Mapping out a farming operation's transfer to your successors is a crucial but often neglected piece of business planning. Only a quarter of the farmers surveyed by Iowa State University's Beginning Farmer Center have identified a successor, says JohnR. Baker, an attorney at the Urbandale center. About half the farmers surveyed don't even have a will. "Everyone's thought about [succession planning], but implementing it is the hard part," says Justin Dagen, owner of Dagen Heritage Farms in Karlstad,Minn. Dagen is among the farmers who've put off that implementation.
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