Farm Business Succession Transition Tools and Tough Talks Dr. Shannon FerrellDr. Rodney Jones Oklahoma State University Department of Agricultural Economics.

Slides:

Advertisements

Similar presentations

Making a Success of Succession Planning using the Critical Path Method David W. Baker Farm Transition Specialist Photos.

Advertisements

IGrow.org Sustaining the Legacy: Estate Planning and Farm Transitions.

Farm Business Succession Planning John R. Baker Attorney at Law Beginning Farmer Center Photos by USDA NRCS.

Montana Uniform Transfers to Minors Act (UTMA) Custodial Accounts for Children Under 21 years of age Revised May 2012 MontGuide

Presented by: March 9, 2013 Succession Planning for Forest Land Owners 5555 Lakeview Drive, Suite 201 Kirkland, WA (425) |

Building for the Successful Transition of Your Agricultural Business EMPOWERMENT THROUGH EDUCATION David Marrison, Extension Educator, Ashtabula County.

Managing for Today and Tomorrow Succession, Business, Estate, and Retirement Planning for Farm and Ranch Women Managing for Today and Tomorrow Succession.

CONDUCTING A UVM EXTENSION FARM VIABILITY PROGRAM© IN VERMONT CONDUCTING A UVM EXTENSION FARM VIABILITY PROGRAM© IN VERMONT LeVitre, R.A. Director, UVM.

Managing for Today and Tomorrow Succession, Business, Estate, and Retirement Planning for Farm and Ranch Women Managing for Today and Tomorrow Estate Planning.

Copyright © University of Minnesota. All Rights Reserved Farm Transition & Estate Planning: Build Your Exit Strategy Gary A. Hachfeld, David Bau,

Succession Planning Overview

Farm Transition & Estate Planning Programming: Participant Behavioral Change, Cumulative Outcomes & Impacts Gary A. Hachfeld Extension Educator.

Census of Agriculture Resources Damona Doye Extension Economist and Regents Professor OSU Agricultural Economics Department Oklahoma.

The Impact of HIV and AIDS on Agriculture and Food Security in the SADC Region From Research to Action.

1 Copyright University of Minnesota. All Rights Reserved. Farmers’ Evaluations and Behavioral Changes Due to Attending Farm Transfer and Estate Planning.

Building for the Successful Transition of Your Agricultural Business- Workshops and Resources Donald J. Breece Farm Management Specialist Barry Ward, Leader,

Planning the Future of Your Farm: Connecting New Farmers with Farmland Owners (well, trying to) Andrew Branan, JD North Carolina Farm Transition Network,

New England Farm Transfer Workshops Michael Sciabarrasi Extension Professor, Agricultural Business Management University of New Hampshire Robert Parsons.

Steven L. Klose Associate Professor and Extension Economist Program Coordinator, FARM Assistance Department of Agricultural Economics Texas AgriLife Extension.

National Women in Agriculture Educators Conference Oklahoma City, OK April 1-2, 2008 Mary Sobba Ag Business Specialist, University of Missouri Extension.

Table 6.1 Share of Aggregate Income Received by Families by Each Income Quintile, 1929–2001 Income quintile Lowest

Steven L. Klose Financial And Risk Management Assistance Department of Agricultural Economics Texas Cooperative Extension The Texas A&M University System.

Succession Planning: How do I Train the Next General Manager?

Personal Financial Planning Webinar General Overview Diana Webb, PhD, LUTCF.

Are Federal Young and Beginning Farmer Loan Programs Hitting the Target? Dr. Ernest Bazen University of Tennessee Department of Agricultural Economics.

Farm Succession Research, Trends and Programs in Wisconsin Joy Kirkpatrick, Outreach Specialist UW Center for Dairy Profitability.

Owner Succession Planning Presenters: Scott A. Isdaner, CPA, JD Jim Hamlet, CPA, MT Isdaner & Company, LLC (610)

1 11 MSU Extension Estate Planning Publications Main Author: Marsha A. Goetting Ph.D., CFP ®, CFCS  Professor & Extension Family Economics Specialist.

Lessons Learned from Estate and Transition Planning Workshops 2015 Risk Management Education Conference April 29, 2015 Bloomington, Minnesota Jason Johnson.

Farm Transition & Estate Planning: Helping Ohio Families Face the Future Chris Bruynis, PhD Assistant Professor & Extension Educator David L. Marrison.

Time for a Change on the Family Farm Oklahoma State University National Extension Risk Management Conference March 26-27, 2003 J.C. Hobbs, Area Extension.

Beginning Farmer Center: FarmOn Program Westminster Fellowship Club Des Moines, IA Michael Duffy, Director October 27, 2009.

Managing for Today and Tomorrow Succession, Business, Estate, and Retirement Planning for Farm and Ranch Women Managing for Today and Tomorrow Introduction.

Legal Issues Affecting Farm Transitions IFMAPS In-service training - April 26, 2013 Dr. Shannon FerrellDr. Rodney Jones Oklahoma State University Department.

1 Copyright University of Minnesota. All Rights Reserved. Farmers’ Evaluations and Behavioral Changes Due to Attending Farm Transfer and Estate Planning.

Passing It On: An Estate Planning Resource for Farmers and Ranchers Cole Ehmke Extension Specialist Department of Agricultural and Applied Economics 17.

Using Trusts Farmland Ownership Agriculture’s Future…Manage it Today National Farm Business Management Conference Michael Duffy, Iowa State University.

Strategic Business Planning for Commercial Producers Succession Planning: How do I Train the Next General Manager?

Keeping a Farm a Farm SARE’s 20 th Anniversary New American Farm Conference.

