As family business advisors, we’re very familiar with the coming crisis of family business succession as the Baby Boomer generation transitions out. Family farms, agritainment (or agrotourism) operations, and family forests face the same challenges and one of the largest family farm and forest transitions in history is only a handful of years away. These land-based operations are a unique combination of business, land ownership, and, often, the family homestead.
80 percent of farmers surveyed by Farm Journal plan to transfer control of their operation to the next generation, while only 20 percent were confident their succession plan would achieve their transition goal. According to a study conducted by Iowa State University, 50% of farmers did not have an estate plan and a full 71% of retiring farmers had not identified a successor. (Source: Michigan State University Extension)
Family Forest expert, Jennifer Jones, reports that “80% of all family forest owned land is owned by someone over the age of 55 or approximately 2.5 million owners. And one-third of the landowners in the northeast will decide what to do with their land in the next 5 years. That’s millions of acres!”
And one thing we know for sure about land – there isn’t any more of it being made. So how can we work with family farm and forest owners to preserve their land-based operations?
Join us for a panel discussion and case studies to:
- Understand how land-based family enterprises are alike and different from other types of family-owned businesses
- Discover what else is at risk for this group
- Learn who often gets left out of these conversations
- Hear about solutions you can offer to your family farm, forest, and agritainment clients