Farm Succession Planning: Securing Your Family's Legacy

Farming on Purpose

“I think that a lot of landowners really want someone who's willing to learn and being very open and wanting to learn, being inquisitive, being curious.”

As a farmer or rancher, you know the importance of planning for the future. But when it comes to passing down your farm or ranch to the next generation, it can be a challenging and emotional process. That's why I invited Ashlee Westerhold, Director of the Office of Farm and Ranch Transition at Kansas State University, to share her insights on the Farming on Purpose podcast.

Growing up with family farms in Nebraska and Illinois, Ashlee understood the value of agriculture from a young age. Her passion for helping farm families led her to specialize in farm succession planning. Now, she's dedicated to assisting farmers and ranchers in Kansas with this crucial process.

The Three Pillars of the Office of Farm & Ranch Transition

Ashlee's office focuses on three main areas to help farm families:

1. Education for Future Farmers - The "Returning to the Farm" course at Kansas State University prepares students who plan to go back to their family farms after graduation. This course covers everything from financial management to insurance programs, giving young farmers the tools they need to succeed.

2. Land Link Program - This program connects retiring farmers who don't have a next generation to take over their operation with beginning farmers looking for land. While it's not always easy to find perfect matches, it's a valuable resource for both sides. If you are interested in learning more about this program or want to sign-up, visit the website.

3. One-on-One Consultations - Ashlee works directly with farm families to guide them through the succession planning process. This includes financial analysis, goal-setting, and facilitating family conversations.

Start Early, Plan Thoroughly

One of the most important takeaways from our conversation was the importance of starting succession planning early. Ashlee recommends beginning the process around age 55, with the goal of being fully transitioned by 70. This gives families time to:

• Work through financial challenges

• Develop management skills in the younger generation

• Take advantage of tax strategies and loan opportunities

• Address potential conflicts without rushing

Remember, starting succession planning doesn't mean giving up control immediately. It's about creating a roadmap for a smooth transition over time.

Real Stories, Real Impact

Ashlee shared a touching story about a family near Inman, Kansas. By simply adjusting their estate plan to divide farm and non-farm assets more logically between their on-farm and off-farm children, they were able to secure the farm's future and bring peace of mind to the entire family.

These small changes can make a big difference in preserving your family's farming legacy.

Taking the First Step

If you're feeling overwhelmed about succession planning, you're not alone. Many farmers put it off until health issues or financial concerns force the issue. But by starting early and seeking help, you can create a plan that works for your unique family situation.

As a mother and entrepreneur myself, I understand the importance of balancing family needs with business decisions. Farm succession planning is about more than just transferring assets – it's about preserving your family's values and ensuring the next generation can thrive.

Ready to start your farm succession plan? Reach out to Ashlee and her team at agkansitions.org or call 785-532-4526. Remember, it's never too early to start planning for your farm's future.

By taking these steps, you're not just securing your own legacy – you're strengthening the future of agriculture for all of us. And that's something every farmer and rancher can be proud of.

If you would like to support the podcast or be a part of the conversation join the Farming On Purpose Facebook group and visit the Farming on Purpose merch page.

Check out our favorite software tool for clients and our website!

Thrivecart is a software tool you can use to design online checkouts with every option you can dream up. You can sell physical and digital products, connect to loads of other softwares you use for your website, accepting payments, email marketing, and more. This is the most powerful tool I use and the lowest cost one. I recommend it for anyone who accepts online payments who wants to increase their revenue or average order value.

Visit ThriveCart

I may earn affiliate commissions from links on this page.

Other Episodes You May Enjoy!

#4 The Power of Courage in Farm Management Discussions with Elaine Froese

#44 Our Farm Transition Story Part 1

#69 Why 64% of Farm Transitions are Failing

About the Host of Farming On Purpose, Lexi Wright:

I’m your host, Lexi Wright. I started the Farming on Purpose Podcast from a passion for sharing the future of production agriculture.

I’m so glad you’re here and I hope you’ll take a moment to join the conversation with me and other listeners on social media.

Connect with me on Instagram, Facebook, and TikTok.