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U.S. Farm Succession Plans and the Process of Transferring Land Ownership

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  • Harris, J. Michael
  • Mishra, Ashok K.

Abstract

Using the 2013 Agricultural Resource Management Survey (ARMS) and 2014 TOTAL survey data we find that nearly 30 percent of U.S. farm businesses have a succession plan and forty percent of the designated successors are family members. Twenty-one percent of ARMS farms indicate they will retire in 5 years and 38 percent of these farm businesses plan to turn over management and operation of their farm business but retain some ownership. Only 19 percent will sell and 15 percent will rent. The TOTAL survey also indicates that 36 percent of farms planning to retire in 5 years have succession plans and 30 percent will be sold to relatives and 58 percent is planned to be transferred by some form of legal transfer.

Suggested Citation

  • Harris, J. Michael & Mishra, Ashok K., 2016. "U.S. Farm Succession Plans and the Process of Transferring Land Ownership," 2016 Annual Meeting, July 31-August 2, Boston, Massachusetts 235954, Agricultural and Applied Economics Association.
    • Handle: RePEc:ags:aaea16:235954
    DOI: 10.22004/ag.econ.235954
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    References listed on IDEAS

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    1. Cox, Donald, 1987. "Motives for Private Income Transfers," Journal of Political Economy, University of Chicago Press, vol. 95(3), pages 508-546, June.
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    Cited by:

    1. Shari L. Rodriguez & M. Nils Peterson & Frederick W. Cubbage & Erin O. Sills & Howard D. Bondell, 2018. "What is Private Land Stewardship? Lessons from Agricultural Opinion Leaders in North Carolina," Sustainability, MDPI, vol. 10(2), pages 1-12, January.

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    Keywords

    Agricultural Finance; Community/Rural/Urban Development; Financial Economics;
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