1 / 21

Multiple Year Farm Transition & Estate Planning: Program Outcomes & Impacts Through Evaluation

Multiple Year Farm Transition & Estate Planning: Program Outcomes & Impacts Through Evaluation . Gary A. Hachfeld Extension Educator - Ag Business Management Triennial Conference Overland Park, KS. June 9-13, 2013. Program Goals.

solada
Download Presentation

Multiple Year Farm Transition & Estate Planning: Program Outcomes & Impacts Through Evaluation

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Multiple Year Farm Transition & Estate Planning: Program Outcomes & ImpactsThrough Evaluation Gary A. Hachfeld Extension Educator - Ag Business Management Triennial Conference Overland Park, KS. June 9-13, 2013

  2. Program Goals • Introduce farm/ranch families to business transition & personal estate planning laws, rules, terminology, risk management issues, 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.

  3. Delivery, Materials & Marketing • Face-to-Face workshop setting – PowerPoint slides • Workbook: - PowerPoint slides - 27 detailed information sheets - Participant worksheets - Internet resources • “Sponsorship Model” - Market to local business sponsors - Sponsor pays U of MN a program fee. Sponsor selects date, time, location, recruits participants, pays all additional costs.

  4. Program Outline • Topics discussed: - Preparing to transition the farm/ranch business (goals) - Tax considerations & risk management issues - Overview of business transition strategies - Financial considerations - Estate planning issues - Treatment of heirs and intergenerational communications - Financial assistance - Developing a written transition plan

  5. Evaluative Methodology • Stage 1: 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. • Stage 2: 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.

  6. Participant Demographics2004 - 2012 • Programs delivered in MN, ND, IA, & WI. • 5,069 total attendees • 2,503 farms/ranches represented • 1,381 local communities represented • 222 local program sponsors involved • Total number of workshops - 134 • 84.9% had no business transition plan • 69.3% had no personal estate plan • Age range: 22 to 89 yrs., 56.3% over age 55 • 60.6% male and 39.4% female

  7. End-of-Meeting EvaluationCumulative Results 2004 - 2012

  8. Participant’s Self-Reporting Whether Their Understanding of Educational Points Increased Due to Attending a Workshop (2004 – 2012)* * Used Likert Scale with 1 = “Strongly Disagree’ to 5 = “Strongly Agree”

  9. Follow-up EvaluationCumulative Results 2004 - 2012

  10. Number/Percentage of Farm/Ranch Units Starting/Completing Business Transition & Personal Estate Plan (2004 – 2012)* * Number & Percentage of Those Returning Follow-Up Evaluations Only.

  11. Asset ValuesforEconomic ImpactCumulative Results 2004 - 2012

  12. Average Asset Values Farm/Ranch & Non-Farm/Ranch Assets by Year(2004 – 2012) Data Source: 1- FINBIN Data Base, Center for Farm Financial Management, U of M , St. Paul, MN. 2- Iowa State University Farm Business Summary

  13. Economic ImpactCumulative Results by Year 2004 - 2012

  14. Economic Impact Due to Having an Orderly Process for the Transition of Farm/Ranch & Non-Farm/Ranch Assets

  15. $354.7 Million Dollars Program Impact Based Upon Having Implemented An Orderly Process For Asset Transition To The Next Generation

  16. Cost – Benefit Analysis • Total program cost 8 year period = $224,099 • Includes staff salary & benefits (prep, travel, presentation, & evaluation time), mileage expense, lodging expense and participant materials. • Total program revenue 8 year period = $172,099 • Includes $93,656 sponsorship fees. • Includes $78,443 of grant funds. • Net program cost 8 year period = $52,000.

  17. Cost – Benefit Analysis • For every net dollar of program cost spent, we generated $6,821 in financial impact ! • Rate of Return on Investment was equal to 608,015 %

  18. Cost – Benefit Analysis • My next “So What” Question? “What is the public value of this program?”

  19. What Have We Learned? ◘ Is a universal issue regardless of business, location, age, etc. ◘ Program demand continues to grow. ◘ “Sponsorship Model” has strengthened our working relationships with local businesses leading to other opportunities plus enabling us to generate revenue. ◘ 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).

  20. Contact Information Gary A. Hachfeld Extension Educator Agricultural Business Management University of Minnesota Extension 507-389-6722 hachf002@umn.edu

  21. Questions ? ? ? Comments ! ! !

More Related