🔒Cultivating farmers: Succession planning a challenge for exiting farmers, incoming owners

By the numbers

Between 2017 and 2022:

Maine lost 564 farms — two farms per week on average.

Maine lost 82,567 acres of farmland.

The number of Maine farmers over age 65 increased by 18%.

Farmers under age 44 ticked up by less than 2%.

Source: 2022 U.S. Census of Agriculture

Farm succession planning can take years as older farmers aim to secure their retirement while keeping land in agriculture, and younger farmers search for opportunities.

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Farm transition tips

Farm seekers

Clarify goals, financial parameters

Learn different tenure methods

Conduct land search

Assess farm properties

Develop sound leases and other agreements

Communicate with sellers, landlords, attorneys and others

Transitioning farmers

Clarify goals, next steps

Develop farm transfer plan

Build team of advisors

Obtain information

Identify or recruit farm successor, if necessary

Explore financial, legal, management considerations

Source: Land for Good

– Digital Partners -