NDSU Extension - Morton County

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November 4, 2019 Design Your Succession Plan

Renae Gress, Extension Agent/Agriculture and Natural Resources

Dates to Remember:

  • November 20 – South Central 4-H Volunteer Training-Wishek
  • November 21 - Private Applicators Pesticide Re-certification, call the office to register
  • November 25 – West 4-H Volunteer Training-Killdeer

Design Your Succession Plan
At what age do you want to retire?

Where do you want to live?

Will you continue to work part time?

How will you meet major medical expenses or long-term care expenses?

Do you want to leave financial assets to your children, friends, or charity?

All of these questions are important to consider when planning for retirement. Retiring as a farmer is a lot different than retiring as a business person. It is not just a business, it’s a family, a lifestyle, a legacy. Therefore, it is important to have a plan in place to insure your wants and needs are met.

In Morton County, the average age of a farmer is 54.7 years old. On average, these producers have about 10-15 working years left before retirement. A succession plan is not something that is created overnight, it can take 5, 10 or more years to create a flexible working plan. Succession planning is a continuous process that involves transferring knowledge, skills, labor, management, control and ownership between generations. It can provide producers with financial security, opportunity, clarity, vision and focus. Succession planning includes not only retirement planning, but also business planning, transition planning and estate planning.

To help get you started on planning for the future of your farm and family, NDSU Extension-Morton County will be offering a workshop titled, “Design Your Succession Plan,” in January 2020. For more information, please call the Morton County Extension Office at 667-3340.

Over the next several years, billions of dollars of agribusiness and farming assets will be transferred from one generation to the next in North Dakota. What are you doing to ensure those assets are protected?

 

 

 

 

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