Addressing the educational needs of small businesses and farm and ranch families, North Dakota State University Extension has scheduled Design Your Succession Plan workshops for the upcoming fall and winter seasons. These workshops aim to facilitate conversations and planning around transitioning away from full-time work and preparing the next generation for uncertain environments.
Andrea Bowman, NDSU Extension program coordinator for leadership and civic engagement, emphasizes the significance of preparing the next generation and preserving the legacy of a farm, ranch, or business through workshops like "Design Your Succession Plan," which allow owners and identified successors to shape future ownership.
Workshops are differentiated for small businesses and for farms and ranches, with the former being offered virtually on Oct. 30, Nov. 6, and Nov. 13, and the latter taking place across several locations in North Dakota on various dates.
Participants will delve into discussions about the future, explore different options, and consider each consequence before making any decisions. They’ll learn how to initiate and sustain discussions on developing a succession plan and choosing and preparing to work with legal and financial professionals.
Bowman and Parman point out that starting the succession planning process during the workshops can lead to cost savings as participants become well-prepared to work efficiently with professionals.
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Categories: North Dakota, Business, Education