Family Succession Planning

Finding the time to talk to your family about succession planning may be difficult. Farmers, ranchers and rural business owners may also be uncomfortable with the thought of ending their involvement with the farming business and selling or handing over control to family members. Making the time to develop a solid transition plan for your farming business may ensure that your family’s wishes are met, and emotional stress is minimized.

K-State Research & Extension, in cooperation with Community National Bank will offer a one-day conference designed to introduce succession planning and bring awareness to local resources to support families as they prepare for the future of the enterprise. On Thursday, February 20^th at the Bowlus Fine Arts Center in Iola, KS we will discuss topics related to family communication, financial and legal considerations and have a panel discussion from those who have successfully navigated succession.

The transfer of ownership, management and leadership from one generation to another is an important issue for farms, ranches and rural communities across Kansas. All who are involved with a family agricultural operation are encouraged to attend. Cost is only $5, and includes lunch. Registration details can be found by visiting the Southwind Extension District webpage and following the link at www.southwind.ksu.edu .

Future sustainability of the farm or ranch depends on whether the family has planned for succession. The average age of U.S. producers continues to rise and families need to explore options for the transitional feasibility of current and future operators. Succession planning is a step-by-step process where families work together to develop a plan to incorporate the next owner and pass on knowledge and resources that will sustain the operation.

Farm and ranch families may be uncertain of how to begin developing a succession plan and need guidance moving forward. K-State Research & Extension can help the family identify strengths, barriers and opportunities as they pass the farm business on to the next generation. Facilitators will guide participants to resources and individuals who can help them find the information they need to develop an effective succession plan.

Families often do not know where to start with succession. KSU Specialists and local leaders will provide you with a step by step source to guide you in the process and answer your questions.

For further details, please call the Southwind Extension District at 620-365-2242.