Even if you are doing everything right, your farm or ranch is not sustainable unless it can be passed on to the next generation. For various reasons, many family farms and ranches are not being passed on to the next generation. Since 2017, we lost a whopping 159,000 family farms and ranches in the United States. Sadly, large corporate farms, along with urban sprawl, are gobbling up the family farms and ranches at an ever-increasing rate.
Most producers want to pass the family farm or ranch on to the next generation – and most members of the next generation would love to take over. Unfortunately, many family farms and ranches are not profitable or enjoyable enough to be passed on. No one wants to inherit a breakeven business or an expensive hobby. Your family farm or ranch needs to be able to stand on its own without being subsidized with off-farm income.
As manager of your farm or ranch, it’s your responsibility to make decisions with the next generation in mind. You need to create a very profitable and enjoyable business the next generation will be excited to become a part of. Pharo Cattle Company® would like to help you in this endeavor.
Quote Worth Re-Quoting
“Legacy is not what I did for myself. It’s what I’m doing for the next generation.” ~ Vitor Belfort