Farm Succession and Retirement: Some International Comparisons

Abstract

The increasing age of farmers and the reluctance to transfer management from the owning generation to the successor generation has been well documented by several studies. In this article we review the literature relating to the succession of farm businesses. Drawing on data from the international FARMTRANSFERS project, we explore attitudes toward retirement and also rates and patterns of succession in several contrasting countries and states in the United States. Lastly, we discuss the implications of the research and provide recommendations for public policies that would enhance the opportunities for successors to succeed in the continuation of the farm family business.

Keywords

• Farm Transfers
• Intergenerational Succession
• Retirement
• Retirement Age
• Successor Effect
• Succession Ladder