Passing Down the Family Farm
For growers, a family farm is often viewed as a legacy — something to pass down to future generations, as it was once passed to them. Multi-generational farming has become a tradition that many are proud to continue.
According to the USDA, there are more than 2 million farms in the United States, with 98% of those being family-owned operations. A majority of those are small farms, which account for almost half of all U.S. farmland. This demonstrates the massive role these operations play in the agricultural industry.
Passing family farms on to the next generation is one way to continue the family tradition. Many times, the children grew up on the farm and learned essential agriculture skills from their parents. They are familiar with the land and the best practices that have been successful while also bringing in a new perspective. Watching your children grow into their role on the farm and ultimately make it their own can be incredibly rewarding.
While passing the family farm from parent to child is something many farmers hope for, it can be challenging to recognize the right time to make that transition. It is a big decision that requires planning and communication. Parents should create a plan with their successor that addresses goals, finances and roles on the farm. Purdue University offers a guidebook for intra-family succession that can help with the transfer. Access it here.
Whether continuing a long legacy or creating a new one, WestBred® is proud to support family farmers across the country.