Thursday, February 22nd

Succession planning is a complicated undertaking for any family. Farm succession planning is unique because for many farms, family is intertwined in the business. The farm is the site of the business and the family home, where business meetings take place at the kitchen table and family roles are carried out to the field or barn.

In Wisconsin, 68 percent of farms do not succeed in transferring the farm business to the next generation. The financial and legal aspects of succession planning are complicated, but often lack of communication among family members delays progress, and puts the viability of the business at risk. This has implications for the family and business, for businesses that support farms and the future of Wisconsin’s agriculture industry.