Agricultural Economics Department


Date of this Version



Cornhusker Economics (October 9, 2013)


Published by University of Nebraska–Lincoln Extension, Institute of Agriculture & Natural Resources, Department of Agricultural Economics. Copyright © [2013] Board of Regents, University of Nebraska.


Farm and Ranch transition planning can be described as a process that involves three equally indispensable parts:

Estate planning, which involves transition of the business’ assets.

Retirement planning, which involves transition of the business’ labor and management.

Business Transition/Succession planning process, which involves a comprehensive long-term business plan and an in depth outline of the timing regarding the transition of each part of the farming business.

An attempt to transition a business without adequate coordination of all three parts will likely result in a plan t hat will struggle to succeed.