Farmer/Rancher Generational Transition Workshop April 21 in Whitman and April 22 in Ainsworth
Family-owned operations make up 98% of U. S. agriculture. Transitioning the ranch from one generation to the next, or even from one operator to another can be complicated. Research from Oklahoma State University1 evaluated the probability of success for various agricultural transition plans. Family-owned businesses successfully transferred from the first generation to the second generation 30% of the time. However, success rates declined in subsequent generations. The research also found the most common transition was dividing assets equally among family members, but this method had the lowest probability of success.
Nebraska Extension and Nebraska Grazing Lands Coalition will host Generational Transition Workshops Thursday, April 21 near Whitman and Friday, April 22 in Ainsworth. The April 21 program will run from 10:00 am to 2:30 p.m. MT at the University of Nebraska Gudmundsen Sandhills Laboratory. The April 22 program will begin at 10:00 a.m. CT and conclude by 2:30 p.m. CT at the Ainsworth Community Building on Highway 20. Cost is $20 and lunch will be provided. Please RSVP no later than Friday, April 15 by calling either the Central Sandhills Area Extension Office at 308-645-2267 or the BKR Extension Office at 402-387-2213. Reservations can also be made online at nebraskagrazinglands.org.
Attorney Pam Olsen of Pamela Epp Olsen Law, based in Western Nebraska will present on topics related to succession and transition including inheritance laws, legal structure of operations, and flow of benefits to on-operation and off-operation beneficiaries. Additionally, area producers who have experienced transitions will discuss what worked and what did not work for their operations and families. The program will also feature time for questions with both Olsen and the producer panel. Nebraska Grazing Lands Coalition will also provide access to accountability resources and additional support through the planning and development process after the program. This workshop is designed for producers in any stage of the transition planning process.
1Reed, Garret, J. 2017. Assessing the Rate of Success of Alternative Farm Transition Strategies. Oklahoma State University. Master’s Thesis