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Farm Succession Research, Trends and Programs in Wisconsin PowerPoint Presentation
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Farm Succession Research, Trends and Programs in Wisconsin

Farm Succession Research, Trends and Programs in Wisconsin

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Farm Succession Research, Trends and Programs in Wisconsin

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

  2. Agenda for the hour • Farmer Retirement & Farm Succession Survey • Implications • Rural communities • Extension • Farm Succession programs in WI • Extension programs • Other programs

  3. Farmer Retirement & Succession Survey • International FARMTRANSFER Succession survey – ISU Beginning Farm Center • Similar studies in 7 countries and 8 states • Why important to learn retirement & succession plans?

  4. Farmer Retirement & Succession Survey

  5. Farmer Retirement & Succession Survey • Two populations surveyed • Brucellosis Ring Test list • All dairy herds in Wisconsin • Farm Service Agency • Anyone who received any type of FSA payment • Eliminated • duplications between the two mailing lists • FSA addresses w/ zip codes outside of the 4 county area

  6. Farmer Retirement & Succession Survey • Design • Mailing • Media • 589 viable responses (23% response rate) • BRT list – 26% rate vs FSA – 17% rate • Compared to US Census where possible • Non-response bias tests

  7. Farmer Retirement & Succession Survey • Survey design • General farm information • Demographic information • Retirement plans • Retire? • Retirement age? • Who have you talked to about this? • Moving from current residence? • Retirement income sources? • Successor?

  8. Farmer Retirement & Succession Survey • Respondents Profile • Average age – 54 years Ranged from 21 to 93 years old • 90% male • 67% dairy enterprises; 18% beef • Average #milk cows = 80 cows • Own an average of 375 acres; rent on average another 280 • 69% sole proprietorship; 17% partnership; 7% LLC/LLP

  9. Farmer Retirement & Succession Survey

  10. Farmer Retirement & Succession Survey

  11. Farmer Retirement & Succession Survey

  12. Farmer Retirement & Succession Survey

  13. Farmer Retirement & Succession Survey • A. If you are retired or plan to retire you will provide neither managerial control nor labor to the farm • B. If you are semi-retired or plan to semi-retire you will provide some managerial control and/or labor to the farm • C. If you never retire you will maintain full managerial control and provide some labor to the farm

  14. Farmer Retirement & Succession Survey

  15. Farmer Retirement & Succession Survey Checked Not checked

  16. Farmer Retirement & Succession Survey Checked Not checked

  17. Farmer Retirement & Succession Survey

  18. Farmer Retirement & Succession Survey

  19. Farmer Retirement & Succession Survey

  20. Farmer Retirement & Succession Survey

  21. Farmer Retirement & Succession Survey

  22. Farmer Retirement & Succession Survey

  23. Farmer Retirement & Succession Survey

  24. Farmer Retirement & Succession Survey BRT only – 67% BRT only – 10%

  25. Farmer Retirement & Succession Survey • Decisions/Responsibilities shared • Day to day • Physical labor • Employee management • Long-term decisions • Negotiations/Marketing • Financial management & record keeping • Age of successor a factor?

  26. Farmer Retirement & Succession Survey • Estate Planning Preference for inheritance of • Farm land • House • Other assets

  27. Farmer Retirement & Succession Survey

  28. Farmer Retirement & Succession Survey • Open-ended questions • What will you miss • What will you be happy to give up • Primary barrier to planning for succession

  29. Farmer Retirement & Succession Survey • Implications of findings for: • Agriculture in southwest Wisconsin • Extension programs

  30. Farm Succession Programs • One-day workshops • Build awareness • Call it Estate Planning and they come out of the woodwork! • Three-day workshops • AgVentures – build in some strategic planning exercises • Commitment, more than one generation needed at workshops

  31. Farm Succession Programs • Four-day workshops – Returning to the Farm • Modeled after ISU and UN-L • Target audience seems to be key • Junior & Seniors in College • UW-Platteville • UW-River Falls

  32. Farm Succession Programs • RTTF - Agendas November/February • Strategic planning • Financial Analysis • Communications • Taxes • Business Arrangements • Treatment of Heirs • Breakout sessions vs. all in same room

  33. Farm Succession Programs • Returning to the Farm Evaluations • End of Session for both UW-P and UW-RF • Nine month follow-up evaluations • Decisions made or action steps taken on succession plan • Before/After workshop questions • Comments

  34. Farm Succession Programs • Future programs, projects • Next Returning to the Farm – changes • How do we reach those farms with 41 – 50 year old successors?

  35. Questions, Discussion?

  36. Questions, Discussion? Joy Kirkpatrick Outreach Specialist UW-Center for Dairy Profitability 608.263.3485 joy.kirkpatrick@ces.uwex.edu