// succession planning //

Passing The Ranch On: How to Figure Out What a Transition Might Look Like 

When you begin discussions on what transitioning your ranch might look like, you and your children should answer these questions to help shape your planning decisions and the future of your operation.
Tags: Article

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?  
  1. How likely would your current lender be to continue to lend money if the current owners pass away? 
  1. How have you (or will you) pass knowledge on to the next generation?  
  1. What do you see as your involvement in 5, 10, 20 years? 

Questions to Ask Children:  

  1. Where do you see yourself in 5, 10, 20 years? 
  1. Where do you see the farm/ranch in 5, 10, 20 years? 
  1. How do you want to be involved?  
  1. What is your comfort level of having to personally guarantee the debt of the ranch? 
  1. If you had to share the ranch with a non-operating sibling, how would you feel? 
  1. What does it mean to you to be a member of this family? 

.

Tailored Advice From Experts

Would you like more information on Trust in Beef topics from the experts?

Additional Resources

Watch NCBA Environmental Stewardship Award Program (ESAP) winner profiles. See how the beef industry showcases its stewardship, conservation and business practices that work together on farms and ranches.

Blair Brothers Angus Ranch – South Dakota

Gracie Creek – Nebraska

Beatty Canyon Ranch – Colorado

JY Ferry & Son, Inc. – Utah

How would you rate this article?

(1) Poor — (5) Excellent

How would you rate this article?
This field is for validation purposes and should be left unchanged.

We appreciate your feedback!