Retirement often comes with cake and farewell speeches, but on the farm, it’s usually far more complicated. For many farmers, stepping away from the land isn’t just leaving a job, it’s walking away from an identity.
“That’s why so many farmers struggle with the idea of retirement,” says University of Missouri Extension Farm Transition Specialist Wesley Tucker.
Many farmers fear losing their sense of purpose after retirement. That’s why some hold onto the farm too long, once all aspects of the job become too difficult to manage effectively.
But Tucker says there’s a way to embrace a new chapter that still honors a farmer’s identity.
From decision-maker to mentor
Most farmers don’t want to walk away completely, and that’s completely understandable. Instead, Tucker encourages a gradual shift in roles. Becoming a farm advisor, coach, or mentor allows retiring farmers to stay involved in meaningful ways.
In addition to mentoring family members and employees on the farm, volunteering in ag education or conservation in the community can be highly rewarding.
Although staying connected is essential in “passing the torch”, it’s also important to begin separating from the farm. Spending more time with grandchildren or taking up long-delayed hobbies can unearth a new sense of purpose for farmers.
Succession planning starts sooner than you might think
Tucker’s advice for farm families is not to wait until the last minute to start succession planning. He believes succession planning starts the moment kids are given their first farm chores. Establish expectations with them, provide guidance, then set them loose to figure things out on their own. Giving them autonomy builds confidence, skills, and a natural transition of responsibility over time.
Farmers should develop a business succession timeline no less than five years prior to retirement. They should gradually shift management responsibilities in the following manner:
- Year 1–2: Begin mentorship and decision-sharing
- Year 3–4: Shift day-to-day operations and recordkeeping
- Year 5+: Formal transfer of ownership
Soon-to-be retirees should make this timeline visible to family members and employees. It should also be a regular discussion topic during check-ins.
Still no succession plan? It’s time to start talking.
Not every farm family has a transition plan. The idea of sitting down to talk about “what’s next” can be intimidating, especially if mom or dad typically avoids the topic altogether. Tucker encourages families to ask gentle, thoughtful questions to spark conversation, like:
- “What was succession like when you took over?”
- “What do you wish had gone differently?”
- “What went better than you expected?”
These kinds of conversations help open the door to planning, even if it’s just planting the first seed.
It’s worth noting that this topic can cause emotions to run high— many conflicts arise not from money, but from unmet expectations or lack of communication. If these conversations become challenging, consider bringing in a neutral third party (attorney or ag consultant) to help navigate the discussion.
Whether or not a third party is involved, be sure to:
- Discuss everyone’s desires, concerns, and capacity to be involved
- Address “fair” vs. “equal” issues among heirs early
In the end, succession isn’t about quitting—it’s about redefining the farmer’s role.
As the number one farm insurer in Wisconsin, we provide knowledge and insight to help you make the best decisions to protect your farm and way of life. That’s why we go beyond the policy by providing educational content on best practices – from farm safety to succession planning. Reach out to a local agent to learn more.
