Protecting Your Farm’s Legacy with Succession Planning

Farmers build an entire legacy within their operation, one that can be passed down for generations. But what happens when it’s actually time to hand that legacy over? In this episode, Mike Howell sits down with Uncommon Farms’ Manager of Succession Planning, Mike Downey to dig into the realities of on-farm succession planning. They explore the difference between estate and succession planning, the transition options available, how to bring the next generation into the business, when to use a will versus a revocable living trust, and how private installment sales can help transfer equity to the next generation while maintaining income for the current owners. Plus, Mike Downey shares his best advice for starting the succession conversation on the farm (and why starting early is the best investment you can make). Looking for the latest in crop nutrition research? Visit nutrien-ekonomics.com Subscribe to our YouTube channel: https://www.youtube.com/@NutrieneKonomics