Next Generation Farming
Nearly 300 million acres of U.S. farmland are expected to change hands in the next 20 years. Beyond the transfer of land, and the often-complex succession planning process, investing in the next generation involves the transfer of skills and knowledge. Now’s the time to cultivate multigenerational success through asset, resource and financial stewardship.
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.
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.