Content and image courtesy of NDSU Extension

 

Many North Dakota farmers and ranchers know that when they retire, they want their business to stay in the family, but they aren’t sure how to make that happen.

They aren’t alone. Studies indicate that while 88% of farm families hope to pass the farm on to the next generation, only 30% of farms survive the second generation, 12% survive the third generation and 3% survive the fourth generation.

To reverse that trend, North Dakota State University Extension is offering “Design Your Succession Plan” educational programs at a number of sites across the state this winter. This program is designed to assist farm and ranch families in getting started on their succession plan and help them shape the future ownership of their business.

During the multisession program, participants will:

• Get started on a succession plan using a workbook
• Open lines of communication in the family to create a shared vision for the family business that extends into the next generation
• Learn how to be prepared to work with professionals to develop a succession plan and documents that put the family’s vision into action

The locations, dates, starting times and contacts for the sessions are:

• Fessenden, KTL Meeting Room – Jan. 28 and 30 and Feb. 3 at 5:30 p.m.; Lindsay Maddock, 701-547-3341, lindsay.maddock@ndsu.edu
• Beach, Beach Community Center – Jan. 29 and Feb. 3 and 5 at 5:30 p.m.; Ashley Ueckert, 701-872-4332, ashley.ueckert@ndsu.edu
• Jamestown, Farmers Union state office – Jan. 16 and 23 at 5 p.m.; Alicia Harstad, 701-252-9030, alicia.harstad@ndsu.edu
• Mandan, Farm Credit Services of Mandan – Jan. 17, 24 and 28 at 6:30 p.m.; Renae Gress, 701-667-3340, renae.gress@ndsu.edu
• Williston, Broadway Commons Veterans Conference Room – Jan. 21 and 28 at 1 p.m.; Katalin Quale, 701-577-4595, katalin.quale@ndsu.edu
• McClusky, McClusky City Hall – March 10, 12 and 17 at 5:30 p.m.; Nicole Wardner, 701-363-2242, nicole.wardner@ndsu.edu

The program is open to families interested in shaping the future ownership of their farm or ranch, whether that’s transferring the business to the next generation or determining how to divide the farm or ranch assets.

“Succession planning is a critical need for North Dakota producers,” says NDSU Extension personal and family finance specialist Carrie Johnson, who leads the effort to deliver the program statewide. “Not having a succession plan for the family farm or ranch business may have real impacts on not only the business but also the families involved.”

Visit https://www.ag.ndsu.edu/succession for more information about the Design Your Succession Plan program.