Transitioning The Ranch: How to Figure Out What This Might Look Like

When you begin discussions on what transitioning your ranch might look like, the U.S. Roundtable for Sustainable Beef recommends you and your children answer each of these questions to help better shape your planning decisions and the future of your operation. 

Questions to Ask Parents:  

1. What is the most important non-financial outcome you would like to achieve with an estate plan?  

2. How likely would your current lender be to continue to lend money if the current owners pass away? 

3. How have you (or will you) pass knowledge on to the next generation?  

4. What do you see as your involvement in five, 10, 20 years? 

Questions to Ask Children:  

1. Where do you see yourself in five, 10, 20 years? 

2. Where do you see the farm/ranch in five, 10, 20 years? 

3. How do you want to be involved?  

4. What is your comfort level of having to personally guarantee the debt of the ranch? 

5. If you had to share the ranch with a non-operating sibling, how would you feel? 

6. What does it mean to you to be a member of this family? 

In this video, Elaine Froese, farm family coach and transition expert, talks about family dynamics and drama on the Off-Farm Income YouTube channel.