In this episode, I sit down with Dr. David M. Kohl, Professor Emeritus of Agricultural Finance and Small Business Management, for a conversation about what it really takes for young farmers to build strong, lasting farm businesses.
We discuss why transition is not just a handoff but a transformative process that requires transparency, honest financial assessments, and the courage to face tough realities head-on.
Dr. Kohl explains why starting with a clear resource assessment matters, how cash flow planning shapes long-term success, and why written goals act as a compass when the road gets messy.
This episode offers young farmers, founders, and successors alike practical wisdom, fresh perspective, and encouragement to move from uncertainty to clarity — and to see transition not as a burden, but as an opportunity to strengthen both the farm and the family behind it.
“Transition management can be regenerative or it can be destructive. One of the things that makes it very destructive is no transparency in the financials.” – Dr. David M. Kohl
Elaine Froese Resources & Links
- SPEAKING – book Elaine for your next event
- COACHING – find your Farm Transition Coach
- MEMBERSHIP – Join the Farm Family Harmony Membership waitlist
- RESOURCES – download for FREE
- CONTACT – take the next steps in your transition
About Our Guest
Dr. Dave Kohl is an academic Hall of Famer in the College of Agriculture at Virginia Tech, Blacksburg, VA. Dr. Kohl has keen insight into the agriculture industry gained through extensive travel, research, and involvement in ag businesses.
He has traveled over 10 million miles, conducted more than 7,000 presentations, and published more than 2,500 articles in his career. Dr. Kohl’s wisdom and engagement with all levels of the industry provide a unique perspective into future trends.
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Timestamps
[0:04:40] – Discussion on farm succession
[0:05:30] – Resource assessment for family business transition
[0:06:55] – Importance of understanding true profitability through accrual adjustments
[0:11:24] – Advice on debt servicing and working with lenders
[0:14:59] – Land buying strategies for young farmers
[0:18:29] – Importance of goal setting and using a facilitator
[0:22:16] – Skill assessment and developing mini business plans
[0:24:17] – Warren Buffett’s advice on behavioral success
[0:28:35] – Discussing family living arrangements and budgets
[0:33:08] – The five key points for successful farm transition
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