Official Newspaper of Eddy County since 1883
Official Newspaper of Eddy County since 1883
Recognizing the educational needs of farming and ranching families, NDSU Extension will offer Design Your Succession Plan (DYSP) workshops March 1, 2, and 10, 2022, starting at 5:30 p.m. to 9 p.m. (light supper included) at the Eddy County Extension Office. Please call (701) 947-2454 to register.
The curriculum includes information developed specifically for those considering transitioning away from full-time farming or ranching, as well as information for the next generation of farm/ranch owners. This year, we will also include curriculum for small business transition!
Preparing the next generation to weather this uncertain environment is an important part of these potential retirements, and important to the future farm/ranch legacy.
DYSP workshops help farm and ranch families think about what they want for their business, explore the options and consider the consequences of each option before making any decisions. Some may wish to transfer a viable business to the next generation. Others may wish to divide the farm or ranch assets and want to determine an acceptable way to do that.
Sometimes, the two or more generations are already working together, but have not yet taken the steps toward succession planning. It is often one of those things all parties know they should be doing, but they just haven't gotten around to it, or they don't know how or where to start.
Family discussions about the future of the family farm or small business can be difficult conversations. DYSP workshop participants learn how to start and sustain those discussions, and get started on developing a succession plan. They also learn about choosing, and preparing to work with legal and financial professionals who will help make sure the plan is workable.
Families who begin the succession planning process during the DYSP workshops and continue it at home can cut costs because they are well-prepared to meet and work efficiently and effectively with legal and financial professionals.
