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Abstract

Succession planning is a component of a household’s risk management strategy for its farm business in as much as it is aimed at continuity of the business' management team. The family farm sector relies heavily on intergenerational succession. Succession and retirement are inter-linked and are reflective of the life cycles of the farm household and the farm business. This study uses Agricultural Resource Management Survey (ARMS) of the USDA to examine farm, operator, and family characteristics that affect farm succession within the family. Results indicate that large farms are more likely to be transferred within families. Level of farm debt, education, and being engaged in farm enterprises like other crops and dairy, affect within-family transfers of the farm business.

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