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 - A Brief History of Tractors in Australia - by Bob Kavanagh. After Captain Cook's exploration of the east coast in 1770 the British Government decided to establish a penal colony in Australia. The first fleet arrived in 1788 and consisted mainly of convicts who were poorly equipped and new little of farming techniques. The colony remained far from self-supporting and it was not until the early 1800's that things started to improve. Free settlers started to arrive, they followed the explorers across the mountains and where land was suitable set up farms. T
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