Recognizing the educational needs of small businesses and farm and ranch families, North Dakota State University Extension will offer Design Your Succession Plan workshops this fall and winter.

The curriculum includes information developed specifically for those considering a transition away from full-time work as well as information for the next generation of farmers, ranchers and small business owners.

“Preparing the next generation to weather this uncertain environment is an important part of these potential retirements and is important to the legacy of the farm, ranch or business,” says Andrea Bowman, NDSU Extension program coordinator for leadership and civic engagement.

Design Your Succession Plan for Small Businesses will be offered virtually. The workshop consists of three one-hour sessions held on Oct. 30, Nov. 6 and Nov. 13 from 6 to 7 p.m. CDT.

Design Your Succession Plan for Farms and Ranches will take place in several locations across the state. Locations and dates are:

• Willow City, North Dakota – Nov. 1, 8, 15
• Medina, North Dakota – Nov. 1, 8
• Carrington, North Dakota – Dec. 5, 7, 12
• Underwood, North Dakota – Feb. 1, 6, 8

Design Your Succession Plan workshops help farm and ranch families and business owners think about what they want for their business, explore the options and consider the consequences of each option before making any decisions. Some may wish to transfer a viable business to the next generation. Others may wish to divide the assets and want to determine an acceptable way to do that.

“Very often, the two or more generations already are working together but have not yet taken the steps toward succession planning,” says Bryon Parman, NDSU Extension agricultural finance specialist. “It is often one of those things all parties know they should be doing, but they just haven’t gotten around to it. Many do not know where or how to start.”

“Family farms and ranches are the family legacy,” he adds. “Design Your Succession Plan workshops give the owner and the identified successor generation an opportunity to begin shaping the future ownership of the family farm or ranch.”

Discussions about the future can be difficult conversations. Workshop participants learn how to start and sustain those discussions and get started on developing a succession plan. They also learn about choosing and preparing to work with legal and financial professionals who will help make sure the plan is workable.

Bowman and Parman say that those who begin the succession planning process during the workshops and continue it at home can cut costs because they are well-prepared to meet and work efficiently and effectively with legal and financial professionals.

During the workshops, Extension agents will engage with participants through various discussions and learning activities.

Visit ndsu.ag/succession-plan for more information and to register.

NDSU Agriculture Communication – Sept. 26, 2023

Contact: Adriana Drusini, 701-231-1856, adriana.drusini@ndsu.edu

Source: Bryon Parman, 701-231-8248, bryon.parman@ndsu.edu

Source: Andrea Bowman, 701-523-6239, andrea.bowman@ndsu.edu  

Editor: Elizabeth Cronin, 701-231-7881, elizabeth.cronin@ndsu.edu