How will your family farm or ranch business operate in the future when the owner retires or is gone? Are you currently working with another generation who may be questioning their role(s) in the future farm or ranch business, or are you yourself questioning your current role?
Design Your Succession Plan is an excellent 4-day, interactive curriculum recently developed by North Dakota State University (NDSU) Extension, and is available for NY farmers, initiated by Cornell Cooperative Extension of Schoharie and Otsego Counties (CCE) and the Schoharie County Office of Agricultural Development.
Participants are better able to open the lines of communications with family and farm partners to create a shared vision for the farm business, as well as to choose and work with professionals such as attorneys, accountants, lenders, insurance agents, and tax experts to build and implement a plan that reflects their shared vision.
With more than 80 percent of farm and ranch families (nationally) seeking to pass on the family farm on to the next generation, research shows only 30 percent of farms survive to the second generation, and only 12 percent survive to the third generation. A successful transition takes careful planning and the willingness to address what can be challenging, but not insurmountable issues. This program provides the tools and resources to begin a succession planning process.
"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," said Alicia Terry of the Schoharie County Office of Agricultural Development. The need is very real and timely, as we face the aging of our principal farm owners and operators. We hope many farms in our region are prepared to take advantage of this unique opportunity.
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Last updated May 8, 2020