Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women Pilot Program Training Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women Tim Eggers Field Ag Economist Iowa State University Extension

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women Mute Please take a moment to hit * 6 on your phones to increase the audio quality of the archive * 6 will unmute when you have questions * 6 will put it back on mute after your question is answered

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women Proposed Tasks Shared August 23 Now – September 27 Curriculum gathering Identification of state or regional priorities September 27 Educational Program Outline and Curriculum Sorting September 27 – November 1 Curriculum Box December 13 – Pilot Program Training Webinar

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women Discussion Content Discussion Content Discussion Content Discussion Content Discussion Content Discussion Content Discussion Content Discussion Evaluation Activity Outcomes Disc. Session 1Session 2Session 4 Graduation Photo Content Discussion Content Discussion Content Discussion Evaluation Session 3

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women The mission of Annie's Project is to empower farm women to be better business partners through networks and by managing and organizing critical information.

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women ANNIES Core Values Safe Harbor: All questions or situations are welcomed for sharing and open discussion Connection: To each other and to professionals introduced to them in class Discovery: The moment when something makes sense where before it did not Guided Intelligence: At any one time there is a woman in the audience who knows more about the subject being presented than the instructor and is willing to share her experience

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women ANNIES Core Benefit Proposition All five areas of risk: human, legal, financial, marketing, and production; are taught Local female practitioners are utilized as instructors where possible A minimum of one-third of the course time is discussion-based Un-biased, researched based information is provided

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women Objectives #1 Consistent with proposal #2 Attainable and consistent with materials #3 Integrated across subgroups The following four slides go session by session with a listing of the objectives for each session.

Retirement Planning Session One Visualizing Your Future Business Planning Session One Discussion Evaluation Goal Basics Activity Succession Planning Session One Session 1 All four planning areas have goal setting exercises. The program will open with a brief exercise that exposes participants to the basics of setting SMART goals as well as general goals. Business, Succession, Estate, and Retirement Planning The program opens with an evaluation designed to expose participants to the concepts that will be used in the program and provide instructors on following evenings with specific knowledge about their participants. Break understand why personal & farm finances are important for business management, farm transition and retirement Understand an income statement and associated ratios learn to calculate and interpret working capital, debt/asset ratio, & net worth develop their individual retirement definition and goals discuss their individual retirement definitions and goals with family members create a timeline that includes family and business goals set against their life expectancy investigate options retirement activities, work, volunteerism Understand the Transition Process and how Estate, Succession, Retirement, and Business Planning fit into the process Consider the reasons that farm families do not prepare for the transition process Explore communication barriers that keep succession plans from being communicated

Session 2 Business, Succession, Estate, and Retirement Planning Business Planning Session Two Discussion Estate Planning Session One Discussion Evaluation Break understand the estate planning key terms, tools, and concepts practice communication of those goals understand the role of planners and advisers practice assembly of basic estate data construct a balance sheet practice incorporating this knowledge into family and farm business discussions explore best practices in communicating business decisions for family businesses begin a Strengths/Weaknesses/Opportunities/Threats analysis of their operations The second and third sessions end with an evaluation designed to measure changes in knowledge Succession Planning Session Two

Session 3 Business, Succession, Estate, and Retirement Planning Break Business Planning Session Three Discussion Estate Planning Session Two Discussion Evaluation Break understand the Estate Settlement Process understand Valuation of Assets for Estate Settlement Purposes explore Estate Planning Zones of less than $5, $5-10, and more than $10 million dollars begin to develop business goals & integrate with personal goals learn the components of a business plan learn how business plans can be used for farm business development and/or transition analyze current and future living expenses explore sources of retirement income determine financial reliance on the farm business, either as a business generating revenue or a set of assets ready to be liquidated to provide funding develop next steps/action plan The second and third sessions end with an evaluation designed to measure changes in knowledge Retirement Planning Session Two

Break Estate Planning Session Three Discussion Succession Planning Final Session Discussion Evaluation Graduation Photo Session 4 Business, Succession, Estate, and Retirement Planning review tools learned in the course define how business, retirement, estate, and succession planning are expected to function in their transition plan discuss their action plan understand trust types and features discuss the role of Long Term Care Insurance in protecting an estate increase awareness of Powers of Attorney and Other Forms of Substitute Decision Making Each class will have a graduation photo The final session ends with an evaluation designed to measure changes in knowledge and actions taken since the beginning of the program. This session will need to take place in a computer lab.

