Farm/Ranch Transfer Workshop Scheduled For Williston

Almost all farms and ranches in North Dakota are owned and operated by individual family units. It is the dream of most to pass the business to the next generation but this can be a complex task. Some of the challenges include assessments of financial impacts and tax consequences. For some choosing the successor or successors who are best suited to continue the business and dreadful decisions are often ignored. Thus the development of a transition plan for the farm or ranch ends up on a road of perpetual procrastination.

To help ease the task of developing a transition plan for the farm or ranch the North Dakota State University Extension Service has scheduled a series of workshops at 12 locations across the state on the following dates: November 29, December 6 and 13. A workshop is scheduled to be held in Williston at the Research and Extension located on the west side of town. Each of the three sessions will start at 6:15 and adjourn by 9:30 CT.

The sessions will have a combination of presentations via the North Dakota Interactive Video Network (IVN) and from local experts at each location. The IVN presenter for the first session will be John Baker, Beginning Farm Center of Iowa State University. He will discuss the advantages of having an estate (transfer) plan, who should be involved, what materials you will need and the importance of communication among family members.

Session two will address farm succession planning along with tax and economic consequences of asset transfer strategies. The IVN presenter will be Andy Zenk, agricultural consultant, Ag County/Farm Credit Services.

Farm business arrangements, including the pros and cons of different types of business organizations for farmers and ranchers in North Dakota, will be the major topic of session three. The IVN presenter will be Judith Howard, an attorney from Minot.

Their sessions are designed to address the unique transfer issues of farms and ranches. The recent spike in land values emphasizes the need for transitional planning.

The early bird registration fee is $55 for individuals and $15 each for spouses or business associates (up to two additional) if postmarked by November 19. After that date, individual registration will increase to $75. Registration forms, as well as online registration, are available at http://www.ag.ndsu.edu/anniesproject. Click on Farm/Ranch Transition Planning, then Transition Planning Registration For at the bottom of the page.

Feel free to contact this office (701-577-4595) should you have questions about the workshop scheduled in Williston.

Wheat Show Featured Speaker Announced

This is also a good opportunity to report that the Wheat Show Board of Directors and Planning Committee have been able to schedule Jolene Brown as a featured speaker. Jolene is an award winning communicator who has specialized in helping farm families develop plans that transfer farms and ranches from one generation to another. Her presentations help families take conversations to contracts, assumptions to clarification, complaints to celebrations, and prevents fights on the way to the funeral home.

Jolene is scheduled to speak to our Wheat show audience on Tuesday, February 5th. You can get a glimpse of Jolene’s presentations from her popular book, “Sometimes You Need More Than a 2x4”.