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Ties to the Land

Ties to the Land. USDA—Risk Management Agency. Private Lands Committee. Succession Planning for Livestock (and other Ag.) Producers. Outline for the day. 10 am Introductions: Where are you now? 10:15 Motivations 11:30 Family Communications Lunch 1 pm Inventory of the Legacy

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Ties to the Land

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  1. Ties to the Land USDA—Risk Management Agency Private Lands Committee Succession Planning for Livestock (and other Ag.) Producers

  2. Outline for the day • 10 am Introductions: Where are you now? • 10:15 Motivations • 11:30 Family Communications • Lunch • 1 pm Inventory of the Legacy • 1:30 Taxes and Ownership Structure • 2:00 Building Your “Team” of Experts • 3:00 Getting Started On Your “Action Plan”

  3. Introductions • Who are we (presenters)? • Bart Eleveld, OSU Extension • Robin Klemm, Austin Family Business Prog. • Doug Sippel, Steve Hopkins—Titan Financial • Harold Weight—Multiplan Financial Services • Who are you? • One spokesperson per family • Brief description of farm/ranch • What motivates your participation in workshop?

  4. Succession planning ≠, > Estate Planning • Need to think about what happens if you live as well as what happens if you die • How to transfer control, decision making and operation of the business if that is an objective • If the business is not to continue, who gets what, and when?

  5. Beginning Questionnaire • Intended to allow us to evaluate our performance with pre- and post-questions • Confidential and anonymous • Ask you to put a keyword that you will recognize so we can correlate before and after • If you are uncomfortable with keyword, leave blank

  6. Getting started on the “Action Plan”: Your homework assignments • Each party should write down goals for the succession: What is their desired outcome? • Do the complete Farm Succession Risk Management Checklist online: • http://www.familybusinessonline.org/resources/frm_chklist_farm.aspx • Schedule and hold a family meeting • Inventory financial and personal property • Balance sheet • Personal property of emotional value • Make initial visits with professional advisors to start team building • Lawyer • Accountant • Financial planner • Business (farm/ranch) management advisor

  7. Second Workshop Topics • A lawyer’s perspective on succession and estate planning • Story of a CPA who is also a financial advisor and member of a family land-based business • Operating a business as a multi-generational family • Using conservation easements and land trusts • Conflict resolution and mediation • Preparing for the inevitable: last wishes and instructions • A forward looking business plan: is the future feasible?

  8. Other References on Succession • Colorado and Wyoming’s “A Lasting Legacy Workbook” • http://rightrisk.org/ go to “Products” menu • Ties to the Land, Forestry • http://www.familybusinessonline.org/resources/ttl/home.htm • Farm and Ranch Survival Kit • http://extension.oregonstate.edu/wasco/smallfarms/RiskManagement.php • National Ag Risk Library, (human, family) • http://www.agrisk.umn.edu/

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