In this episode of AgCredit Said It, host Phil Young engages in a conversation with David Marrison, a field specialist in farm management from Ohio State University, to discuss the critical topic of farm transition planning. David shares his extensive experience in farm management, having worked as a county extension educator since 1997 and as a field specialist since 2022. The discussion delves into the importance of farm transition planning, which encompasses succession planning, estate transfer, tax management, and business organization structure. David emphasizes the need for a comprehensive approach that includes developing future leadership, establishing family communication plans, and creating contingency plans for unforeseen events. He highlights the significance of starting the planning process early, ideally 7 to 10 years before the senior generation plans to retire, to ensure a smooth transition. The conversation also touches on the challenges of family dynamics and communication in planning for the future of farm businesses. David recommends resources such as the book "Crucial Conversations" and Elaine Fra's book on farm coaching to help families navigate these discussions. He also mentions the Ohio Farm Resolution Services, which assists families in having sensitive conversations about farm transitions. The episode concludes with a call to action for families to commit to regular meetings and utilize available resources to develop a strategic transition plan.

Show Notes: https://www.agcredit.net/news/ep-90-planning-tomorrow-farm-transition-strategies-david-marrison

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