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Beginning Farmers: A Retiring Farmers Dream for Sustainability of His Family Farm

Maurice Kirkpatrick

Summary

A retiring socially-disadvantaged farmer’s dream is to transfer his land to a younger family member or someone that can be trusted to carry on the family farm. He knows that this can avoid financial, production, marketing, legal and human resource risks if he plans before retirement. Young beginning farmers and ranchers can be mentored using the train-the-trainer method with a retiring farmer which will give them the opportunity to own land and become entrepreneurs. This partnership can enhance their agribusiness and entrepreneurship skills and practices such as diversification, direct and wholesale marketing, and risk management. Retirees gain knowledge and assistance in estate planning for the future of his farm.

With the collaboration of Cooperative Extension and other agencies, socially disadvantaged farmers nearing retirement will be provided and utilize estate planning steps necessary to keep their current farms in production after they retire; work with young individuals who want to begin farm enterprises and provide them with the skill sets necessary to succeed using alternative enterprises or as direct market retailers of fresh produce, create and increase partnerships between them and beginning farmers and become aware of legal professionals, estate planning partners, and other interested individuals that will develop protocols necessary for land ownership transition between them and beginning farmers and ranchers.

The benefits from the linkage of young farmers and ranchers and the retiree’s dream is to sustain family farms/transfers by each generation of farmers adopting and implementing new practices that diversify the farm, enhanced production, marketing, and increased profits.

Details

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