THREE CREEK, IDAHO (RFD NEWS) — With more than 300 million acres of agricultural land expected to change hands over the next two decades, succession planning is becoming an increasingly important topic for farm and ranch families.
Kim Brackett, president-elect of the National Cattlemen’s Beef Association (NCBA), joined us on Friday’s Market Day Report to discuss why having a succession plan is critical for both individual operations and the future of agriculture.
In her interview with RFD News, Brackett said succession planning can be a difficult conversation for families, but having those discussions before they become necessary helps reduce stress as well as protects the long-term continuity and profitability of the operation.
To help producers get started, NCBA has launched a new succession planning resource developed in partnership with the U.S. Department of Agriculture and the National Institute of Food and Agriculture. The free tool includes a learning module and workbook designed to help families begin discussing how they want to transition their farm or ranch to the next generation.
Brackett emphasized that there is no one-size-fits-all approach to succession planning. Instead, the workbook walks producers through key questions about their operation, allowing each family to develop a plan tailored to its specific goals for land, livestock, equipment and finances.
Looking ahead, Brackett said she hopes the new tool encourages families to begin succession conversations earlier and involve multiple generations in the planning process. She noted that with many U.S. farmland owners nearing retirement age, proactive planning will help keep agricultural land in production for future generations.
LEARN MORE: www.ncba.org/education-resources/industry-updates-resources
