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Planning for Farm and Ranch Succession

Janel Koons, Forrest Buhler, Char Henton, and Gregg Hadley

Summary

The transfer of ownership, management and leadership from one generation to another is a risk management concern for farms, ranches and rural communities across Kansas. Succession effects the financial (asset management, business and strategic planning, and financial records and analysis), legal (contracts and leases as well as personal and business liability) and human (health, stress and wellbeing, interpersonal, family and business relationships and transition and estate planning) aspects of a farm or ranch business.

During winter 2015 K-State Research and Extension and Kansas Agricultural Mediation Services developed programming and resources to address planning for succession. The team offered day-long conferences in five locations around Kansas, developed a comprehensive succession planning web site with multiple formats for learning about succession planning and trained over 25 facilitators to go out and meet with families and guide them in the development of a viable plan. These offerings centered on five subject areas important to creating a successful plan: succession basics, communication and family dynamics, finances, legal and transfer of management.

Overall, nearly 300 individuals were provided an overview of succession planning along with the resources available to them in Kansas. Families in attendance are continuing to contact Kansas Agricultural Mediation Services for support with transition matters. K-State Research and Extension professionals have also recognized a continuing need for education and practical approaches towards succession planning and are holding their own programming during winter 2016. Producers and educators continue to utilize the resources pulled together by the creation of the succession planning website (ksre.k-state.edu/kams/succession).

Details

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