FARM LIFE NEWS
Woodbury: Farm Family Business
Lance Woodbury DTN Farm Business Adviser
Mon Feb 24, 2014 10:54 AM CST

Succession planning is a hot topic in agricultural circles. The average age of the American farmer has increased from 48 (in 1945) to 57, and the percentage of farmers age 65 or older was over 30% in 2007. While I see many operations in which family members have come home, I'm concerned that if those working on their succession plans fail because of family business conflict and miscommunication, it only deepens the crisis and fuels the consolidation facing our industry. We all know of friends and neighbors who "sold the farm" because the parents and adult children couldn't work together, ...

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