Proceedings

NPR – LABOUR FORCE OF THE FUTURE PRODUCER PERSPECTIVES IN STARTING THE FARM TRANSITION PROCESS

Ferrell, S., Fanning, J., Reed, G.


Abstract:
Research suggests the low rates of success in intergenerational transfers of family farms stem from inadequate estate planning, insufficient capitalization of farm businesses, and a failure to prepare the next generation properly for their new roles. Providing farmers the best possible chance of a successful transition of their operation to the next generation requires a process holistic in its approach to business succession and stakeholder communication. This perspective is the essence of the five step “transition planning” approach. However, many producers are intimidated by the challenges of transition planning and such fear may prevent them from even beginning the process. To address this concern, participants in a series of farm transition planning workshops participated in two exercises designed to elicit stakeholders’ perspectives of transition challenges and their goals in the first year of the transition planning process. The results of these exercises show that many farm stakeholders share a number of the same needs, wants, hopes, and fears, and that with some basic educational tools these producers can embrace the fundamentals of that process to form a sound start to their plan. These result suggest the barriers to effective transition planning may not be as formidable as many farmers fear.
Keywords: Succession, transition, planning, communication

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Author(s): Fanning, J., Ferrell, S., Reed, G.

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Organizations(s): Oklahoma State University