Working in a farm successor as part of a retirement plan

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 together, how your daily priorities match up, and how you deal with setbacks.

A phased transition pl...