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What are the Implications of Farm Diversification for Farm Transition

02-Jan-2021 |  Asked by: Pavan

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To reduce risk and maximize income, farmers are encouraged to simultaneously grow and diversify their operations. Farms can grow through expanding the land base, intensifying production and revenue on the existing land base, or a combination of the two. In land-constrained environments, families can also expand by diversifying their enterprise by incorporating new production and marketing systems of varying size and intensity to allow more family members to earn a living from the farm and accommodate different life-stages and abilities. As the business becomes more complex, and the number of individuals with specific skill-sets grows, the farm’s legal structure in combination with the strategies families has for managing internal conflicts have serious implications for the future of the enterprise. When it comes time to transition, how are different skills valued, for example, is one child’s knowledge about soil fertility and animal nutrition valued the same as another child’s knowledge about marketing

   08-Jan-2021 |   Answer by: Ram

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