Bringing the next generation back to the farm or ranch may require building the business to support another family. Building the business may come in the form of using the current generation's equity to purchase more land or livestock. But another means of building the business is to diversify, according to Shannon Kubik with Keep Farmers Farming.
Read MoreFor most farmers and ranchers, their wealth is in the land. And when the day comes that it’s all paid for, these producers have a decision to make.
Read MoreBringing the next generation of farmers and ranchers into the family operation is exciting and creates opportunities for growth. But adding another family to the payroll may be a concern if the operation's finances haven't been fully evaluated. Keep Farmers Farming, the Farm and Ranch Transition and Estate Planning Branch of the South Dakota Ag Foundation can be a resource in helping producers run the numbers.
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