Risky (farm) business: Perceptions of economic risk in farm succession and inheritance

Abstract

Highlights

• Generational renewal is high on the political agenda for agriculture, with young farmers linked to positive outcomes. • There are limited policy incentives for older farmers to consider engaging in the farm succession and inheritance process. • Farmers perceive risks and uncertainties regarding the transfer process, and thus avoid handing over to their successors. • Taxation, retirement income, long term care cost, and marital breakdown are motivations for farmers to retain ownership. • Financial incentives related to generational renewal must aim to alleviate the level of risk perceived by farmers.