In today’s beef buzz, senior farm and ranch broadcaster Ron Hays continues part two of his conversation from yesterday with Shannon Ferrell, Oklahoma State University, about the often-emotional process of ranch succession planning and why legacy should be viewed as a strength rather than a burden. Ferrell emphasized that multi-generation ranches are deeply connected to family history and identity, especially in the cattle business. “I think it’s really important for our ranchers to look at that heritage as a source of strength and not a burden,” Ferrell said.
Ferrell explained that while many producers take pride in carrying on a family operation, that same history can also weigh heavily during tough times. Reflecting on past farm crises, he noted that some operators felt overwhelmed by the fear of being the generation that might lose the ranch. “I saw lots of farmers and ranchers be almost crushed by that legacy,” he said, adding that mindset matters. Ferrell encouraged producers to recognize they are “standing on the shoulders of those previous generations,” and to use that perspective to move forward confidently.
A major shift in recent succession conversations, according to Ferrell, has come from increased certainty in federal tax policy. He said it has been refreshing to revisit estate tax discussions without unanswered questions. “We now know that, if we’re talking about the estate tax exemption at the federal level, we’ve got $15 million per individual or combined with your spouse, that’s $30 million, and we know that that has been made permanent law,” Ferrell said. That clarity, he added, has changed how many ranchers approach transition planning.
With fewer producers impacted by estate taxes under current law, Ferrell said families feel less pressure to let tax considerations drive every decision. He also noted that certainty around deductions and depreciation has reduced hesitation about upgrading equipment or transferring assets, making it easier for the next generation to modernize operations without fear of unexpected tax burdens.
When it comes to getting started, Ferrell acknowledged that succession planning can feel overwhelming, but warned against inaction. “If you don’t embrace the succession conversation, you’re choosing the worst outcome for your ranch,” he said. His advice is to begin simply by taking inventory of assets and people involved in the operation. That first step, Ferrell said, helps ranchers visualize the future and prepares them to work with attorneys and accountants. He also pointed producers to a ranch succession workbook (attached below), developed with the National Cattlemen’s Beef Association, available as a downloadable PDF to help guide those early conversations.
A full overview of this conversation can be found here. (includes Ferrell’s full presentation at CattleCon)
Coverage of CattleCon26 is powered by Farm Data Services of Stillwater, Oklahoma.
The Beef Buzz is a regular feature heard on radio stations around the region on the Radio Oklahoma Ag Network and is a regular audio feature found on this website as well. Click on the LISTEN BAR for today’s show and check out our archives for older Beef Buzz shows covering the gamut of the beef cattle industry today.
