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Succession Planning for Snow Birds and Home Bodies

Succession Planning for Snow Birds and Home Bodies

 

“I just haven’t gotten around to it, and I don’t really know where or how to start anyway.”  This comment is not at all uncommon when succession planning is the topic of conversation.

It may help to keep these three things in mind when it comes to succession planning:

* Starting succession planning doesn’t mean you are ready to hand over the business to the next generation right now. It just means you are planning for the future when you are ready.

* Not having a succession plan in the event of an untimely death or disability can create real hardship for the family and the farm/ranch business.

 * Having the four components of a succession plan in place is often a big relief to the owner generation and the next 
   generation.

NDSU Extension is offering a series of three Design Your Succession Plan (DYSP) workshops for farmers/ranchers virtually this year, making it easy for “home bodies” and “snowbirds” alike to participate. 

Online registration for the DYSP Workshop series is open until February 25 at https://www.ag.ndsu.edu/succession/design-your-succession-plan-1

DYSP workshop participants will learn where and how to start the succession planning process, and they will gain skills for having the essential conversations that are involved in succession planning.  When the owner and the identified successor generation participate together, they have an opportunity to begin shaping the future ownership of the family farm or ranch.

Families who work through the DYSP exercises will be well-prepared to meet and work efficiently and effectively with legal and financial professionals, which can save hundreds of dollars.

Participants will receive weekly emails with DYSP workbook assignments, links to videos, and links to the three virtual workshops (via Zoom) that are scheduled to be held during the evening on March 4, 11, and 18. 

More information about Design Your Succession Plan is available online at https://www.ag.ndsu.edu/succession/design-your-succession-plan-1

If you have any questions about the workshops or the registration process, contact me by calling 701-724-3355, or emailing cindy.klapperich@ndsu.edu.

Photo Source: https://pixabay.com/photos/ranch-sunset-farm-landscape-rural-2699080/ (downloaded 2/23/21)

 

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