NDSU Extension - Stark & Billings County

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Farm/Ranch Succession Planning Workshop Set

Many North Dakota farmers and ranchers are approaching retirement age but aren’t sure how to transition their operation to the next generation, while beginning farmers and ranchers want to secure their future in agriculture.

In many cases, generations of farmers and ranchers are working together but have yet to take the needed steps toward succession planning.

To help all of them develop a plan, NDSU Extension is offering a three-part “Design Your Succession Plan Workshop” at Stark County Family & Ag Resource Campus, 2680 Empire Road, Door C on February 16, 18, and 23. The workshop begins at 5:30 p.m.

The workshop will help farm and ranch families explore what they want for their business, whether that is transferring a viable business to the next generation or deciding how to divide the farm or ranch assets. The workshop also gives the owner and identified successor generation an opportunity to begin shaping the future ownership of the family farm or ranch—the family legacy.

Participants also will learn how to discuss the succession issue with the family, get started on developing a succession plan, and how to choose and work with legal and financial professionals who will help ensure the plan is workable. By beginning the planning process at this workshop, and continuing it at home, families could save money by being more prepared to visit with professionals.

Cost to attend the workshop is $125/person ($50 for each additional family member). Fees
cover materials and supper each evening. Contact the Extension office at 701/456-7665 for more information or to register.

 

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