Fenceline: May 24, 2012
by Jody G. Holthaus
Meadowlark Extension Agent
A farm or ranch business is more than only the farm assets. The farm business includes people, the assets and liabilities of the farm finances, the day-to-day operation, the marketing and purchasing as well as the labor, management and decision making aspects.
Owners of a farm business make either a conscious or an unconscious decision regarding whether or not to actively pursue a successor for their business. Many farmers do not consciously consider the question, “Do I want my farming or ranching business to continue after I am gone?”
They simply go on day after day, doing their work as best they know how. One day simply turns into the next which turns into a week, and then a month and eventually years go by. If a generational transfer of a farm or ranch business is to take place it usually takes effort and planning.
The extension agents in northeast Kansas have been working together to plan a workshop on Passing Down the Farm. The details are still being worked out, but I wanted to have you mark the date in your calendar. The session will be Saturday, Nov. 17, at the Northridge Church in Sabetha.
This regional meeting will have Dave Goeller, deputy director of the North Central Risk Management center for the University of Nebraska, as well as Shawn Robben, an attorney in Manhattan with Arthur Green. This full day workshop will get you on your way, preserving your farm and passing it on to the next generation.
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