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women Session 1 Course Delivery Instructions PowerPoint Activities Publications

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women Session 2 Course Delivery Instructions PowerPoint Activities Publications

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women Session 3 Course Delivery Instructions PowerPoint Activities Publications

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women Session 4 Course Delivery Instructions PowerPoint Activities Publications

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

Objectives by Team – Estate Understand the estate planning key terms, tools, and concepts Practice communication of those goals Understand the role of planners and advisers Practice assembly of basic estate data Understand the Estate Settlement Process Understand Valuation of Assets for Estate Settlement Purposes Explore Estate Planning Zones of less than $5, $5-10, and more than $10 million dollars Understand trust types and features Discuss the role of Long Term Care Insurance in protecting an estate Increase awareness of Powers of Attorney and Other Forms of Substitute Decision Making

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women Objectives by Team – Succession Understand the Transition Process and how Estate, Succession, Retirement, and Business Planning fit into the process Consider the reasons that farm families do not prepare for the transition process Explore communication barriers that keep succession plans from being communicated Learn Family Communication Best Practices Learn how SWOT analysis can be used in their operations Explore the Components of Fair vs Equal Identify Succession Planning Tools Discuss the interaction of tools in the implementation of a Transition Plan

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women Objectives by Team – Retirement Identify; develop their individual retirement definition and goals Discuss their individual retirement definitions and goals with family members Develop/create a timeline that includes family and business goals set against their life expectancy Investigate options retirement — activities, work, volunteerism Analyze current and future living expenses Explore sources of retirement income Determine financial reliance on the farm business, either as a business generating revenue or a set of assets ready to be liquidated to provide funding Develop next steps/action plan

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women Objectives by Team – Business understand why personal and farm finances are important for business management, farm transition and retirement, learn to construct a balance sheet and income statement understand an income statement and associated ratios learn to calculate and interpret working capital, debt/asset ratio, and net worth practice incorporating this knowledge into family and farm business discussions Looking Ahead: Planning Your Business begin to develop business goals & integrate those with personal goals learn the components of a business plan learn how business plans can be used for farm business development and/or transition.

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women PowerPoint Presentations Estate Planning – 3 sessions, 3 PowerPoints Succession Planning – 3 Sessions, 3 PowerPoints + Goal Setting Opening Retirement Planning – 2 Sessions, 2 PowerPoints Business Planning – 3 sessions, 1 PowerPoint

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women Activities by Team – Estate Probate activity (Missouri version) Vocabulary Matching Activity (Iowa version) Integrated Balance Sheet Estate Planning Questionnaire Treatment of Heirs in the Transfer Process

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women Activities by Team – Succession Goal Setting for Farm and Ranch Families My Farm Problem Succession Planning Flow Chart SWOT

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women Activities by Team – Retirement My Retirement Fantasy Words I Want to Use & Not Use What Does Your Future Look Like Period Life Table Developing a Retirement Lifestyle worksheet Costs of Retirement Spreadsheet and Worksheet IRA and Retirement Plan Limits for 2012 Integrated Balance Sheet

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women Activities by Team – Business Step-by-step data entry instructions for balance sheet Key to completed balance sheet Integrated Balance Sheet Financial Performance Measures for Iowa Farms Income Statement Items Financial Vocabulary Getting Ready to Complete Your Balance Sheet Getting Started with AgPlan Jeopardy Game Goal Setting for Farm and Ranch Families AgPlan Plan to Succeed

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women Course Delivery Instructions Program Name Component Name Block X, Delivered in Session X of the program Title: Descriptive Title Time (50 minute block reminder) Teaching Objectives Participants will

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women Course Delivery Instructions Teaching materials: Presentation Activity Any additional materials needed Additional materials that are optional Additional presenters if noted Teaching Outline 1. Introduction method 2. Review objectives of this session 3. Step by step instructions including explanation of activities 4. Name PowerPoint is used. 5. Summary instructions

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women Look over the materials with your state/region/location in mind Adapt – Order if speaker availability is a constraint If computer lab access is a constraint – State Specific Items in Estate Planning Do Not Adapt – Objectives we’ll be evaluating uniformly against them

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women This is a Pilot There’s a lot of material – Where do participants have problems? – What needs more time? – What needs less time? We need to improve – Constructive Criticism is Required – Add/Remove

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women On the way Evaluation Webinar – January Marketing Materials – To be posted and communicated via Image – posted materials will morph into the versions that they will be used in over the next few weeks

Managing for Today and Tomorrow Business, Succession, Retirement and Estate Planning for Farm and Ranch Women Please communicate your Pilot Locations and Dates with Madeline Delivery of Pilot Programs in 10 states is expected during the winter of content hours Fit it into your planning system Work with team to determine budget