NDSU Extension - Morton County

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January 6, 2020 Do You Need A Kick In The Pants?

Renae Gress, Extension Agent/Agriculture and Natural Resources

Dates to Remember:

  • January 14: BSC Ag Marketing Club-Martinson Ag, Bismarck
  • January 16: Farm and Ranch Youth Stress Workshop, Bismarck
  • January 17: Design Your Succession Plan-Session 1, Mandan
  • January 24: Design Your Succession Plan-Session 2, Mandan

Do You Need a Kick in the Pants?

We recently surveyed a group of farmers and ranchers and asked if they had worked on a succession plan for their business. One of the respondents said, “I think I need a kick in the pants!”  He is probably not alone.

Most farm and ranch owners know the importance of putting together a plan for the next generation. However, the vast majority of North Dakota farms and ranches do not have a succession plan in place. Why?

Some of the answers we have heard are following.

  • It’s too complicated
  • We don’t know where to start
  • We don’t know who to turn to for help
  • We fear it will create family conflict
  • We’re not sure what we really want for the future of our business
  • We don’t like to face our own mortality or our parent’s mortality
  • I’ve just been too busy with other things

Whatever your reason consider attending one of NDSU Extension’s Design Your Succession Plan (DYSP) workshops to help you get started. Many tools can be used to transfer business assets. Begin by knowing what you want to accomplish through the transfer. Is it to help a successor get started? Is it to generate funds for retirement? Is it to minimize taxes? Is it to provide for heirs? Most often, a combination of these tools is used in a transition plan.

Knowing where you want to go also means determining what getting there will take. Make a commitment to yourself and your family to start a succession plan for your farm or ranch this year. Having a succession plan in place can be a weight off your shoulders.

For more information on NDSU Extension’s Design Your Succession Plan workshops along with other information go to www.ag.ndsu.edu/succession. The DYSP workshop to be held in Mandan is scheduled for January 17, 24, and 28. Call 701-667-3340 to sign up. Don’t wait to make a commitment to the future of your farm/ranch and to the future of Morton County!

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