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Ties to the Land

This workshop, hosted by the USDA Risk Management Agency Private Lands Committee, aims to guide livestock producers on succession planning. Topics covered include motivations, family communications, legacy inventory, taxes, building an expert team, and creating an action plan. Presenters include experts from OSU Extension, Austin Family Business Program, financial services, and more. Participants will learn the difference between succession and estate planning, goal setting, team building, and the importance of future planning for business continuity. The workshop encourages participation through a confidential questionnaire and provides homework assignments for setting goals, financial inventory, and meeting with professional advisors. Follow-up topics may include legal perspectives, multi-generational business operation, conservation easements, and conflict resolution. Valuable references like the "A Lasting Legacy Workbook" and online resources are recommended to further assist livestock producers in their succession planning journey.

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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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