Reliable, Trustworthy Reporting, Capturing The Heartbeat Of Our Community
Reliable, Trustworthy Reporting, Capturing The Heartbeat Of Our Community
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Are you one of the many farmers without an identified farm successor? Purdue University says that's around 75%, and about half expect nonfamily members to take over. A gradual shift of responsibilities and ownership, plus an extended mentoring period, can help ensure the continued success of the farm business. After checking out a candidate's experience and references, a short trial period with paid labor can be a good step. This probationary period can help both of you assess how well you work...
Retirement from a farm business may not mean moving away or giving up on mentoring the next generation, but it does entail transferring management decisions to someone else. It can be a gradual or sudden process. It may be driven by long-term goals, by sudden health issues, or events outside your family. When should farmers retire? The answer is related to choices and goals, and can happen at any time. While many can’t imagine doing anything else except farming, their families may have other i...
This is a time of tremendous opportunity in farming and ranching for beginners looking to start a venture of their own. Alternative crops and high-value markets offer profit potential and lower risk for new farmers than do commodity crops commonly priced at break-even levels. But regardless of the crop or market, farming depends on land access. If land ownership is the preferred route, funding will have to come from savings, bootstrapping, investors/partners, or loans. There are no grants, or...
