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Farming is not just a job; it's an identity, a legacy, and often, a way of life that stretches over generations. But what happens when the weight of debt forces a family farm to face liquidation? For my husband and me, 2024 was the year we tackled this heart-wrenching challenge head-on. It was a year filled with pain, growth, and lessons we never imagined we'd have to learn. I want to share this personal story with you, along with some key insights that might help if you're navigating similar struggles.
Liquidating a Four-Generation Farm
The year began with a decision no farmer wants to make— to liquidate my husband’s four-generation family farm. Watching the equipment, once symbols of hard work and tradition, being cleaned for the last time and lined up for auction was gut-wrenching. Failure hung heavy in the air, and with it, the weight of letting down the generations before us.
During this process, we also sold the remaining beef cows, holding on only to our family milk cow and her calf. When the final trailer pulled out of the yard, I broke. Those cows symbolized hopes and dreams that were now replaced by piles of debt we had to figure out how to pay off.
The liquidation process wasn’t quick—it was a grueling, emotionally draining road. And it led us to enter farm bankruptcy to settle the remaining debt. Working with auction companies, bankers, and attorneys was a roller coaster of delays, miscommunication, and stress, but each step taught us valuable lessons.
5 Hard Lessons From Liquidating a Farm
Whether you're facing farm liquidation, transitioning in your farming venture, or simply in the trenches of running your agricultural business, these lessons might resonate with you and offer some guidance.
1. Everything Will Take Longer Than You Expect
Liquidation is not a quick process. Initial timelines often turn out to be overly optimistic. If you think it will take a few months, it will likely take double—or even quadruple—that time, especially if attorneys get involved. Prepare for the long haul and give yourself grace during the process.
2. Over-Communicate Every Step of the Way
Communication is key. Stay connected with everyone involved—auction companies, bankers, attorneys—and follow up frequently. If someone isn’t delivering as expected, don’t hesitate to reach out. We eventually hired a second auction company after realizing the first wasn’t moving the sales forward. Your farm depends on your ability to push conversations forward.
3. Start Small and Focused
You can’t launch multiple ventures at once and expect them all to succeed—this was a hard-learned truth for us. The ambition of managing several operations was overwhelming and, ultimately, what caused both to fail. Pick one business focus, ensure it becomes stable and profitable, and then move on to the next goal when you’re ready.
4. Fully Close One Chapter Before Fully Launching Another
Splitting focus between liquidating and launching something new is incredibly draining. Your time and energy are finite, and closure becomes critical. Wrap up the previous chapter completely; only then can you dedicate your best to building something new.
5. Step Away to Reflect and Plan
Sometimes you can’t think clearly in the middle of the chaos. Take a step back to reassess what worked, what didn’t, and what needs to change. Setting aside time to plan intentionally can give you the clarity and confidence to move forward with purpose. If we had taken the time to do this in the beginning, our story would have looked much different.
Navigating the Loss of Farming Identity
Stepping away from farming wasn’t just a career shift for us—it felt like a loss of identity. Farming was in our blood, our conversations, and our daily lives. Without it, I started to wonder—who am I now?
For a while, I struggled to find a label. I was still raising food for my family, but no longer on a large scale. Did that make me a homesteader? Was I a farmer without a farm?
Eventually, I came across a definition that brought clarity and peace to my mind:
- A homesteader grows food for their own family.
- A farmer grows food for others.
Simple. No size requirements. Just purpose. And I realized—I can be both. I grow for my family now, and one day, I hope to grow for others again. Stepping out of farming is not giving up; it’s taking a break, realigning goals, and refocusing our “why.”
Holding Onto Hope amid Change
Liquidating a farm is deeply painful, and it might feel like the end of everything you've built and dreamed of. But I want you to know—it’s not the end. It’s a season, and seasons, as farmers know, always change.
This year taught me that the land might stop producing for a while, but we don’t have to. Farming is about resilience, adaptability, and hope. Even as we face debt and doubts, we also see potential.
To my fellow agricultural entrepreneurs, farm wives, and those fighting to save their legacies—you’re not alone. Whether you're downsizing, pivoting, or rebuilding, there is still growth ahead. And I hope some part of our story helps you in whatever season you’re in.
We’ll be back in the farming world someday. Until then, I’m focusing on what we can do—raising my family, tending to what’s in front of me, and preparing for what’s next.
If you're navigating farming challenges, remember there's strength in your story—just as there is in ours. Let's continue to cultivate hope and persevere together.
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