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Responding to Farm and Family Business Planning and Transition Planning Needs in Oklahoma and Kansas

Damona Doye

Summary

Discussions among farm management specialists reveal a noticeable increase in interest in the subject matter topics of business planning and transition planning broadly defined. Given the rural demographics, and the increasing average scale of commercial farms, ranches, and rural businesses interest in a more structured approach to planning is likely to grow over the foreseeable future. In this presentation, we summarize applied research and Extension efforts in Oklahoma and Kansas that address farm and family business planning and transition planning. Both Oklahoma State University and Kansas State University have devoted significant attention to farm business planning and/or farm transition planning in recent years. Numerous publications and decision aids have been developed (available on respective web sites, for example), and Extension programs have been developed and delivered. Examples from Oklahoma in recent years include the “Time for Change on the Family Farm” program and the “Managing For Success in Oklahoma Agriculture” program. Recent examples from Kansas include the “Positioning Your Business for the Future: Developing a Strategic Business Plan” and “Managing Successful Family Businesses” workshops. A recent multi-state programming initiative (“Keeping the Family Farming”) draws upon expertise from both states to jointly develop and deliver a workshop series. The program covers the broad spectrum of family business transition issues including communication, strategic visioning and goal setting, financial evaluation and planning, legal entity selection, retirement planning, and estate planning.

Details

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