Field and Garden: Do you have a succession plan in place?

My mother-in-law moved into assisted living about ten years ago.

The move required significant downsizing. That’s never an easy task.

So many memories are associated with certain pieces of furniture and other household items. We want to keep those things in the family. The question is who will get them.

My wife, Melissa, and her three siblings discussed the situation in advance.

They decided that the oldest among them would get first choice and could choose one item. The second oldest would choose next, followed by the third oldest and then the fourth.

They would continue this way until all the items were distributed.

Sometimes we hear of disagreements among family members when dividing up “stuff.” But that wasn’t Melissa’s experience.

She and her siblings discovered that they were interested in quite different things. And they enjoyed reminiscing as the process continued to its end.

Looking back, I think that having a plan was one key to the success of the day. They had all agreed to the plan in advance. Knowing what to expect was a big help to everyone.

A good plan is key to success in many of our endeavors. Unfortunately, careful planning is something we often neglect or even avoid.

The average age of farmers and ranchers in North Dakota is 59 years. Yet on-line reports suggest that fewer than half of them have an up-to-date plan which outlines their hopes for the future of their operation.

There are several likely reasons for this. Some farmers and ranchers don’t plan to ever retire. Others may not want to give up control of their operation. And oftentimes, life is just too busy to do the work involved in making a plan.

My hunch is that most producers have a plan in mind; they just haven’t gotten around to putting it onto paper.

Some may never have shared their plans with family members. Those discussions are critical so that everyone is informed about the decision.

Getting started is often the most difficult part of the planning process.

That’s why my coworker, Donna Anderson, and I are offering “Design Your Succession Plan” later this month.

This program is for families who want to shape the future ownership of their family farm or ranch, whether that is transferring a viable business to the next generation or determining how to divide farm/ranch assets.

During three evening meetings, we will help the participants explore what they want for their operation, how to discuss their hopes with their family and how to get started creating a succession plan.

We’ll also give recommendations that will help the participants choose and prepare to work with professionals who will make the plan legal and viable.

The meetings will be held in New Rockford from 5:30 p.m. to 9:00 p.m. on Jan. 29 and Feb. 2 and 7.

The cost of this workshop is 125 dollars for the first family member and 50 dollars for each additional member. We strongly encourage family members to attend together.

For more information or to register, please contact the Eddy County Extension office (701-947-2454).