”unknown unknowns,” says Alan Brugler, a market analyst and adviser.
In 2022, when Alex Harrell cut his land base in half, yield instantly became even more crucial. Little did he know, the next year he’d break the soybean record. Drones play a big role in his high-management approach.
Formulating your farm’s succession plan is likely not a straight line. Polly Dobbs, an Indiana attorney who is part of a seven-generation farm family, says it’s important to stay focused on your end goals.
The clock is ticking — and the current estate-tax exemption is set to plummet at the end of 2025. The smaller exemption coupled with inflation and land values likely means increased assets and estate-tax rates.