1. Home
2. Conferences
3. 2013 Extension Risk Management Education National Conference

Estate Planning: the Second Generation’s Perspective

Chris Bruynis and David Marrison

Summary

Generational transfer of the farm business often fails for a multitude of reasons. The leadership for transfer typically rests with the older generation but the younger generation possesses the greatest risk. Twenty-three young farmers participated in a Young Farmer Valentine’s Dinner where transition planning was the focus of the evening. These young farm couples were sponsored by local agribusinesses and agricultural banks in partnership with Ohio State University Extension. Participants responded to a retrospective pre/post survey using a six point Likert scale ranging from; 1 - strongly disagree to 6 – strongly agree. Reported knowledge gained for each area measured was: I understand all five business planning areas (2.2), I understand the importance of setting expectations between key business partners (1.5), I understand the importance of family business meetings (1.3), I understand the importance of planning for unexpected events (1.4), and I am familiar with resources on transition planning (2.1). When asked the most important information gained from participating in the event respondents indicated the need to start the transition process early, improving family communications, and setting accountable expectations for the transition process. Participants also identified six month goals of getting their transition plan in writing, engaging the entire family in the transition plan discussion, and researching different business structures, such as LLC’s, and how they can facilitate the transition plan. Follow-up information has been periodically mailed to the participants as a reminder to continue working on their transition plan.

Details

---