The Great Farm Wealth Transfer with Mike Downey | Episode 239 |

Tracy speaks to Mike Downey about "The Great Farm Wealth Transfer " in this week's episode. Baby boomers currently hold half of our nation's $140 trillion in wealth. It is estimated millennials will hold 5 times as much wealth by 2030. A record amount of wealth will transfer in the next 10 to 15 years. This has been coined the "Great Wealth Transfer." In this episode, Tracy speaks to Mike Downey about all things farm transition planning: Mike shares his thoughts on the "Great Wealth Transfer and what this means for agriculture. So, what's keeping farmers from creating a transition plan to bring in the next generation? Mike shares external and internal barriers that cause farmers to get stuck. Tracy asks Mike "what do you feel is the biggest threat to the family farm?" Mike answers. Mike shares some of the most common mistakes he sees farmers making around transition planning strategy. Who are the ones typically calling him to initiate transition planning? Founders or Gen. 2? The answer likely won't surprise you. Tracy gives Mike a fictional family scenario and asks him to walk us through his planning process. He touches on many common concerns that both founders and gen. 2 have. You won't want to miss this. Mike wraps the episode up with some words of encouragement for farmers in the audience who feel stuck in transition planning. Is transition planning on the horizon for your farm? If so, you won't want to miss this episode. Thanks for tuning in friends, Tracy *********** SHOW RESOURCES Connect with Mike: nextgenag.us (Company) farmraisedcapital.com (Company) https://www.nextgenag.us/contact/ (Personal)   *********** Thank You to our Show Sponsor Here at The Impact Farming Show, our goal is to bring our audience the people and ideas that will IMPACT their farming operation. We couldn't do it without the continued support of our sponsors that are committed to supporting our show and our shared vision of helping farmers succeed. Please take a moment to check out this week's show sponsor: BrettYoung Canada's Largest Independent Seed Company - Learn More Here *********** SIGN UP If you enjoyed this episode, don't forget to sign up as an Insider so that you are first to know about all-new Impact Farming episodes, Expert Corner Segments, fantastic contests, and new promotions https://www.farmmarketer.com/impact_farming_show/sign-up