Factors Affecting Succession Decisions in Family Farm Businesses: Evidence from a National Survey
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Succession planning is a
component of a household’s risk
management strategy for its
farm business in as much as it is
aimed at continuity of the
business' management team.
The family farm sector relies
heavily on intergenerational
succession. Succession and
retirement are inter-linked and
are reflective of the life cycles of
the farm household and the
farm business. This study uses
Agricultural Resource
Management Survey (ARMS) of
the USDA to examine farm,
operator, and family
characteristics that affect farm
succession within the family.
Results indicate that large farms
are more likely to be transferred
within families. Level of farm
debt, education, and being
engaged in farm enterprises like
other crops and dairy, affect
within-family transfers of the
farm business.