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women Managing for Today and Tomorrow Succession.

BUSINESS DECISIONS Dave Goeller

Today’s Presenter: Mitch Vandiver Controlling Your Future through Succession Planning Passing the Torch without Getting Burned.

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women Managing for Tomorrow Succession Planning.

Dr. Shannon L. Ferrell Assistant Professor Oklahoma State University Department of Agricultural Economics Oil, Gas, Wind and Agriculture: Can’t We All.

Accelerating Economic Success August 10, Economic Success DEED’s mission is to: Support the economic success of individuals, businesses, and communities.

Transferring Your Estate You Bought It and Built It: Now What? Brett Crosby Custom Ag Solutions United States Department of Agriculture Risk Management.

Estate Transfer Issues You Built It - Now What Do You Do With It? John Mangus Custom Ag Solutions United States Department of Agriculture Risk Management.

Welcome to ANR at Noon, August 28, 2015 State of the Farm: Iowa Trends During the 2000s David J. Peters, Ph.D. Associate Professor of Sociology Extension.

Impact of New England Transfer the Farm Program Workshops Bob Parsons University of Vermont Mike Sciabarrasi University of Vermont Presented at the 2009.

What Should I Do? Jesse J. Richardson, Jr. Associate Professor Urban Affairs and Planning Virginia Tech Blacksburg, Virginia Farm.

1 Fifth Edition Fifth Edition Economics A Contemporary Introduction William A. McEachern Income Distribution and Poverty Fifth Edition Fifth Edition Economics.

Analysis of Health Farm Business Planning – Lesson 3.

Retirement and Estate Planning for Farm Women 2008 National Women in Agriculture Educators Conference Oklahoma City, Oklahoma April 1, 2008 Presented by.

Farmland Values: Up or Down? Farmers: More or Fewer? Damona Doye Regents Professor and Rainbolt Chair in Agricultural Finance Roger Sahs Assistant Extension.

Collecting Information Personal –Family details (step relationships; marital history) –Key business people (any non-family?) Financial –Values (fair market,

Current Approaches to Measuring Asset Ownership and Control: MALDIVES Department of National Planning.

Transition Planning Strategies CENTRA Training – May 14, 2013 Dr. Shannon FerrellDr. Rodney Jones Oklahoma State University Department of Agricultural.

Estate Transfer Issues You Built It - Now What Do You Do With It? Brett Crosby Custom Ag Solutions United States Department of Agriculture Risk Management.

Copyright © 2013 University of Minnesota. All Rights Reserved Multiple Year Farm Transition & Estate Planning: Program Outcomes & Impacts Through Evaluation.

Estate Planning? Succession Planning? Which one? John R. Baker Attorney at Law Photos by USDA NRCS.

“Helping Ohio Farm Families Transfer their Farm” David L. MarrisonAssociate Professor Chris BruynisAssistant Professor Mike GastierExtension Educator 2012.

CRITICAL SUCCESS FACTORS (can you answer YES to these questions?) Are the parents ready for a partner? Is the child committed to farming? Is the business.

Preserve your Legacy…. Protect their Future.. It Takes a Vision to Create a Legacy Diann L. Andrews, CFP® Estate and Succession Planning Specialist Disclosure.

Planning the Future of Your Farm The Legal Architecture Andrew Branan Lawyer The Branan Law Firm, PLLC

FARM TRANSITION: PLANNING FOR THE NEXT GENERATION.

Transition Tools and Tough Talks 2017 Learn at Lunch Webinar Series - March 28, 2017 Dr. Shannon L. Ferrell OSU Department of Agricultural Economics.

Farm Succession Planning Introducing A Checklist Ag Week 2017

Iowa Land Value Survey 2003 Dr. Michael Duffy, Extension Economist

Developing Effective Countywide Farmland Protection Plans

Farm Transfer Presented by: Madeline Schultz Iowa State University Extension and Outreach Women in Ag Program Manager Prepared for: Practical Farmers of.

Presentation transcript:

Farm Business Succession Transition Tools and Tough Talks Dr. Shannon FerrellDr. Rodney Jones Oklahoma State University Department of Agricultural Economics Assistant Professor, Agricultural Law Oklahoma State University Department of Agricultural Economics Associate Professor, Agricultural Finance

Why should I care? 55% Percentage of U.S. adults with no estate plan in place

Overall Population Age Distribution Source: U.S. Bureau of the Census, Age and Sex Distribution Census

Iowa Farmland Ownership by Age Source: Iowa State University Extension (Duffy and Smith, 2008) 55%

Challenges for the Aging Farm Owner

Why should I care? Founding Generation Second Generation Third Generation Fourth Generation 30% 12% 3%

Elements of Transition FounderSuccessor

Elements of Transition Founder On-farm heir Off-farm heir Unrelated Successor Liquidation / Dissolution Ownership Control Participation Separate Entity

Elements of Transition Founder On-farm heir Off-farm heir Unrelated Successor Liquidation / Dissolution Ownership Control Participation Separate Entity

Elements of Transition Founder On-farm heir Off-farm heir Unrelated Successor Liquidation / Dissolution Ownership Control Participation Separate Entity

Business Entities

Transactional Tools

Perspectives for the closely-held farm business Family Legacy Business Assets

Barriers to Implementation Communication Equitable considerations –Farm kid / city kid –Sweat equity Willingness to transfer

Conclusions Producers, we can transfer it. We have the technology. Do producers and professionals understand the tools and their impacts? Are producers willing to engage in true transitions?

THANKS! Dr. Shannon L. Ferrell OSU Department of Agricultural Economics