Historically, relatively few farm and ranch businesses have survived the generation of their founding. In most instances, farm businesses go through a family farm cycle with the firm peaking in efficiency about midway through the life cycle followed by a decline in efficiency in later years. In recent years, an increasing but still relatively small proportion of farm and ranch firms have been pursuing an objective of continuation of the firm beyond the lifespan of those founding the firm. For those operations, a succession plan can provide helpful guidance as individuals move into and out of the firm in keeping with their own individual life cycle.
Constructing a Succession Plan
Neil E. Harl
Ames, IA: Iowa State University Extension and Outreach
November 01, 1997
Fact Sheets and Technical Memos