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NDSU Extension Offers Design Your Succession Plan Workshops to Help with Transitioning from Full-time Work

North Dakota State University Extension is providing valuable resources for individuals and families considering a transition away from full-time work. The Design Your Succession Plan workshops, offered this fall and winter, aim to assist both current and future farmers, ranchers, and small business owners in navigating this often challenging process.

The curriculum of these workshops covers essential information tailored to address the specific needs and concerns of those planning for retirement or a transition in their work. Moreover, the program also offers guidance to the next generation of farmers, ranchers, and small business owners, ensuring a smooth and successful transfer of assets and responsibilities.

Andrea Bowman, NDSU Extension program coordinator for leadership and civic engagement, emphasizes the importance of preparing the next generation to handle the uncertainties of the current business environment. This preparation is crucial not only for the individual retirees but also for ensuring the continuity and legacy of the farm, ranch, or business.

Virtual and In-person Options Available

The Design Your Succession Plan workshops are available in two formats: virtual and in-person. The virtual workshop, “Design Your Succession Plan for Small Businesses,” consists of three one-hour sessions held on October 30, November 6, and November 13, from 6 to 7 p.m. CDT.

For those preferring in-person sessions, the “Design Your Succession Plan for Farms and Ranches” workshop will be conducted at several locations across the state. The workshop dates and locations include:

• Willow City, North Dakota ÔÇô November 1, 8, 15
• Medina, North Dakota ÔÇô November 1, 8
• Carrington, North Dakota ÔÇô December 5, 7, 12
• Underwood, North Dakota ÔÇô February 1, 6, 8

These workshops serve as a valuable resource for farm and ranch families and business owners who wish to plan their succession strategy effectively. Participants have the opportunity to explore different options and evaluate the potential consequences of each decision before making any commitments.

Bryon Parman, NDSU Extension agricultural finance specialist, highlights the common situation where multiple generations are already working together but haven’t taken the necessary steps towards succession planning. With the assistance of the Design Your Succession Plan workshops, participants can kickstart the conversation and begin shaping the future ownership of the family farm, ranch, or business.

One of the challenges encountered in these discussions is knowing where and how to start the planning process. However, by attending these workshops, individuals and families gain the knowledge and understanding needed to initiate and sustain these essential conversations.

The workshops also provide guidance on engaging legal and financial professionals who specialize in succession planning. This ensures that participants are well-prepared to collaborate efficiently and effectively with these experts, ultimately saving costs in the long run.

The Design Your Succession Plan workshops facilitate meaningful discussions and offer various learning activities to actively engage participants. Extension agents play a crucial role in guiding attendees and providing valuable insights throughout the sessions.

AI legalese decoder: Simplifying Complex legal Language

Understanding and navigating legal jargon can often be a daunting task, especially when dealing with succession planning. However, with the assistance of the AI legalese decoder, individuals engaging in the Design Your Succession Plan workshops can gain a better understanding of the legal aspects involved.

The AI legalese decoder is a cutting-edge tool that utilizes artificial intelligence to analyze and interpret complex legal language. By inputting legal documents and contracts into the decoder, individuals can receive simplified explanations and summaries of the content, making it easier to comprehend and make informed decisions.

This tool can be particularly valuable when preparing to work with legal professionals and ensures that participants are able to actively engage in the planning process. By simplifying complex legal terminology, the AI legalese decoder empowers individuals and families to actively contribute to the development of their succession plan, fostering a more collaborative and effective approach.

To learn more about the Design Your Succession Plan workshops and to register, please visit ndsu.ag/succession-plan.

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