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Published byCharlotte Merritt Modified over 9 years ago
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Transition Planning Strategies CENTRA Training – May 14, 2013 Dr. Shannon FerrellDr. Rodney Jones Oklahoma State University Department of Agricultural Economics Assistant Professor, Agricultural Law OK Cooperative Extension Service Area Extension Agricultural Economics Specialist
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Outline Elements Tools Barriers Conclusions
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Why should I care? Founding Generation Second Generation Third Generation Fourth Generation 30% 12% 3%
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Iowa Farmland Ownership by Age Source: Iowa State University Extension (Duffy and Smith, 2008) 55%
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Challenges for the Aging Farm Owner
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Perspectives for the closely-held farm business Family Legacy Business Assets
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Why should I care?
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3x to 4x Poverty rate of widows compared to same-age married women
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Why should I care? 55% Percentage of U.S. adults with no estate plan in place
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Elements of Transition FounderSuccessor
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Elements of Transition Founder On-farm heir Off-farm heir Unrelated Successor Liquidation / Dissolution Ownership Control Participation Separate Entity
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Elements of Transition Founder On-farm heir Off-farm heir Unrelated Successor Liquidation / Dissolution Ownership Control Participation Separate Entity
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Elements of Transition Founder On-farm heir Off-farm heir Unrelated Successor Liquidation / Dissolution Ownership Control Participation Separate Entity
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Estate Tools
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Estate Tools - Others
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Ownership Tools
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Business Entities
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Transactional Tools
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Barriers to Implementation Communication Equitable considerations –Farm kid / city kid –Sweat equity Willingness to transfer
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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?
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THANKS! Dr. Shannon L. Ferrell OSU Department of Agricultural Economics shannon.l.ferrell@okstate.edu
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