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The Farm Business Transfer Process

Transferring the business to a young person is a dynamic process. The process begins when the younger party comes into the business and ends when the older party leaves the business. More than one type of business arrangement may be used during the transfer process. It may begin with the young person receiving a wage and end when he/she rents the farm from the older party. Any specific business agreement should be considered as a transitional arrangement that may be as short as one year or as long as a decade or more, depending on the length of the transfer process.