Succession Planning

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Design Your Succession Plan 2021 Virtual Workshop

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Program Impact

The Situation
Farm and ranch transition is a critical need for North Dakota producers. Surveys completed by commodity groups, producers and financial institutions place a high priority on meeting the need for educational programs addressing farm and ranch succession planning which encompasses business, retirement, transition and estate planning. Our state’s farmers and ranchers now average 56 years of age, and many are looking toward retirement and transitioning their business.

Why Is This Important to North Dakota?
96% of all farms in ND are family farms. 12,411 out of 41,904 producers are over the age of 65. With the average farm/ranch being 1,492, that is approximately 18.5 million acres that are likely to be transferred in the next 10 years or so. Land value is approximately $1,947 per acre in ND (values depend greatly on location). Using these averages and projections, we are assuming about $36 billion in farm land value will be transferred in the next 10 years in North Dakota.

Extension Response
Design Your Succession Plan, led by NDSU Extension, emphasizes the need to start a succession plan, communicate with family, and be prepared to work with professionals to create a customized succession plan that secures the farm/ranch legacy. Since the program was created in 2014, 579 participants have attended.

Participant Feedback

This program was the tool I needed to get my husband/son on board with how important it is to start planning now!”

“Excellent program. You get the tools needed to get a solid start on a succession plan. Well worth the time!”

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