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May 22, 2025 Source: ASAC sent via AgPR--the news distribution service for agriculture
Mike Downey, an agricultural transition specialist with UnCommon Farms, highlighted the critical challenges confronting American agriculture during a recent webinar for the American Society of Agricultural Consultants (ASAC) members and member prospects. He stated that only 30% of farms successfully transition to the second generation, with a mere 12% reaching the third. "We are on the cusp of the greatest transfer of farm wealth in U.S. history," Downey warned. "Farmers must make comprehensive succession planning a top priority to secure their farm's future and operational legacy." About 68% of farmers with children say no one in the family wants to take over the farm. This highlights the urgent need for new ways to plan farm transitions, including the option of passing the farm to someone outside the family. A successful farm transition starts with choosing and training a successor early. It also requires open communication with everyone involved and a well-rounded plan. That plan should cover who manages the farm, who leads it in the future, and how assets are shared fairly. The agricultural sector is navigating unprecedented challenges, including an aging farmer population, complex and often volatile economic conditions, and evolving land ownership models. Experts strongly recommend engaging in multi-generational planning, coordinating with a team of professional advisors, and maintaining a commitment to continuous operational improvement as essential steps for a smooth and successful transition. Now available. Here's a link to an archived copy of the May 15th ASAC webinar... Click Here to watch and learn: "Common Traits of Highly Successful Farm Transitions." Educational webinars like this are just one of the benefits of joining ASAC. Webinars provide an opportunity for non-members to get a glimpse of the kind of professional development and networking opportunities ASAC offers year-round. Founded in 1963, the American Society of Agricultural Consultants is the only professional society dedicated to serving the needs of agricultural consultants. Members must meet strict experience and ethics standards, offering clients proven expertise they can trust. More information on membership is available at www.agconsultants.org. Save the Date. Join us for the American Society of Agricultural Consultants Annual Conference Nov. 2-4 in Indianapolis Attendees of the webinar are also encouraged to join the American Society of Agricultural Consultants' 2025 Annual Conference, scheduled for Nov. 2-4 in Indianapolis. The conference will feature national experts in farm management, finance, transition planning, ag technology and rural entrepreneurship. The event is open to both members and non-members. Conference details and registration information may be viewed at https://www.agconsultants.org/2025_annual_conference.php. About ASAC The American Society of Agricultural Consultants (ASAC) is a non-profit association dedicated to promoting the professionalism of agricultural consultants. ASAC members represent a diverse range of disciplines within the agriculture industry and serve clientele both domestically and globally. The organization's mission is to foster the discipline of agricultural consulting and uphold exemplary standards involving training, experience, knowledge, performance, and the ability to provide independent and objective consulting services. To find agricultural consultants of value to your business or to explore joining ASAS visit www.agconsultants.org. Tweet |
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