published: Tuesday, October 22, 2019
This workbook, developed for the "Farm/Ranch Transition When You Aren't in Control" workshops, has a written script for families wishing to communicate about the transition, tips on how to communicate effectively, and information on legal and financial considerations. Developed by Nebraska Extension.
published: Friday, October 4, 2019
Time is a scare commodity- especially for farmers and ranchers. Are you too busy to finish your estate and transition plan? What happens if your family’s farming or ranching operation is unable to transfer to the next generation?
Now is the time to start your transition! A meeting will be held to help families navigate the common landmines including legal, financial, and communication issues on Thursday, November 21st at Hartington, Nebraska.
Several respected Nebraska farmers and ranchers have agreed to share their experiences with generational transition. Learn from this panel of producers, who have experienced transitions, each in their own way. The panel will discuss what worked and what did not work for their operations and families.
published: Wednesday, October 2, 2019
“The most unfair thing you can do to your children is to treat them all equally,” stated a farm/ranch transition expert.
The story of “the Little Red Hen” cames to my mind. The hen and her chick plant the seed, tend, harvest, grind, and bake the wheat into bread. Although the poultry clan ask other farm yard animals for help, the other animals refuse to participate. After smelling the hot crusty loaf, the other farm animals want to eat the bread they did not contribute to. Was it fair if the Little Red Hen chose to only share the bread with her chick? Was it fair? Was it equal?
published: Monday, September 23, 2019
Free legal and financial clinics are being offered for farmers and ranchers in October. The clinics are one-on-one meetings with an Ag Law Attorney and an Ag Financial counselor.
These are not group sessions, and they are confidential. The attorney and financial advisor specialize in legal and financial issues related to farming and ranching, including financial and business planning, transition planning, farm loan programs, debtor/creditor law, debt structure and cash flow, agricultural disaster programs, and other relevant matters.
To sign up for a clinic or for more information, call the Rural Response Hotline at 1-800-464-0258. Read more...
published: Tuesday, September 10, 2019
Unprecedented consolidation is on its way. According to an article in the Successful Farmer (May 2019), only “one out of every four or five commercial operators today” will be farming in the future. “They (mega-operators) (will be) CEO farmers.”
But this generation has the ability to change this forecast? How?
published: Tuesday, September 3, 2019
Here is an opportunity to obtain an independent, outside perspective on issues that may be affecting your farm or ranch. Free legal and financial clinics are being offered for farmers and ranchers. The clinics are one-on-one meetings with an Ag Law Attorney and an Ag Financial counselor.
These are not group sessions, but individual sessions. And confidential! The attorney and financial advisor specialize in legal and financial issues related to farming and ranching, including financial and business planning, transition planning, farm loan programs, debtor/creditor law, debt structure and cash flow, agricultural disaster programs, and other relevant matters. Read the full article for September locations and dates.
published: Monday, September 2, 2019
The Nebraska Grazing Lands Coalition (NGLC) wants to assist farm and ranch families with the often daunting task of transitioning their family farm or ranch.
Follow this link for resources.
published: Tuesday, August 27, 2019
A buy-sell agreement can be a useful legal tool when planning your ranch transition. This agreement addresses what happens when one or more of the owners dies, retires, becomes incapacitated or wants out of the business. Benefits may extend beyond the business and into family relationships.
What is a buy-sell agreement? Can a buy-sell agreement benefit your farm or ranch transition plan?
published: Monday, August 19, 2019
When physical jobs become a burden, ranchers may look to add the next generation to the operation. Their enthusiastic energy is welcomed and needed to keep the ranch up and running.
However, are these young folks being compensated for “their sweat” when it is “your equity”?
Do you think the homeowners flipping houses would invest their time and labor for free into someone else’s home? No, I think not. Why do we expect our returning ranchers to invest their labor for free (or almost free) on the ranch?
published: Monday, August 12, 2019
Jolene Brown, family business consultant, says there are two kinds of family farms. The family-first business and the business-first family. Below is a summary of Brown’s articles on the two types.
Family-First Business: Bases decisions on emotions or what family members want to. Majority of the times, these decisions leads to problems, first within the family, then in the business.
Business-First Family: Decisions are grounded upon a mutual mission, written goals, legal documents, and quality communication. Family is honored and the business has the family’s best interest at heart.
“Remember when we put the business first because we care about the family. If we do the business well, we are more productive and more profitable and everyone more happy,” states Brown.
Find a generational transition meeting near you and let us help you ensure a successful ranching future!