Less than 40% of farmers have a plan for the future of their land, a major concern for the agriculture industry when the average farmer’s age is 57.
Less than 40% of farmers have a plan for the future of their land, a major concern for the agriculture industry when the average farmer’s age is 57.
“More and more people are approaching an age where they’ve got to make a decision about the future of their farm,” said Bart Eleveld, an economist with Oregon State University’s Extension Service who specializes in farm management.
Failure to have an adequate succession plan in place when the farm owner dies can cause a tremendous headache while the family grieves the loss of their loved one, he said. It can even put the farm’s existence in jeopardy.
Read more at KVAL.
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