At this year’s Commodity Classic, thousands of farmers gathered to talk about markets, technology, profitability and the future of agriculture.
But inside one panel discussion, the conversation centered on something even more fundamental: what happens next.
The session, “Legacy in Action: Leading and Planning for the Future of Your Farm,” brought together experts from across the Farm Credit System to discuss one of the most important challenges facing agriculture today: ensuring family farms remain strong for the next generation.
The topic couldn’t be more timely.
According to the USDA, 97% of U.S. farms are family-owned. Yet the industry continues to experience long-term consolidation and decline. An estimated 15,000 farms disappeared in 2025 alone. Meanwhile, the average U.S. farmer is nearly 60 years old, and the USDA projects that roughly 40% of America’s farmland could change hands over the coming decades.
For farm families, those numbers tell a larger story. The future of many operations will depend not only on managing costs, navigating markets and maintaining profitability, but also on successfully navigating the transition from one generation of leadership to the next.
For Natasha Cox, senior vice president of ag lending in Indiana, that reality is both professional and personal.
As a lender, she regularly works alongside farm families as they navigate complex ownership transitions. At home, she’s helping raise the sixth generation on her own family’s Indiana farm.
“We’re living it,” Natasha said during the panel discussion. “And we’re not doing it perfect there either.”
Succession Planning Is About More Than Ownership
When many producers hear the phrase “succession planning,” they immediately think about attorneys, estate plans, trusts and legal documents.
Those tools matter. But according to Natasha, focusing only on the legal side can cause families to miss the bigger picture.
“Farm leadership doesn’t show up on a balance sheet, but it definitely shows up in the outcome,” she explained.
The most successful transitions are rarely defined by paperwork alone. They’re defined by whether future leaders are prepared, expectations are clear and the business can continue operating effectively when responsibilities begin to shift.
In other words, succession planning is not simply about who owns the farm: it’s about who is prepared to lead it.
The Question Behind the Plan
One of the themes that emerged during the discussion was the importance of identifying the real challenge before building a solution.
Many operations start by asking what legal structure they need or what documents should be created. A better starting point is understanding what problem the business is trying to solve.
Is the goal to prepare for retirement?
Transfer leadership responsibilities?
Protect family land?
Retain key employees?
Create financial security for multiple generations?
Without clarity around the underlying challenge, even well-intentioned plans can miss the mark.
“Most organizations have beautiful vision statements or visions, but don’t have strategies to put those visions into place,” Natasha said.
Succession planning works best when it is tied to a clear business strategy and a shared vision for the future of the operation.
Is your farm ready to pass to the next generation? Start building a succession strategy with our farm finance resources and succession planning guidance.
The Cost of Conversations That Never Happen
While legal and financial considerations often receive the most attention, panelists acknowledged another factor that can quietly derail progress: emotion.
“The emotional side of succession is often overestimated, underestimated and the most expensive thing you will overlook on your farm,” Natasha said.
For the senior generation, there may be concerns about retirement, financial security or stepping away from a role that has defined much of their life.
For the next generation, there can be uncertainty about expectations, concerns about disappointing family members or hesitation to challenge long-standing assumptions.
Those emotions are normal. The danger comes when they prevent conversations from happening at all.
“Sometimes we delay succession planning conversations because we don’t want to take something away from someone,” Cox said. “Or we’re afraid of disappointing others.”
The longer uncertainty remains, the greater the risk becomes. Decisions get postponed. Expectations remain unclear. Future leaders struggle to prepare. Employees begin to question the future of the business.
Eventually, the absence of a plan becomes a plan of its own.
Don't wait to start the conversation. The most successful farm transitions begin years before ownership changes hands. Connect with an ag lending expert at Farm Credit Mid-America to discuss your goals.
