Transition Planning Strategies CENTRA Training – May 14, 2013 Dr. Shannon FerrellDr. Rodney Jones Oklahoma State University Department of Agricultural.

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Presentation transcript:

Transition Planning Strategies CENTRA Training – May 14, 2013 Dr. Shannon FerrellDr. Rodney Jones Oklahoma State University Department of Agricultural Economics Assistant Professor, Agricultural Law OK Cooperative Extension Service Area Extension Agricultural Economics Specialist

Outline Elements Tools Barriers Conclusions

Why should I care? Founding Generation Second Generation Third Generation Fourth Generation 30% 12% 3%

Iowa Farmland Ownership by Age Source: Iowa State University Extension (Duffy and Smith, 2008) 55%

Challenges for the Aging Farm Owner

Perspectives for the closely-held farm business Family Legacy Business Assets

Why should I care?

3x to 4x Poverty rate of widows compared to same-age married women

Why should I care? 55% Percentage of U.S. adults with no estate plan in place

Elements of Transition FounderSuccessor

Elements of Transition Founder On-farm heir Off-farm heir Unrelated Successor Liquidation / Dissolution Ownership Control Participation Separate Entity

Elements of Transition Founder On-farm heir Off-farm heir Unrelated Successor Liquidation / Dissolution Ownership Control Participation Separate Entity

Elements of Transition Founder On-farm heir Off-farm heir Unrelated Successor Liquidation / Dissolution Ownership Control Participation Separate Entity

Estate Tools

Estate Tools - Others

Ownership Tools

Business Entities

Transactional Tools

Barriers to Implementation Communication Equitable considerations –Farm kid / city kid –Sweat equity Willingness to transfer

Conclusions Producers, we can transfer it. We have the technology. Do producers and professionals understand the tools and their impacts? Are producers willing to engage in true transitions?

THANKS! Dr. Shannon L. Ferrell OSU Department of Agricultural Economics

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