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Building for the Successful Transition of Your Agricultural Business Workshops and Resources

Donald Breece

Summary

This presentation will share information about the 2007 “Building for the Successful Transition of Your Agricultural Business” workshops, developed by OSU Extension Educators and Specialists. With funding from a North Central Risk Management Education Center Grant, an Extension bulletin, “Transferring Your Farm Business to the Next Generation” was revised and a series of fact sheets were developed for distribution as written publications and on the OSU Extension Web site, www.ohioline.osu.edu. Also developed were teaching materials, in-class exercises, and participant notebooks. Educators offered follow-up assistance to help farm families develop a transition (succession) plan for their business.

The presentation will describe how the two day workshops were developed, furthermore samples of the curriculum and resource materials will be shown. The Ohio workshops were 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. Communications between generations was a major focus. Participants also learned about business organization structures and strategies, how to treat on-farm and off farm heirs, how to 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.

Details

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