New resource helps farming families transition to next generation

CENTENNIAL, Colo. — Succession planning is one of the most important conversations farming and ranching families need to have, but those dialogues are often hard to navigate or never even get started.

While it is a difficult subject to bring up, the time to plan is now.

The National Cattlemen’s Beef Association is launching a new resource to help start the discussion. The online learning module guides families through the steps of transition and helps them create a succession plan unique to their operation.

“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,” said NCBA President Gene Copenhaver.

“I hope resources like this make it easier for cattle producers across the country to secure the future of their farms and ranches.”

Professor Shannon Ferrell with Oklahoma State University specializes in estate planning and has spoken to thousands of producers on this topic.

He emphasizes the importance of planning to secure business continuity and reduce stress when a family member passes.

“You owe it to your loved ones to have the courage to tackle this challenge by creating a succession plan,” he said. “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,” he added.

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.

This Succession Planning Learning Module is a starting place for cattlemen and women to initiate the necessary steps to pass on ownership and continue a hard-earned legacy.

The learning module, which includes a workbook, is available for free by creating an account at tinyurl.com/Cattle-Learning-Center.