More than 80 percent of farm and ranch families hope to pass the family farm or ranch on to the next generation, but research shows only 30 percent of family farms and ranches survive to the second generation, and only 12 percent survive to the third generation. A successful transition takes planning.
To help North Dakota farm and ranch families start their succession planning process, the NDSU Extension Service has developed an interactive program, Design Your Succession Plan. This program will provide tools and resources for North Dakota producers who want to begin the succession planning process. Participants will have an opportunity to open the lines of communication with family to create a shared vision, and learn to choose and work with professionals such as attorneys, accountants, lenders, insurance agents and tax experts to construct a plan and documents that put the family's vision into action.
This new program will be piloted in six sites across the state this winter. The plan is to expand the number of sites offering the program in early spring.
"The program will prepare you to envision, communicate, plan, write and shape the legacy of your family farm or ranch business, as well as save hundreds of dollars by completing these crucial planning steps before visiting with professionals," says Lori Scharmer, NDSU Extension family economics specialist.
Sites offering the Design Your Succession Plan program this winter are:
- Carrington, Dec. 2, 4 and 10 - Contact: Joel Lemer, NDSU Extension agent, Foster County, 701-652-2581, email@example.com
- Ashley, Dec. 3 and 10 - Contact: Crystal Schaunaman, NDSU Extension agent, McIntosh County, 701-288-3465, firstname.lastname@example.org
- Beach, Dec. 4 and 11 - Contact: Ashley Ueckert, NDSU Extension agent, Golden Valley County, -701-872-4332, email@example.com
- Enderlin, Dec. 8 and 15 - Contact: Brian Zimprich, NDSU Extension agent, Ransom County, 701-683-6128, NDSU.Ransom.Extension@ndsu.edu
- Minot, Jan. 20 and 22, 2015 - Contact: Paige Brummund, NDSU Extension agent, Ward County, 701-857-6444, firstname.lastname@example.org
- Grand Forks, Jan. 20 and 27 and Feb. 3, 2015 - Contact: Willie Huot, NDSU Extension agent, Grand Forks County, 701-780-8229, email@example.com
The registration fee is $125 if your envelope is postmarked a week or more before the program and $150 if registering within a week of the program. The fee for a spouse who also plans to attend is $25. To register, contact the Extension agent noted for the location where you want to attend.
Contact your county NDSU Extension Service office for information on a workshop near you or visit http://www.ag.ndsu.edu/money for more information.
NDSU is recognized as one of the nation's top 108 public and private universities by the Carnegie Commission on Higher Education.