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Farm Transition

December 7, 2016 @ 8:00 am - 12:00 pm

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.

Details

Date:
December 7, 2016
Time:
8:00 am - 12:00 pm

Organizer

WSU Extension – Tianna DuPont
Phone:
(509) 293-8758
Email:
tianna.dupont@wsu.edu

Venue

Wenatchee Convention Center
Wenatchee, 98801 United States + Google Map
Washington State University