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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?”
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.
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.