2026 Newsletter 1: Special Issue on Succession
Foundational Themes in Succession: A researcher's Perspective
by Renee Lynn Thompson, DBA, MBA, Farm Succession Researcher, Educator, Founder of Dr. Century Farm Girl, Certified Farm Succession Coordinator (International Farm Transition Network)
In June 2025, I graduated from Saint Mary’s University of Minnesota with a Doctorate in Business Administration (DBA). My dissertation focused on something very close to my heart: succession planning in multi-generational family farms. As a farm kid turned researcher, I wanted to understand not just the numbers and legal documents, but the stories, emotions, faith, and tough decisions that shape how farms are passed from one generation to the next. To do this, I interviewed Century Farm families across the Midwest (Minnesota, Wisconsin, and Iowa) and listened carefully as they shared their experiences, challenges, and hopes for the future.
From those conversations, several powerful themes emerged, patterns that showed up repeatedly, no matter the size of the farm or the specific family situation. These themes are:
- Communication and Family Dynamics
- Spiritual Foundation
- Decision to Keep the Farm in the Family / Historical and Generational Legacy
- Cultural Aspects of Farming Life
- Stress / Mental Health Awareness
- Financial Strategic Plan
I’ll walk through each of these themes. My goal is simple: to help families, whether you’re on a farm, grew up on one, or just care about rural life, better understand what makes farm succession so complex and so meaningful. I hope these insights spark conversations at your own kitchen table, help you feel less alone in the process, and encourage you to see your land, your story, and your legacy as something worth talking about, planning for, and protecting.
Theme #1: Communication and Family Dynamics
On family farms, especially Century Farms, communication is the thread that holds everything together during succession planning. When parents and children talk openly about their hopes, worries, and expectations, it becomes much easier to make decisions about who will take over, what their roles will be, and how the farm will be managed. Families in my study shared that honest conversations about goals, responsibilities, and inheritance helped reduce misunderstandings and hard feelings between siblings and across generations. Whether it’s a kitchen-table talk or a more formal meeting, making time to talk keeps everyone rowing in the same direction.
At the same time, the stories show that communication hasn’t always been easy. Older generations sometimes avoided talking about money, retirement, or “what happens when I’m gone,” which created stress and confusion later. The younger generation is working hard to change that pattern by involving children earlier in decisions, encouraging questions, and making room for younger voices in day-to-day operations. While not every family has a perfect plan or a clear backup if something happens unexpectedly, those who keep talking, about both the business and the emotions that come with it, are better able to protect both their relationships and their farm’s future.
Theme #2: Spiritual Foundation
For many farm families, faith is not just a private belief, it is part of their daily life and decision-making. In my interviews, most participants described a strong spiritual foundation in their homes, often visible in religious symbols, art, or sayings that reminded them of God’s presence. They shared stories of praying through hard times, such as droughts or financial stress, and relying on their faith to find strength, purpose, and perspective. For them, spirituality helped them cope with uncertainty and made them feel that they were part of something bigger than themselves.
This spiritual grounding also shaped how families approached succession. Many felt a deep sense of calling to care for their land and to be good stewards of what previous generations had built. Faith influenced how they treated one another, how they handled conflict, and how they viewed sacrifice and service. Instead of seeing the farm only as a business, they saw it as a gift and a responsibility. In that way, spirituality became a stabilizing force in times of change, guiding decisions and helping family members support one another through the ups and downs of passing the farm to the next generation.
Theme #3: Decision to Keep the Farm in the Family / Historical and Generational Legacy
A strong desire to keep the farm in the family was at the heart of every story. Many families described their farms as living symbols of their history, land cleared by grandparents or great-grandparents, barns built by hand, and fields named after relatives. This sense of legacy fuels a powerful commitment: they don’t want to be the generation that “drops the ball” or loses what earlier generations worked so hard to create. For some, the successor is clear and has been involved since childhood; for others, the next generation is still deciding whether to come back to the farm. In every case, the question of “Who will carry this on?” is deeply emotional.
