The two main purposes of this paper are to identify critical success factors(CSFs) for high income farms/farm firms and investigate the explanatory power of these CSFs on the performance of farms/farm firms. Through a literature review, a list of 12 CSFs consisting of 33 items was complied. A survey was conducted for 200 farms/farm firms of which 119 responded. Survey results show that CSFs have highly significant explanatory power for the performance of farms/farm firms. While marketing and P.R., attracting customers, managing farms, and raising productivity are the most explanatory CSFs, sharing value and stability of managing are the least explanatory CSFs.