Munich Personal RePEc Archive

The next generation of South Dakota producers, are the operations prepared for the transition of assets and management?

Gessner, Heather and Chowdhury, Niaz Murshed and Clary, Reid and Akinyemi, Abidemi and Moges, Michael and Quaye, Archibold (2014): The next generation of South Dakota producers, are the operations prepared for the transition of assets and management? Published in:

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Abstract

This study used primary survey data and we found there is still a need for educational programming about creating both of these plans and the importance of writing them down, communicating the plan to the family members and not leaving the decisions until after the death of the current generation. There was a level of consensus found between the reasons farm operations were not creating estate or transition plans in our survey of interested third party participants and the responses reported by Universities. The transfer of knowledge to the next generation about the management of the operation and allowing the next generation more management and decision making opportunities needs to be included in the transition planning process. The dynamics of each family involved in a farm operation having an estate plan and a transition plan in place can prevent problems at the death of the senior generation involved in the operation. The written plans will aid in a smooth transition to the next generation, in a manner that accomplishes the goals of the family.

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