This week’s poll on beefmagazine.com asks, “Do you have a succession plan in place?” With an estimated 400 million acres to change hands in the next 20 years, having a plan for your operation will help the business continue to the next generation.
According to the most recent USDA Census of Agriculture, the average age of principal farm operators in the U.S. is 57 years old. What’s more, there are nearly eight times as many farmers over the age of 65 than there are farmers under 35 years of age.
The Samuel Roberts Noble Foundation (SRNF) reports that there is an estimated 400 million acres of U.S. farmland that will change hands in the next 20 years. The question is: Who will farm these acres? Will it be the next generation or will your operation be lost after the death of a loved one?
Fred Schmedt with SRNF says, “About 30% of family businesses make it to the second generation. Only about 15% survive to the third generation. About one in 20, or 5%, can claim that they are fourth-generation family businesses.”
The University of Idaho Extension reports, “About 60% of farmers and ranchers have a will, and only 36% and 18% have an estate plan or succession plan, respectively. These statistics are alarmingly low when considering the value of the assets at stake and even more so the difficulty of successfully moving the farm or ranch into the next generation.”
This week’s poll on beefmagazine.com asks, “Does your ranch have a succession plan?
Of this week’s poll question, BEEF editors explain: “The process involves two steps—estate planning and succession planning. Estate planning deals with the tax ramifications of passing the ranch on to others. Succession planning deals with continuing the ranch operations under other family leadership or by bringing in a non-family person to assume a leadership role in the operation.”
The voting is just getting started, but so far, 43% of voters have a succession plan in place. Another 33% say their operation doesn’t have a succession plan in place but plan on creating one. And the remaining 24% say they don’t need a succession plan.
Vote in the poll here and let me know in the comments section below which camp your ranch falls into.
The opinions of Amanda Radke are not necessarily those of beefmagazine.com or Penton Agriculture.
Murray N. Rothbard was the father of what some call Radical Libertarianism or Anarcho-Capitalism which Hans-Hermann Hoppe described as “Rothbard’s unique contribution to the rediscovery of property and property rights as the common foundation of both economics and political philosophy, and the systematic reconstruction and conceptual integration of modern, marginalist economics and natural-law political philosophy into a unified moral science: libertarianism.”
This book applies the principles of this “unified moral science” to environmental and natural resource management issues.
The book started out life as an assigned reading list for a university level course entitled Environmental and Natural Resource Economics: The Austrian View.
As I began to prepare to teach the course, I quickly saw that there was a plethora of textbooks suitable for universal level courses dealing with environmental and natural resource economics. The only problem was that they were all based in mainstream neo-classical (or Keynesian) theory. I could find no single collection of material comprising a comprehensive treatment of environmental and natural resource economics based on Austrian Economic Theory.
However, I was able to find a large number of essays, monographs, papers delivered at professional meetings and published from a multitude of sources. This book is the result. It is composed of a collection of research reports and essays by reputable scientists, economists, and legal experts as well as private property and free market activists.
The book is organized into seven parts: I. Environmentalism: The New State Religion; II. The New State Religion Debunked; III. Introduction to Environmental and Natural Resource Economics; IV. Interventionism: Law and Regulation; V. Pollution and Recycling; VI. Property Rights: Planning, Zoning and Eminent Domain; and VII. Free Market Conservation. It also includes an elaborate Bibliography, References and Recommended Reading section including an extensive Annotated Bibliography of related and works on the subject.
The intellectual level of the individual works ranges from quite scholarly to informed editorial opinion.