Generational Succession Planning
Thursday, February 23, 2021 Time: 1:00 pm Eastern
Uncertainty about the future transfer of family forest or rangeland enterprises is becoming more commonplace. Increasingly, family natural resource enterprises are struggling with plans for succession to the next generation – whether the next generation is within the family or simply the next owner.
The aging of current forest and rangeland owners, combined with changing opportunities and expectations of the next generation of landowners, has created an urgency for many families to seek creative strategies for succession of land ownership. For business operations, there may be a younger person involved in day-to-day operations, but family members that would typically inherit and take over the business are increasingly pursuing other career options. For recreational ownership, family members are geographically dispersed such that ownership isn’t desired. This lack of interest in forest and rangeland inheritance may lead to parcellation of land holdings and to a fracturing of rural and suburban communities. At the same time, land may go to new owners with less knowledge and experience in managing the land and little connection to the communities those lands historically served. This lack of familiarity with land management can have ecological and economic consequences that affect the land, community, and local government.
Even when there is interest in the family land from the next generation, there is a need for a well-thought-out succession plan that includes management and ownership issues. This process may take place over many years and require the cooperation of people representing various stakeholder groups or family members that have not cooperated at this level before. More information visit Global Rangelands Website.