Episode 239: The Great Farm Wealth Transfer with Mike Downey

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Episode 239: The Great Farm Wealth Transfer with Mike Downey

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

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* Disclaimer - As always, this information is not intended to provide business or medical advice. To ensure that your own circumstances have been properly considered and that action is taken based on the latest information available, you should obtain professional advice from qualified business or medical professionals before acting on any of the information in this post.
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Show Resources

Connect with Mike:
nextgenag.us (Company)
farmraisedcapital.com (Company)
https://www.nextgenag.us/contact/ (Personal)

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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

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Show Guest

Mike Downey



Mike was born and raised on his family farm in west-central Illinois, near Roseville. He received his ag degree from the University of Illinois and has been working with farmers, landowners and their respected advisors for the last 25 years. He began his career as a land professional in the farm management and real estate industry, and in 2018 joined Steve Bohr as an associate of Farm Financial Strategies working specifically with family farm transitions and estate planning. In 2024, he joined Uncommon Farms to serve as a Farm Business Coach and farm transition consultant to its farmer members. Mike writes a blog called More than Dirt for Farm Futures on anything related to family farm and farmland transitions. He and his wife also co-founded Farm Raised Capital, a platform for like-minded individuals from the ag community who wish to learn, grow, and diversify in alternative off-farm real estate investments.

Connect with Mike Downey: Facebook /  X  / LinkedIn / Email

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The Impact Farming Show

Welcome to Impact Farming, Farm Marketer's video and audio show dedicated to helping Canadian farmers excel in the business of farming. Our goal with this show is to introduce our audience to the people and ideas that are going to make an IMPACT on their farming operation. 

Show Host - Tracy Brunet
CEO of Farm Marketer 

Tracy and her husband are cattle ranchers in South East, Manitoba. As host of the show, primary producer and agvocate, Tracy is passionate about helping farmers succeed in the business of farming. 

In each episode, Tracy chats with today's most successful farm advisors and industry leaders to bring our audience the best and most important ideas. 

Connect with Tracy Brunet - Twitter / Facebook / Instagram / Linked in

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