KEEPING IT in the family –
Several options exist to keep the farm or ranch in the family: 1. Lease out the land to a family member; 2. Lease the land to someone outside your family; or 3. Hire an outside manager, while retaining ownership.

NO LONGER in the family – Sometimes, it may be impractical to pass the farm or ranch to the next generation. In such situations, families should carefully weigh the trade-offs between equal versus equitable distribution strategies. Some options that families might consider: 1. Divide the property between the children; 2. Sell the operation and pass on the money; or 3. Gift the land to a university as a location for an intern program site.

FROM OUTSIDE the family – Consider bringing in an unrelated family that is passionate about agriculture and interested in taking over the operation as another option. This approach can be a rewarding way to continue the legacy while also supporting the next generation of farmers.