Transitioning the Farm Business Within the Family

AgLink, Beginning Farmer Center, Iowa State University - Ag Link is a seminar for ISU juniors and seniors who plan to join their family farm operations after they graduate. Topics include conflict resolution, goal setting, business analysis, farm planning, and management, which are viewed differently because of distinct and sometimes conflicting goals and endowments of capital, labor, technical knowledge, and management expertise. Starting in 2003/2004 students have been able to apply for credit. For more information on these seminars call 1-877-BFC-1999. http://www.extension.iastate.edu/bfc/linkseminar

Business Succession, Iowa Small Business Development Centers (SBDC) - The SBDC is leading an initiative designed to help Iowa business owners successfully transfer their business. This initiative is a statewide public/private partnership created to provide information and hands on assistance to business owners who want to transfer their business to family members or sell their business to employees or outside interests. www.iowasbdc.org/businesssuccession.aspx
 
Managing for Today and Tomorrow, Annie's Project - Creating a transition plan to make sure a farm continues as a productive, agricultural business can be challenging. Farm women can have a key role in successful farm transitions. Managing for Today and Tomorrow, a new Annie's Project course for women, is divided into the following planning areas:

  • Succession Planning - Transferring knowledge, skills, labor, management, control and ownership between generations.
  • Business Planning - Developing goals, strategies and actions that form a road map to business growth.
  • Estate Planning - Managing an individual's asset base in one's lifetime, at death or after death.
  • Retirement Planning - Designing an enjoyable and productive time in life. http://www.extension.iastate.edu/annie/mtt.html

 
Farm Journal Legacy Project - The Farm Journal Legacy Project is a concerted effort to address the succession planning needs of America’s farm families. Utilizing all Farm Journal Media properties, the Legacy Project provides comprehensive succession planning information. Its mission: to cultivate multigenerational success in the agricultural community. www.agweb.com/legacyproject/
 
Iowa Farm Bureau’s new Take Root (http://programs.iowafarmbureau.com/takeroot/) program was established to help famers develop a comprehensive, managed approach for their family farm’s continuation and growth from the roots up – helping ensure that what you’re doing today will create an enduring legacy for future generations.

In the Iowa Farm Bureau ‘Take Root’ workshops, you will examine real-life success stories from Iowa farm families and receive help developing strategies to grow your business and secure farm assets for future generations. By planning for the future now, you have an opportunity to prepare the next generation for leadership. It will help ensure your family farm’s legacy and clarify any assumptions that often aren’t shared.
The Take Root series of workshops is adaptable to fit your unique situation, so you’ll walk away confident in knowing how to successfully reach the next step in your plan. Whether you’re seeking resources for growth or just starting out, your farm is only as strong as its root system. Participate in one, two, or all three local workshops and help ensure that your family farm will be here for generations to come.

For more information, contact:
Nathan Katzer - Iowa Farm Bureau, Farm Business Development Manager
Tel: (515) 225-5494 email: nkatzer@ifbf.org
 
 
Insurance Products for Estate and Success Planning, Farm Bureau Financial Services - www.fbfs.com/Default.aspx
 
Next Generation Program, Practical Farmers of Iowa - The Next Generation program provides opportunities to learn production, marketing, financial, stewardship, and spiritual lessons from experienced farmers at our conferences, workshops, online seminars, and on-farm field days. www.practicalfarmers.org/programs/youth-and-next-generation.php
 
Iowa Beginning Farmer Tax Credit - The Agricultural Assets Transfer Tax Credit is commonly referred to as the Beginning Farmer Tax Credit. The program is administered by the Iowa Agricultural Development Authority and began with the 2007 tax year. The Beginning Farmer Tax Credit Program was enacted by the Iowa legislature as an incentive to keep land in production, by allowing agricultural asset owners to earn tax credit for leasing their land to beginning farmers. The program includes tax credit for the leasing of agricultural land, depreciable machinery or equipment, breeding livestock, and buildings. www.iada.state.ia.us/BFTC/index.html
 

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