Selling land or farms is even more difficult than selling cows. Whether you decide to keep your land, preserve it as a legacy or trust, or sell it outright is your business. Everyone should respect that. It can be a heart-wrenching decision but logic and the bottom line may factor into the decision. What happens when land that has an agricultural value of $2,500 per acre suddenly has a value of $25,000 per acre for development? An unbiased economist will tell you that is an easy decision. Sell it.
Yet we agonize over the decision. What would great-grandfather think? What will our neighbors think? What is the right thing to do? We’re between a “rock and a hard place” again.
The logical decision is to take the money and re-invest in less expensive farmland and/or secure your family’s financial future. If it is a matter of choosing between family and land, make the logical choice and move on. If you can afford to “tie up” the land for subsequent generations or preserve some “green space” from urban encroachment, that is a great and noble action.
In the end, only you and your family can decide what is best for your long-term well-being, and what reflects your own values. We are always concerned about being good stewards of the land and living our values. Just be true to those values but don’t let others influence you unduly. Remember “those that matter don’t mind and those that mind don’t matter”.
Source: Dr. Roy Burris, Beef Extension Specialist, University of Kentucky