Farm Transition Plans
Moving a farm from one generation to the next is sometimes easier said than done. Making sure your family farm has a transition plan is a very important component. Oklahoma State University’s Dr. Shannon Ferrell talks about why it is important to have a transition plan in place for your farm or ranch.
Ferrell… “If we talk to farmers and ranchers almost invariably, what they're gonna tell us is most important to them is that they wanna keep their family together and they wanna keep their family farming. And ideally they probably wanna keep their farm together as well. If you don't have a plan, there are just too many forces working to pull those things apart. So I think really if your objective is to keep that farm operation together and hopefully keep your family together as well, you've really gotta be proactive about that.”
Ferrell says there are five steps to get your family started, but the most important thing to do is to just start.
Ferrell… “Just do one thing. And if you need help getting that started, it's simply just rounding up what you've got. Do a really good deep dive inventory on all of your assets, but also do a deep dive on your people. So who are involved with the operation, who is, has an economic connection to it, but who has an emotional connection to it as well? Just get the pieces of the puzzle together and you'll find as part of doing that, you're already starting to generate ideas about how those pieces might move over time.”
Ferrell said for families looking for help or resources should contact their local extension service agents who can connect you with your state’s specialist.