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N.D. (NewsDakota.com) Have you thought about what your family farm or ranch business will look like in the future –when you retire or after you are gone?

More than 80 percent of farm families hope to pass the family farm on to the next generation, but research shows only 30 percent of family farms/ranches survive to the second generation, and only 12 percent to the third generation.

Getting started and taking the first step is often the hardest. Begin by gathering information on the business’ assets, liabilities and financial statements. Next, open up the lines of communication in the family to create a shared vision for the family business extending into the next generation. Follow up by working with professionals to construct a plan and documents that put the family’s vision into action.

To help North Dakota farm/ranch families start their succession planning process, the NDSU Extension Service has developed a new interactive program, Design Your Succession Plan. This program will provide tools and resources for North Dakota producers who want to begin the succession planning process. The program will explore the four components of succession planning: planning your business, retirement, transition and estate.

Barnes County Extension Agent Randy Grueneich says you will be prepared to communicate, write, plan, vision and shape the legacy of your family farm/ranch business as well as save hundreds of dollars by completing these crucial planning steps before visiting with professionals.

The Design Your Succession Plan workshop will be held in Enderlin on December 8th and 15th. You must attend both sessions. Contact the Barnes County Extension office for more information at 845-8528 or visit www.ag.ndsu.edu/money for more information.