Building Strong Foundations: Family Farm Transition to the Next Generation

In this week’s episode of the Farm Family Harmony Podcast, I’m sitting down with Dr. David M. Kohl, Professor Emeritus of Agricultural Finance and Small Business Management, for a powerful conversation about financial wisdom for young farmers.

Dr. Kohl shares decades of experience from the field and the classroom, offering practical, no-nonsense advice on what it takes to build a strong, profitable farm business and a healthy transition plan.

In this episode, we cover:

✅ How to assess your farm’s true financial health (beyond what’s on paper).
✅ Why transparency between generations can make or break a transition.
✅ Smart strategies for managing debt, cash flow, and working capital.
✅ How to build credibility and trust with lenders.
✅ The power of goal-setting, mentorship, and behavioral discipline in long-term success.

Whether you’re a young farmer stepping into leadership or a founder hoping to set the next generation up for success, this conversation will equip you with practical tools, renewed focus, and hope for the future of agriculture.

👉 TUNE IN HERE - https://elainefroese.com/2025/10/28/b...

Timestamps
0:00:00 – Highlights
0:06:20 - Discussion on farm succession
0:07:10 - Resource assessment for family business transition
0:08:35 - Importance of understanding true profitability through accrual adjustments
0:13:04 - Advice on debt servicing and working with lenders
0:16:39 - Land buying strategies for young farmers
0:20:09 - Importance of goal setting and using a facilitator
0:23:56 - Skill assessment and developing mini business plans
0:25:57 - Warren Buffett's advice on behavioral success
0:30:15 - Discussing family living arrangements and budgets
0:34:48 - The five key points for successful farm transition

Thanks for listening!

#familyfarmtransition #nextgenerationfarming #farm #agriculture #podcast