One thing we all should keep in mind is the percentage of family businesses that survive the second generation leadership is in the 30% range, and the number that survive the third generation is in the single digits. That is ALL businesses, not just farms. Lots of reasons for that, not merely the education level of the following generations. Whether you own furniture stores, car washes or milk cows, it's rare to last 50 years in business. Farms might actually do better than the average length, since most first-gen farmers work so much longer on average. Our local BTO is being run by there third gen now, younger than I am. I think they are doing well, but don't see the books, either. Different than Grampa did, for sure.
As for Boerson Farms here in Michigan, they are being sued for $150M in loans per DTN and others. They snapped up the whole Stamp Farms acreage at auction when the Stamp family got caught cooking the books, etc. Looks like some of their assets may shake loose again, not enough AMWAY money to keep going after all.
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Today's Featured Article - Harry Ferguson - The Man & The Machine Harry Ferguson was christened Henry George but every one called him Harry. Harry was born in a small Irish town called Growell in County Down about 16 miles from Belfast. Harry Ferguson led a varied and colorful childhood causing mischief where ever he could. He showed mechanical aptitude at a very early stage in life and showed no inclination towards
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