East Central South Dakota | First the disclaimer stating I am pretty much a simpleton. I have very much enjoyed the discussion below on the methodology of economically patting yourself on the back with numbers and ratios. Boone no don't has forgotten more than I will ever know. This being said, outside of a thread by J.Rabbit that talked quality of life, no one even mentioned the value of generational farming, what it takes to develop generational thinking and the sacrifices each generation makes for the next in line. Do we want to turn assets into cash or do we use assets to guarantee your name stays in the community and your grandson will have an opportunity in agriculture? Almost every decision I make at age 64 includes the thought process of how it will affect the family farm and next generation. That thought process doesn't include thoughts of "how do I get more cash". The reason I don't think about "needing more cash" is because every generation before me put the family farm first. Because of this thought process there isn't really a need "for more". There is some clear evidence on here that a lot of people just don't think generationally. They like to complain about the multi-generational farm that is very large and hard to compete against---but they refuse to think generationally. The development of heirs coming home starts very early with 4-H and FFA and just positive talk around the house on how great it is to have a family farm. Today there isn't a farm under any business structure that wouldn't be better off by just selling out. Selling out would be the right business decision but a very poor life decision that would affect heirs not even born yet. The financial numbers and the methodology of the numbers is just a distraction. The joy in farming is doing what you love and knowing that hardly no one else in the world has that opportunity.
The hyperinflation of agricultural assets has made succession planning an absolute necessity if you want to stay relevant in the future. For you young guys out there with young kids, the process of generational farming starts today. We are in some tougher times right now but always try to say positive around your kids. Don't bring the negativity in the house. It always gets better and I guarantee you, today, those kids just want to farm with their dad and mom. Opportunity costs are totally irrelevant to the opportunities lost by not thinking generationally.
Edited by white shadow 4/18/2026 11:03
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opportunity cost or opportunities lost.....
