Make succession a success

By

Community

November 19, 2019 - 9:48 AM

Kansas rural business owners, farm and ranch families continually look at best options for feasibility and profitability by attending educational meetings, trying out new practices, assessing risks and talking with their neighbor or consultant. They make numerous decisions from day to day that will affect the operation both now and in the future. The holiday season is a good time to initiate those conversations with family and close friends.

Future sustainability of our local communities also depends on whether the family owned business has planned for succession. The average age of U.S. producers continues to rise and families will need to explore options for the transitional feasibility of current and future operators. Succession planning is a step-by-step process where families work together to develop a plan to incorporate the next owner and pass on knowledge and resources that will sustain the operation.

It can be challenging and difficult to begin developing a succession plan and find guidance moving forward. This is where a succession planning facilitator plays a key role.

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