New Resource to Help Farm and Ranch Transition

The National Cattlemen's Beef Association is encouraging farm and ranch families to start succession planning before a crisis forces difficult decisions.  NCBA has launched a new online learning module designed to help producers begin conversations about transferring ownership and management to the next generation.

NCBA President Gene Copenhaver says succession planning isn't an easy topic, but it's essential for protecting a family's legacy.

“I’ve been through transition discussions with my kids, and I know it’s not comfortable. As a former ag lender, I’ve also seen my community struggle with these conversations,” Copenhaver said. “I hope resources like this make it easier for cattle producers across the country to secure the future of their farms and ranches.” 

Oklahoma State University professor Shannon Ferrell, an estate planning specialist, says every operation will eventually face a transition, making preparation critical. 

“You owe it to your loved ones to have the courage to tackle this challenge by creating a succession plan,” said Ferrell. “If you don’t plan now, you may end up leaving your family with a burden instead of a gift.  A failure to plan is a plan to fail.”

Ferrell helps producers understand that their operations will undergo a transition at some point, either when someone dies or at a time of their choosing, so it is best to be proactive and have a structure in place.

NCBA said their on-line resource walks producers through the succession planning process and helps families develop a plan tailored to their individual operation.

Click Here to check out NCBA's on-line module.

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