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Survey: Iowa farmers dream of preserving legacy, struggle to find clear successors
Commodities - MAY 9, 2024

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Survey: Iowa farmers dream of preserving legacy, struggle to find clear successors

by Released

Bank Iowa has released findings from its annual survey of Iowa farmers. The Bank Iowa Ag Index tracks sentiment on various issues, from the ag economy to plans for individual farms.

Although farm values are soaring, most owners aren’t planning to sell. Ninety-nine percent said they won’t sell in the next one to two years, even though four in ten receive at least one offer a year.

About 92 percent consider their farm a family business, and 79 percent plan to transfer ownership within the family. However, of the farmers who have worked longer than expected, 44 percent attribute it to a lack of a clear successor or interest from the younger generation.

And 26 percent of farmers employ workers. The biggest workforce challenges are “finding qualified people” and “cost,” both cited by 27 percent, while “general labor availability” was the third most common concern.

The use of technology to replace labor is increasing. Some 63 percent of farmers

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