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 (NCBA) 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. Earlier this year, Senior Farm and Ranch Broadcaster Ron Hays talked with Dr. Ferrell about his efforts with NCBA on developing learning materials- click here to listen to their visit.
“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,” said Professor Ferrell. “If you don’t plan now, you may end up leaving your family with a burden instead of a gift.”
Ferrell adds, “A failure to plan is a plan to fail.” He 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 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. While the conversations may be difficult, they are easier than not being prepared.
The Succession Planning Learning Module, which includes a workbook, is available for free by creating an account at https://cultivate.vivayic.com/?tenantid=8. For assistance, email help@cattlelearningcenter.org. This material is based upon work supported by USDA/NIFA under Award Number 2024-70027-42471.
Additional resources, including a Cattlemen’s College session recording, Cattlemen’s Webinar Series event, and recent Cattlemen’s Call podcast about this topic are also available.
