Keeping the Farm Business in the Family: Examining Succession Planning among Small and Medium-sized Farm and Non-Farm Family Businesses in the Midwestern United States- Maria Marshall and Renee Wiatt

We hypothesized that the influence of factors including owner, business, and family characteristics will differ based on the primary purpose of the business. The results show that farm businesses are more likely to be kept within the family in the next generation. Based on this finding, we carry out an industry-specific analysis by dividing the sample into farm and non-farm businesses. The results show that when farms are perceived to be successful, they are more likely to be kept within the family, suggesting a desire to keep the family legacy going. With non-farm businesses, however, the increased profit result suggests that most non-family businesses seek ownership interest from outside the family to be able to manage the expansion

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    1:00 pm - 3:00 pm
    Room(s): Atrium