Farm & Ranch Succession Planning: How to Keep Your Land in the Family for Generations
Passing a farm or ranch to the next generation is one of the most financially complex transitions a family can face — and most financial advisers aren’t equipped to help. In a recent B2B conversation with Elevate Real Estate Group’s Mike Kersten, James Norman of Storehouse Financial Group explained what farm families in southwest Missouri and across the Midwest need to do now to protect their land and their legacy. This post breaks down the key strategies, challenges, and planning steps every agricultural family should understand.
What Makes Farm and Ranch Financial Planning Different from Traditional Retirement Planning?
Unlike W2 employees, farmers don’t have a retirement date — they have a slowdown date. James Norman of Storehouse Financial Group uses that term deliberately: most farm operators plan to shift labor gradually to their children rather than stop working entirely, which means traditional retirement planning timelines and tools often don’t apply. The financial goal shifts from funding a full stop to keeping the operation solvent through a generational handoff, which requires a very different planning structure than a standard 401(k) strategy.
What Is Farm Succession Planning and Why Does It Matter Right Now?
Farm succession planning is the process of structuring ownership, finances, and operations so a farm or ranch can transfer to the next generation without being forced to sell. Norman’s core focus is ensuring families don’t have to liquidate land just to settle an estate or fund retirement. With the average farm family he works with having around three children — not all of whom may want to farm — having a plan in place means land can be retained and leased to other operators even if no heir takes over active farming.
What Happens to Farm Land When No Child Wants to Take Over?
Even when heirs don’t want to farm, families can keep land productive and in the family by leasing it to neighboring operators or other agricultural tenants. This strategy allows the land to generate income for family members without requiring anyone to actively work it. In some cases, portions of agricultural land along growing communities in southwest Missouri can also be sold to developers — creating additional liquidity while preserving the core family acreage.
Is There a Generational Shift in How Young Farmers Think About the Future?
Yes — younger farmers today are actively seeking retirement accounts and succession structures in ways previous generations did not. Norman notes that older generations often planned to work the land until they died, as many of their parents did. But today’s younger farmers have watched their parents reach age 65 or 70 physically worn down, and that has created a clear demand for financial tools that let them slow down on their own terms rather than by necessity.
Where Can Farm Families in the Midwest Find Specialized Financial Advice?
James Norman of Storehouse Financial Group is, by his own account, the only financial adviser solely focused on farm and ranch succession planning in a four-state area covering southwest Missouri and extending as far as Iowa and Nebraska. He is pursuing the AFFP — Agricultural Focused Financial Planner — certification, which he expects to complete within the next couple of years. Families can connect with him via LinkedIn or through his independently written monthly newsletter, which he produces without firm-imposed content restrictions, allowing him to share direct opinions and economic analysis.
Frequently Asked Questions
What is farm and ranch succession planning?
Farm and ranch succession planning is the financial and legal process of structuring a farming operation so it can transfer to the next generation without requiring a forced sale of land or assets. It typically includes setting up retirement income for the current generation, establishing ownership structures, and creating options — like land leasing — for heirs who may not want to actively farm.
When should a farm family start succession planning?
The earlier the better, but the key trigger is when the current generation begins thinking about slowing down rather than fully stopping. Unlike traditional retirees with a fixed end date, farmers transition gradually, so planning should begin well before that slowdown phase — ideally at least 10 to 15 years in advance — to keep the operation financially stable during the handoff.
What if none of my children want to take over the farm?
If no heirs want to actively farm, the land can still stay in the family by leasing it to other agricultural operators, which generates ongoing income without requiring family labor. In some cases, portions of the land near growing areas can be sold to developers, providing liquidity while preserving the core property within the family.
What is the AFFP certification for financial planners?
The AFFP, or Agricultural Focused Financial Planner, is a professional certification specifically designed for financial advisers who work with farm and ranch clients. It signals specialized knowledge in the unique financial, tax, and succession challenges that agricultural families face, distinguishing these advisers from general financial planners.
Are there financial advisers who specialize in farm and ranch clients in Missouri?
Yes. James Norman of Storehouse Financial Group in Springfield, Missouri specializes exclusively in farm, ranch, and agricultural succession planning, and describes himself as the only adviser solely focused on this niche in a four-state Midwest area that includes Missouri, Iowa, and Nebraska. He is independent, publishes his own monthly newsletter, and can be reached via LinkedIn.
About Mike Kersten
Mike Kersten is a REALTOR® with Elevate Real Estate Group and the founder of Elevate PCS, serving buyers, sellers, veterans, and military families throughout Southwest Missouri and across the nation through a trusted referral network. After retiring as a U.S. Air Force Colonel with more than 32 years of military service, Mike brings a lifetime of leadership, integrity, and firsthand relocation experience to every client relationship. Having completed 11 PCS moves himself, he understands the unique challenges military families face and is passionate about making every move as seamless as possible. Mike’s standard is simple: servant leadership, honest advice, responsive communication, and personalized guidance built around each client’s goals.
