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Farm Business Succession Transition Tools and Tough Talks

Farm Business Succession Transition Tools and Tough Talks. Why should I care?. 55%. Percentage of U.S. adults with no estate plan in place. Overall Population Age Distribution Source: U.S. Bureau of the Census, Age and Sex Distribution 20120 Census .

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Farm Business Succession Transition Tools and Tough Talks

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  1. Farm Business SuccessionTransition Tools and Tough Talks

  2. Why should I care? 55% Percentage of U.S. adults with no estate plan in place
  3. Overall Population Age DistributionSource: U.S. Bureau of the Census, Age and Sex Distribution 20120 Census
  4. Iowa Farmland Ownership by AgeSource: Iowa State University Extension (Duffy and Smith, 2008) 55%
  5. Challenges for the Aging Farm Owner
  6. Why should I care? Founding Generation 30% Second Generation 12% Third Generation 3% Fourth Generation
  7. Elements of Transition Founder Successor
  8. Elements of Transition Founder On-farm heir Off-farm heir Separate Entity Unrelated Successor Ownership Control Liquidation / Dissolution Participation
  9. Elements of Transition Founder On-farm heir Off-farm heir Separate Entity Unrelated Successor Ownership Control Liquidation / Dissolution Participation
  10. Elements of Transition Founder On-farm heir Off-farm heir Separate Entity Unrelated Successor Ownership Control Liquidation / Dissolution Participation
  11. Business Entities
  12. Business Entities
  13. Transactional Tools
  14. Transactional Tools
  15. Perspectives for the closely-held farm business Family Business Legacy Assets
  16. Barriers to Implementation Communication Equitable considerations Farm kid / city kid Sweat equity Willingness to transfer
  17. 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?

  18. THANKS!

    Dr. Shannon L. Ferrell OSU Department of Agricultural Economics shannon.l.ferrell@okstate.edu
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