Succession planning is a critical need for North Dakota farm and ranch families. Many families are working on a plan for how the family farm or ranch business will be passed on to the next generation, whether that is transferring a viable business to the next generation or determining how to divide farm/ranch assets among heirs.
The NDSU Extension Service has begun sending out weekly succession planning E-tips to share helpful resources and information for farm and ranch families working on a succession plan. The E-tips are sent out weekly by email, and anyone can subscribe to receive the educational tips at http://bit.ly/DYSPtips.
“Many families tell us ‘we know we need a succession plan, but we just don’t know where to start,’” says NDSU Extension family economics specialist Lori Scharmer. “We hope through these weekly E-tips we can share information about creating a succession plan, making it just a bit easier to begin that plan.”
The first step is often the hardest. Creating a succession plan takes time, effort, family communication and working with professionals.
“A farm or ranch family business is unique in many ways, making succession planning also unique and challenging,” says Marcia Hellandsaas, NDSU Extension Agent/McKenzie County.
“Often, the farm or ranch is more than a business; it is a family legacy, sometimes a business that has been in the family for generations,” she adds.
NDSU Extension also will be offering a series of Design Your Succession Plan workshops throughout the state. Find more information about the program and where the workshops will be held at http://www.ndsu.ag/succession.
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