Producers and landowners may be putting off transition given the constricting ag economy. However, according to farm financial analyst, Duane Hund, there’s no time like the present to plan for succession, “Now is as good a time as any to sit down with your family and examine what you want for the future. Human resources and the knowledge and skills they bring to tough situations, may be just what you need to make the operation endure.” In his work around the state, Hund sees many producers looking for an exit plan or figuring out ways to phase in the next generation so the operation can support multiple owners. “Establishing a plan now and revisiting it during the years to come can make all the difference in preserving the legacy your family worked hard to build.”
With the average age of farm owners on the rise, K-State Research and Extension and Kansas Agricultural Mediation Services (KAMS) continues to address the need for succession education and resources to help families generate viable succession plans. In winter 2017, they will host intensive workshops to address areas important to the succession planning process, including how to manage a transfer when farm incomes are low.
“We really want to see families open up these conversations and take the opportunity to work together on their plan. Our workshops will provide activities and resource persons to help guide them through the process,” said Char Henton of KAMS.
Workshop topics will include: general succession planning considerations, family communications and team building, transfer of assets and management and succession planning during tight economic conditions. KAMS continues to offer succession planning tools through facilitation services and an educational website, ksre.k-state.edu/kams/succession.
Current and future owners are encouraged to attend the workshop series together. An evening meal will be provided before each session begins. The dates include:
| Ford County – Dodge City (Mondays – 6-9 pm) |
Douglas County – Lawrence (Thursdays – 6-9 pm) |
| January 23 – Succession Planning Overview | January 26 – Succession Planning Overview |
| February 13 – Team Building and Communications | February 16 – Team Building and Communications |
| February 20 – Transferring Assets | February 23 – Transferring Assets |
| February 27 – Transferring Management | March 2 – Transferring Management |
| March 6 – Succession Planning During Challenging Market Conditions | March 9 – Succession Planning During Challenging Market Conditions |
The workshops were made possible by a grant from the North Central Extension Risk Management Education Center and the United States Department of Agriculture National Institute of Food and Agriculture. More information can be found by visiting ksre.k-state.edu/kams/succession or calling 800-321-3276.