We stumbled across a really nice summary article titled Planning For Farm Business Transition/Succession written by Rodney Jones, Professor and Extension Specialist, from Kansas State University. This 19 page article was presented at the 2005 Agricultural Lenders Conference. Topics included in this article are: Assessing the Current Business Situation, Strategically Considering the Future, Vision & Mission Statements, Objective & Goals, Family Communication, Developing a Transition Plan, Business Structures, and Stages of Successions. You can access this article was presented at written byhttp://www.agmanager.info/farmmgt/planning/default.asp
Legal issues, tax laws, and personal differences between family members are some of the issues families must confront when deciding how to transfer the managerial and asset control of a family business. OSU Extension has written a nice introductory factsheet on succession planning located at http://ohioline.osu.edu/bst-fact/pdf/3607.pdf
Welcome to the OSU Extension Blog on Farm Succession. A team of OSU Extension faculty and staff are dedicated to helping farm families as their transition their family business to the next generation! We encourage you to blog your thoughts on your experiences in farm succession and share resources which can help families transition their business to the next generation! Happy Blogging!