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Farm Transition & Estate Planning Programming: Participant Behavioral Change, Cumulative Outcomes & Impacts 200 PowerPoint Presentation
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Farm Transition & Estate Planning Programming: Participant Behavioral Change, Cumulative Outcomes & Impacts 2004 - 2010. Gary A. Hachfeld Extension Educator – Ag Business Management NCRME Conference St. Louis, MO. April 11-13, 2011. Program Goals.

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Farm Transition & Estate PlanningProgramming:Participant Behavioral Change, Cumulative Outcomes & Impacts2004 - 2010

Gary A. Hachfeld

Extension Educator – Ag Business Management

NCRME Conference

St. Louis, MO.

April 11-13, 2011

program goals

Program Goals

• Introduce farm/ranch families to business transition & personal estate planning laws, rules, terminology, etc.

• Outline strategies & procedures they might consider using when developing & implementing a business transition & personal estate plan.

• Farm/ranch family take new knowledge and confidence and develop & implement a business transition and personal estate plan.

delivery materials marketing

Delivery, Materials & Marketing

• Face-to-Face workshop setting – PowerPoint slides

• Workbook:

- PowerPoint slides

- 26 detailed information sheets

- Participant worksheets

- Internet resources

• “Sponsorship Model”

- Market to local business sponsors

- Sponsor pays us a program fee; selects date, time,

location; recruits participants; pays all additional costs.

program outline

Program Outline

• Topics discussed:

- Preparing to transition the farm/ranch business (goals)

- Tax considerations

- Overview of business transition strategies

- Financial considerations

- Estate planning issues

- Treatment of heirs

- Financial assistance

- Developing a written transition plan

program evaluative process

Program Evaluative Process

• End-of-Meeting evaluations:

- Each participant is asked to complete a one page

evaluation following each workshop:

♦ Focus on increased understanding of key educational points.

♦ Status of business transition & estate planning.

• Follow-up evaluation six months following last workshop:

- Mailed to participants with return envelope:

♦ Focus on progress toward developing & implementing business transition and personal estate plan.

♦ Obstacles and challenges encountered.

participant demographics 2004 2010

Participant Demographics2004 - 2010

• Programs delivered in MN, ND, IA, & WI.

• 3,258 total attendees

• 1,537 farms/ranches represented

• 1,031 local communities represented

• 138 local program sponsors involved

• 84.5% had no business transition plan

• 69.6% had no personal estate plan

• Age range: 22 to 89 yrs., 58.1% over age 55

• 62.3% male and 37.7% female

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Participant’s Self-Reporting Whether Their Understanding of Educational Points Increased Due to Attending a Workshop (2004 – 2010)

Used Likert Scale with 1 = “Strongly Disagree’ to 5 = “Strongly Agree”

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Percent/Number Farm/Ranch Units Starting/Completing Business Transition & Personal Estate Plan (2004 – 2010)

average asset values farm ranch non farm ranch assets by year 2004 2010

Average Asset Values Farm/Ranch & Non-Farm/Ranch Assets by Year(2004 – 2010)

Data Source: 1- FINBIN Data Base, Center for Farm Financial Management, U of M , St. Paul, MN.

2- Iowa State University Farm Business Summary

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$148.2 Million Dollars

Program Impact

Based Upon Having Implemented

An Orderly Process For

Asset Transition To The Next Generation

what have we learned

What Have We Learned?

◘ Program demand continues to grow.

◘ “Sponsorship Model” works well for us.

◘ “Sponsorship Model” has strengthened our working relationships with local businesses, leading to other opportunities.

◘ Works very well not having attorneys present material.

◘ Participants state the workbook is a valuable resource.

◘ Evaluative data shows participant behavioral change based upon knowledge increase of subject matter (outcomes).

◘ Evaluative data shows significant economic impact resulting from the program effort (impacts).

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Contact Information

Gary A. Hachfeld

Extension Educator

Agricultural Business Management

University of Minnesota Extension

507-389-6722

hachf002@umn.edu

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