Have you thought about what your family farm or ranch business will look like when you retire or after you are gone?
More than 80% of farm and ranch families hope to pass the family farm or ranch on to the next generation, bur research shows only 30% of family farms and ranches survive to the second generation, and only 12% survive to the third generation. A successful transition takes planning.
“Design Your Succession Plan” is a workshop specially written to help farm and ranch families get started on their succession plan.
This interactive series will be held on March 4, 11, and 18 at NDSU Extension/McKenzie County Office, 205 6th St. NW, Watford City. Classes will start at 5:30 p.m. CT and conclude by 8:30 p.m. CT. Participants are encouraged to attend all sessions.
Class participants will receive a workbook to help them prepare a vision for the future of their operation. They will also receive tools to help them improve communications with family. Choosing and working with professionals such as attorneys, accountants, lenders, insurance agents and tax experts during the succession planning process will also be included.
Please contact the NDSU Extension Service in McKenzie County at 701-444-3451 to receive more information or email [email protected]. You may also go to https://www.ag.ndsu.edu/succession. Registrations are taken at the NDSU Extension Office in McKenzie County.
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