High Costs Complicate Farm Succession for Younger U.S. Farmers

The cost of land, machinery and daily operations is making family farm handoffs harder for younger U.S. farmers just as many longtime owners approach retirement. In Minnesota, Andy Maier is a few years from taking over his family’s sugar beet, corn and soybean farm. The transfer requires him to buy out his father and uncle, and the farm must do well for that to happen. Extra money from good years stays in the business for reinvestment, leaving Maier with little in personal savings. He remembers crop prices falling in 2018, when some farmers in his neighborhood left the business. Maier sees keeping the farm going as work that spans generations and wants to continue it.

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