How is succession planning different for farmers?

By Emily Zuver, Senior Assistant Accountant- Holbrook & Manter

Succession planning is a critical process for any business. We have discussed in past articles and stressed its importance on more than one occasion. Yet, it carries a unique set of challenges and considerations for farmers. Unlike other industries, where assets may be stock or equipment, a farmer’s greatest resource is often the land they work on. This intertwines personal and business interests, making succession planning for farm owners distinctly different.

Whether you are a farmer looking to hand over operations to the next generation or a farm owner preparing for unforeseen circumstances, a tailored approach to succession planning is essential.

Farming is a long-term commitment that requires immense dedication, planning, and investment. This makes succession planning even more vital for farm owners and different in nature from that of other business owners. Let’s look at why:

1. Farms are multi-generational

For many farmers, the goal isn’t just to create a thriving operation but to preserve their stewardship of the land for future generations.… Continue reading