By Ryan Duey
The Kansas State University Department of Agricultural Economics will be hosting a Conference to help farmers and ranchers plan for the transition of their farm to the next generation on March 8th at the Manhattan Convention Center in Manhattan starting at 9:00 AM. Ashlee Westerhold, director of the Office of Farm and Ranch Transition at K-State, said a 2012 study from the Harvard Business School found that 70% of family-owned businesses fail to transition to new owners successfully. She noted that 84.6% of Kansas farms are family-owned.
Westerhold added that of the businesses that fail to transition successfully, 60% are due to problems with communication and trust, and 25% are due to a lack of preparation for the next generation.
She notes the Farm Journal indicated that 80% of farmers surveyed plan to transfer control of their operation to the next generation, but only 20% were confident that their succession plan would achieve that goal. Registration costs $60 and must be received by March 1st. To register visit www.AgKansitions.org.
