Agricultural News
Part Two on Succession Planning with OSU's Shannon Ferrell - Don't Forget to Make Updates
Sun, 19 Jun 2016 22:21:41 CDT
Putting a solid plan in place to pass a farming operation on to the next generation can be a major undertaking for a family, but it's not enough. Shannon Ferrell, associate professor of ag economics at OSU, says it's important to also keep the plan updated over the years.
"Anytime you've added someone to the family tree or someone has left - whether that's birth, death, divorce, marriage - that's an important time to say hey the stakeholders have changed, let's go back and take a look at the plan," he says.
Ferrell says changes in the operation could also warrant updates to the succession plan.
"If we've added a new enterprise or a big, new piece of land or something significant has changed for the business, let's see how that fits in there," he says.
Even if nothing has changed within the family or business, Ferrell says it's still a good idea to look back at the plan every few years to make sure none of the tax issues or laws have changed that might have an impact on the plan.
Listen to Ferrell talk more about the considerations in succession planning during the latest Beef Buzz.
The Beef Buzz is a regular feature heard on radio stations around the region on the Radio Oklahoma Network and is a regular audio feature found on this website as well. Click on the LISTEN BAR below for today's show and check out our archives for older Beef Buzz shows covering the gamut of the beef cattle industry today.
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