Recognizing the needs of small businesses and farm and ranch families, NDSU Extension offers two different Design Your Succession Plan (DYSP) programs: one for small business and one for farm and ranch families. The program assists in beginning the process of creating a succession plan; defines the process, tools and terms used in succession; transition; estate and retirement planning.
“Preparing the next generation to weather uncertain environments is an important part of these potential retirements and local legacies,” said Carrie Johnson, NDSU Extension personal and family finance specialist.
“Those who begin the succession planning process during the DYSP 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,” said Johnson. “Attendees think about what they want, explore options and consider consequences before making decisions.”
“The program provides owners and the identified successor generation an opportunity to begin shaping future ownership,” said Andrea Bowman, NDSU Extension program coordinator, leadership and civic engagement. “Good communication is key to a successful succession plan.”
Discussions about the future can be difficult conversations. DYSP workshop participants learn how to start and sustain those discussions and begin 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.
“The businesses who participated in the program noted that the ability to communicate with other business owners who are also struggling with succession planning was a huge relief and resource to them,” said Jasmin Fosheim, Adams County Development Corporation/Hettinger Chamber of Commerce executive director. “One of the most important takeaways of the sessions was the realization that businesses don’t need a special course to be doing succession planning: it can begin today.”
FOR MORE INFORMATION:
Source: Andrea Bowman, 701-523-6239, firstname.lastname@example.org
Source: Carrie Johnson, 701-231-8593, email@example.com