Succession Planning
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.
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.
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.
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.
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.
Trust In Beef’s Sustainable Ranchers Tour recently spotlighted second-generation rancher Meredith Ellis, taking producers behind the ranch-gate for a tour of award-winning G Bar C Ranch in North Texas
2024 ESAP Winner G Bar C Ranch is opening the ranch gate to help others build resilience and ensure their Texas cattle legacy.
Farm attorney Matt Folz shares the pros and cons of creating a charitable remainder trust.
What would you tell someone launching their farming career today? A panel of Illinois farmers recently shared some of their successes and setbacks along with a handful of recommendations for young or new farmers.
The 2017 Tax Act temporarily raises estate tax exemption, impacting farm estates. If it expires, large farms with gross cash income between $1M and $5M would see the largest increase, rising from 2.8% to 7.3%.
We’re in a predictable period of a well-established supply and demand cycle. Yet there is a different potential crisis looming for the beef cattle industry.
Are leaders made or born? “Some people are more naturally disposed to being leaders, but it doesn’t mean they’re good at it. To be a really good leader, you’re made into one through intention and exposure,” she says.
Use the topics and tools included in The DIRTT Project to jump-start the succession planning process for your operation whether you are just beginning or need to get on track.
This month’s Rural Mainstreet Index marks the fifth-straight month where the index has been below the growth neutral mark.
This Wisconsin farmer and sole proprietor of Crane Grain Farms credits his success to his employees and innovation.
What’s the most challenging thing about running a legacy brand? “The biggest challenge is being pigeonholed. Everyone expects us to recreate the past, but the future doesn’t look like what we were,” Lamar says.
Grounded by his family but propelled by vision, Trey Wasserburger is the energetic force behind creating more processing capacity for local cattle producers.
As Mary Pat Sass’ social media shows glimpses of life from the seat of the tractor, it’s not the view she envisioned for her life even a decade ago. But through humor and candor, she’s now an inspiration to others.
Rena Striegel’s workshop at the upcoming Top Producer Summit will leave attendees with four main takeaways.
After almost 19 years and about 1,500 commentaries, John Phipps announced he’s retiring from U.S. Farm Report. In his final regular Customer Support segment, he calls it an adventure that’s been a gift from viewers.
According to Shuring, what may be considered equal doesn’t always make sense when the succession plan involves family members who actively work on the farm, and others who do not.