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“Transferring the Farm in a High Stakes Era” Trisha Wagner Jackson County UW-Extension Agent Maria Bendixen Clark Cou

“Transferring the Farm in a High Stakes Era” Trisha Wagner Jackson County UW-Extension Agent Maria Bendixen Clark County UW-Extension Agent National Farm Business Management Conference June 2010. Objectives .

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“Transferring the Farm in a High Stakes Era” Trisha Wagner Jackson County UW-Extension Agent Maria Bendixen Clark Cou

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  1. “Transferring the Farm in a High Stakes Era” Trisha Wagner Jackson County UW-Extension Agent Maria Bendixen Clark County UW-Extension Agent National Farm Business Management Conference June 2010

  2. Objectives • Help producers discover how to address major issues that can lead to failure in a multiple generation farm business. • Provide the tools to develop a business plan. • Make producers aware of the tax consequences of transferring the farm. • Address common business arrangements, issues, concerns and questions. • Provide guidelines for honest open communication of goals and ideas about the farm operation and the transfer.

  3. Why was the program developed • Over the last several years individual county agents had been hosting well attended farm transfer workshops. By offering these more regionally more resources could be used to bring in top notch information, and experts.

  4. Program development and delivery • Marketing and management group material and tools used as a base • Annie’s Project format used as a guide • Designed specifically for a multi-generational audience • Include communication segment

  5. Program Topics: Selecting the Farm Business Arrangement that Works for you. • Pros and Cons of the following business arrangements. • Sole Proprietorship • Partnership • LLC/LLP • S-Corporation • C- Corporation

  6. Program Topics:Tax considerations for farm transfer • Information on Wisconsin and federal tax laws that affect farm transfer including: • Ordinary income tax • Capital gains tax • Estate tax • Gift tax

  7. Program Topics: Dealing with the 5 D’s • Strategies to plan for the 5 D’s • Death • Disability • Divorce • Debt • Disaster

  8. Program Topics So you want to farm (looking at the numbers) • Basic business planning for the next generation: • What does it take to get started? • What do I need to live on? • What can I reasonably expect to make?

  9. Program Topics: Financial Considerations for Retirement • Future costs of health care? • What do you need to live on? • Can insurance cover some costs? • What can I get from the farm?

  10. Program Topics:The importance of Communications in Farm Succession • Communication between generations: • When (set up formal meetings) • How (I statements, goal setting)

  11. Participants • 242 total participants • 60% Transferring generation • 40% Generation to be transferred to

  12. Evaluation Summaries

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  17. Evaluation Summaries

  18. Follow up Meetings in the Local County • With the large group sizes the ability to ask farm specific questions was reduced. • Follow up meetings were held with out Ag law specialist so that farm specific questions could be addressed. • The follow up meetings allowed farmers to get connected with their local county agent who could facilitate more discussion about the farm transfer.

  19. Where do we go from here or what is the future of this program? • Individual meetings with families • Follow–up survey for participants • What are your goals? • What steps have you taken to meet them? • What resources do you need to meet them? • Factsheets: • Meeting with your lawyer: what to prepare. • Basics of the Will.

  20. Thank You! Trisha Wagner- Jackson County UW-Extension Agriculture Agent trisha.wagner@ces.uwex.edu Maria Bendixen- Clark County UW-Extension Dairy and Livestock Agent maria.bendixen@ces.uwex.edu

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