October’s Profit Planner panel was asked: I’m 40-something and raise natural beef on 400 acres of owned/leased ground. Also work part time in town. No next generation is in sight. Got any advice on what to consider if a merger opportunity comes up with a larger neighbor?

Panelist Glenn Rogers of Essex Junction, Vt., comes at this question from a different angle — as a seasoned farm owner, consultant and former Extension farm management specialist at University of Vermont.

It's always good to maintain good business relationships with others. You never know when or if an opportunity of some sort will become available. While you may not have a next generation in sight, it doesn't mean one doesn't exist with a neighbor, someone down the road or even across the country. It never hurts to seek opportunities from both near and far.

However, you should also prioritize your thoughts, needs and wishes. Selling, leasing or forming a partnership isn’t something to just do. These are big steps. You need plenty of planning time to bring those steps to fruition.

Make certain you understand the strengths and weaknesses of the farm and business — as an outsider would see them. Also assess your own strengths and weaknesses, goals, visions and needs. That’s essential for making the right decision.

What other alternatives exist?
Do some thinking about alternatives besides natural beef. Others, for instance, may have different views for land uses — straight crops, from vegetables to corn and beans, or maybe a new crop such as hops.

That may not fit your vision. Thus, a sale or straight lease may be warranted.

On the other hand, that neighbor may be interested in a dairy replacement heifer raising facility/operation. That might suit your vision, and an arrangement for working together may be viable.

Your question doesn’t say whether you’re looking to continue with the part-time work in town, go full time in town or go to full-time farming. While you mention 400 acres of owned and leased land, what’s the own/lease ratio? How efficiently is that property being used?

A highly efficient operation with great crops has a greater opportunity for partnership/transition than an inefficient operation with pastures and facilities that need lots of work. As usual, the devil is in the details.

So, talk with a trusted adviser at length about the property, your vision and viable options that might fit your desires. That trusted adviser may be your local university Extension agent, your banker, a neighbor, a colleague or a family member. Be sure those advisers don’t have a vested interest in the property, but do have an interest in your future.

Put your goals on paper or peck them out on a computer. Then frame and work toward them. Just remember that life has a way of leading us on a winding path.

For the rest of the panel’s advice, see Merge natural beef biz with a larger farm or grow on my own?