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

Author

Listed:
  • Gessner, Heather
  • Chowdhury, Niaz Murshed
  • Clary, Reid
  • Akinyemi, Abidemi
  • Moges, Michael
  • Quaye, Archibold

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.

Suggested Citation

  • Gessner, Heather & Chowdhury, Niaz Murshed & Clary, Reid & Akinyemi, Abidemi & Moges, Michael & Quaye, Archibold, 2014. "The next generation of South Dakota producers, are the operations prepared for the transition of assets and management?," MPRA Paper 90823, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:90823
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    References listed on IDEAS

    as
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    3. Mishra, Ashok K. & El-Osta, Hisham S. & Shaik, Saleem, 2010. "Succession Decisions in U.S. Family Farm Businesses," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 35(1), pages 1-20.
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    More about this item

    Keywords

    Transition; Next Generation; dynamics; Agriculture;
    All these keywords.

    JEL classification:

    • Q15 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Land Ownership and Tenure; Land Reform; Land Use; Irrigation; Agriculture and Environment
    • Q18 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Policy; Food Policy; Animal Welfare Policy

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