Don’t miss this Next Generation Tree Fruit session at the WSTFA annual conference entitled: “Future Farmers, Where Will They Come From?”

Session Agenda:

Topic 1: Successful Farm Transitions

The objective of this topic is to discuss tools and give examples of successful transitions.

8:00     Developing a Vision for your Farm

Margaret Viebrock, WSU Extension

• Rate your family values;
• Develop goals and reconcile priorities;
• Communicating among the generations.

8:20     Successful Farm Transitions

Brett Valicoff, Valicoff Fruit Co.; Rudy Prey, Preys Fruit; Mark Stennes, Stennes Orchards; Hermann G Thoennissen
Grower panelists will describe the farm transfer process they used and lessons learned followed by discussion with the audience. Each grower will discuss:

• When they started the process;
• What resources they used;
• If they shared goals at the beginning and how the goals changed;
• What lessons learned they think would most help the audience.
• Hermann G Thoennissen will discuss:
• Steps to a successful transition.

9:20     Implementing a Vision

Dennis Brislawn, Attorney at Law, Oseran, Hahn, Spring

• Positioning expectations – emotional and economic values;
• Forming a team;
• Transfer tools – main tools including wills and trusts, other tools.

10:15   Estate and Income Taxes in Transition Planning

Val Perry, Moss Adams and Associates

• Income tax issues related to transitions;
• Estate, gift and generation tax;
• Cash flow planning for transitions;
• Update on estate and gift tax proposed changes.

10:45   Break

Topic 2: Where to Look for Financing and Resources

11:00   What to Prepare for a Lender

Ricky Adams, Northwest Farm Credit, Jose Limon, Farm Service Agency

What do you need to prepare before you ask for a loan for your new or expanding business: business plan, tax records, building credit history, building experience and more.

• Five Cs of credit;
• What you will need to prepare before going to a lender;
• Examples templates for balance sheets, business plans, & cash flow budgets;
• How to build experience you can use to make financial projections.

11:30   Where to Look for Financing & Resources

Ricky Adams, Northwest Farm Credit; Jose Limon, Farm Service Agency; Leif Fixen, American Farmland Trust

Panel Discussion: Participants will each present 10 min on their programs followed by facilitated questions and answers with the audience. Facilitator: Tianna DuPont, WSU Extension.