Succession decisions also bring up issues of fairness and responsibility. Often, one child is more involved in the farm, while others pursue careers elsewhere. Families are trying to balance recognizing the hard work of the on-farm heir with treating off-farm siblings fairly in inheritance. Many are using tools like trusts, contracts for deed, and written plans to sort out land, equipment, and financial arrangements. At the same time, they are passing down knowledge, both practical farming skills and financial know-how, so the successor can manage the business wisely. Their stories show that preserving a farm legacy involves more than just keeping the land; it also means passing on values, stories, and a shared sense of purpose.
Theme #4: Cultural Aspects of Farming Life
Farming is more than an occupation; it is a way of life that shapes family culture, routines, and identity. Families described a culture of hard work, shared responsibilities, and learning by doing. Younger generations often grow up riding along in tractors, helping with chores, and absorbing the rhythm of the seasons. As they grow older, they take on more responsibility, making decisions, managing equipment, or handling finances. This culture also includes a strong emphasis on family harmony, getting along with siblings, respecting elders, and keeping family relationships strong even when business decisions are hard.
At the same time, farm life today is changing rapidly. Families are adjusting to new technology, more complex ag regulations, and greater financial pressure. Many talked about the importance of building support networks beyond the farm gate, working with neighbors, joining farm organizations, collaborating with advisors, and seeking help from ag educators, ag influencers (social media), or farmer groups. Housing and distance can also shape farm culture, especially when successors live off-site and must balance travel, family needs, and farm responsibilities. Through all these changes, one cultural constant remains: a deep sense of responsibility to care for the land, support one another, and adapt so the farm can survive and thrive in a modern world.
Theme #5: Stress / Mental Health Awareness
Farm succession is not just a financial or legal process, it is an emotional one, and many families talked openly about stress, worry, and mental health. The pressure to keep the farm going, make the right decisions, and not “be the one who loses it” can weigh heavily on both older and younger generations. Financial stress, health concerns, uncertain markets, and the sheer workload of farming all add to that burden. Some participants shared how they saw stress and anxiety affect their parents or grandparents and how earlier generations often bottled up their emotions rather than talk about them.
Today, more families are recognizing the importance of acknowledging stress and taking care of their mental health. Open communication, taking breaks, seeking advice, and finding trusted friends or peer groups (4-H, Farmers Union, etc.) to talk to were all mentioned as vital supports. Parents noted that children can sense when adults are stressed, and they want to model healthier ways of coping. While not every family uses formal counseling, many are slowly breaking the old taboo around talking about stress. By naming the emotional side of succession, fear, grief, doubt, and hope, they are taking important steps to protect both their family relationships and their long-term ability to manage the farm.
Theme #6: Financial Strategic Plan
Behind every successful farm transition is a thoughtful financial plan. Families in the study emphasized the importance of understanding the farm’s numbers: debt levels, land values, cash flow, cost of equipment, health care, and retirement. Many have used tools such as trusts, contracts for deed, life insurance, and long-term estate plans to protect the farm from being sold under pressure, for example, to pay nursing home costs or other large expenses. A clear financial strategy can help the next generation step into ownership without being crushed by debt or surprise obligations.
At the same time, families are facing hard realities: rising expense costs, uncertain markets, and the need to modernize operations to stay competitive. Some are focusing on paying down debt, diversifying income, or adding off-farm jobs for health insurance and stability. Others are planning gradual transitions, where the older generation maintains some control and income while slowly turning over decision-making and ownership to their children. Financial planning is not just about preserving assets; it is also about making sure the farm can remain a viable, livable business for the next generation. When families combine honest conversations, professional advice, and a long-term view, they are better positioned to keep both their land and their legacy intact.
Suggested citation: Thompson, R. L. (2026, January). Foundational Themes in Succession: A Researcher’s Perspective. Purdue Institute for Family Business 2026 Newsletter, (1).
Published: February 2026