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BUILDING FOR THE SUCCESSFUL TRANSITION OF YOUR AGRICULTURAL BUSINESS

David Marrison

Summary

This presentation will share information on the “Building for the Successful Transition of Your Agricultural Business” workshops developed and taught by Extension Educators in Ohio during 2007. OSU Extension Educators wrote and received a risk management grant from the North Central Risk Management Education Center in 2006 to develop teaching materials, in-class exercises, participant notebooks, and a two day workshop to help farm families develop a transition (succession) plan for their business.

The Educators will share how they worked together to develop resource and teaching materials for the two day workshop held in four locations across Ohio. The workshop was designed to help all members of the family business analyze the current status of the business, determine where the business is going, and plan for the future. Participants learned how responsibilities can be shared between generations and how the new generation of managers can be developed. The workshop session also challenged family members to honestly communicate with one another when planning for the future. Participants also learned about business organization structures and strategies, how to treat on-farm and off farm heirs, how to equitably transfer assets, how to plan for adequate retirement income, and how buy-sell agreements, trusts, and life insurance can be utilized in transition planning. Over 100 Ohio producers attended the regional workshops. The Educators will share results of the program evaluations and provide tips for others who desire to develop transition planning workshops for their clientele.

Details

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