In agribusiness, for every potential leader aged 35–50, two are preparing to retire. That stat was provided by Aaron Locker, Managing Director, Kincannon & Reed, during testimony in front of a Senate special committee on aging.
He says this helps illustrate the quietly unfolding crisis that is rapidly cutting across the agriculture.
“And the consequences for our food supply, our rural communities, and our national security are serious,” he said. “The 1980s farm crisis didn’t just damage balance sheets. It’s changed the interest of being involved in agriculture. That gap is being realized today in board rooms, field offices, agronomy teams and more.”
This is leaving a leadership and a talent gap for leaders, management and C-Suite roles.
Locker reflects on how when the agriculture industry is stressed—such as during the 1980s—it brought less appeal to young professionals in higher education and early career opportunities.
“While college attendance overall rose nearly 7 percent between 1980 and 1990, enrollment in land grant colleges of agriculture- like Texas A&M, the University of Nebraska, University of Minnesota, and Iowa State University and others dropped by nearly 37 percent,” he said.
Even more focused on the succession angle, Locker says of the agribusinesses his firm works with, less than one-third have a formal succession plan.
“In agriculture, where many senior leaders have been in place for decades, this creates an acute succession challenge,” he says.
From a general industry perspective, Locker points to other faster-growing industries as being more attractive. For example, while agriculture job growth is steady at 3%, other sectors such as tech and finance are growing three times faster.
“[They] are drawing top talent away from the food system. We are not just competing for attention—we are competing for leadership,” he says.
