Managing for Today and Tomorrow
Business, Succession, Retirement and Estate Planning for Farm and Ranch Women
Pilot Program Training
Managing for Today and Tomorrow
Business, Succession, Retirement and Estate Planning for Farm and Ranch Women
Tim Eggers
Field Ag Economist
Iowa State University Extension
www.extension.iastate.edu/feci/annie/bfrdp
Managing for Today and Tomorrow
Business, Succession, Retirement and Estate Planning for Farm and Ranch Women
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www.extension.iastate.edu/feci/annie/bfrdp
Managing for Today and Tomorrow
Business, Succession, Retirement and Estate Planning for Farm and Ranch Women
Proposed Tasks Shared August 23
• Now – September 27 Curriculum gathering
• Identification of state or regional priorities
• September 27 Educational Program Outline
and Curriculum Sorting
• September 27 – November 1 Curriculum Box
• December 13 – Pilot Program Training
Webinar
www.extension.iastate.edu/feci/annie/bfrdp
Managing for Today and Tomorrow
Business, Succession, Retirement and Estate Planning for Farm and Ranch Women
Discussion
Activity
Evaluation
Activity
Content
Discussion
Content
Discussion
Outcomes Disc.
Session 1
Content
Content
Content
Discussion
Discussion
Discussion
Content
Content
Content
Discussion
Discussion
Content
Content
Discussion
Evaluation
Discussion
Evaluation
Evaluation
Session 3
Session 4
Session 2
Discussion
Graduation Photo
Managing for Today and Tomorrow
Business, Succession, Retirement and Estate Planning for Farm and Ranch Women
The mission of Annie's Project is to
empower farm women to be better
business partners through networks and
by managing and organizing
critical information.
Managing for Today and Tomorrow
Business, Succession, Retirement and Estate Planning for Farm and Ranch Women
ANNIES Core Values
• Safe Harbor: All questions or situations are
welcomed for sharing and open discussion
• Connection: To each other and to professionals
introduced to them in class
• Discovery: The moment when something makes
sense where before it did not
• Guided Intelligence: At any one time there is a
woman in the audience who knows more about
the subject being presented than the instructor
and is willing to share her experience
Managing for Today and Tomorrow
Business, Succession, Retirement and Estate Planning for Farm and Ranch Women
ANNIES Core Benefit Proposition
• All five areas of risk: human, legal, financial,
marketing, and production; are taught
• Local female practitioners are utilized as
instructors where possible
• A minimum of one-third of the course time is
discussion-based
• Un-biased, researched based information is
provided
Managing for Today and Tomorrow
Business, Succession, Retirement and Estate Planning for Farm and Ranch Women
Objectives
#1 Consistent with proposal
#2 Attainable and consistent with materials
#3 Integrated across subgroups
The following four slides go session by session
with a listing of the objectives for each session.
www.extension.iastate.edu/feci/annie/bfrdp
Business, Succession, Estate, and Retirement Planning
Session 1
Evaluation
Goal Basics Activity
Business Planning
Session One
Discussion
Break
Retirement Planning
Session One
Visualizing Your
Future
Break
Succession Planning
Session One
The program opens with an evaluation designed to expose
participants to the concepts that will be used in the program and
provide instructors on following evenings with specific
knowledge about their participants.
All four planning areas have goal setting exercises. The program
will open with a brief exercise that exposes participants to the
basics of setting SMART goals as well as general goals.
understand why personal & farm finances are important for
business management, farm transition and retirement
Understand an income statement and associated ratios
learn to calculate and interpret working capital, debt/asset
ratio, & net worth
develop their individual retirement definition and goals
discuss their individual retirement definitions and goals with
family members
create a timeline that includes family and business goals set
against their life expectancy
investigate options retirement activities, work, volunteerism
Understand the Transition Process and how Estate, Succession,
Retirement, and Business Planning fit into the process
Consider the reasons that farm families do not prepare for the
transition process
Explore communication barriers that keep succession plans from
being communicated
Business, Succession, Estate, and Retirement Planning
Session 2
Business Planning
Session Two
construct a balance sheet
practice incorporating this knowledge into family and farm
business discussions
Discussion
Break
Estate Planning
Session One
understand the estate planning key terms, tools, and concepts
practice communication of those goals
understand the role of planners and advisers
practice assembly of basic estate data
Discussion
Break
Succession Planning
Session Two
explore best practices in communicating business decisions for
family businesses
begin a Strengths/Weaknesses/Opportunities/Threats
analysis of their operations
Discussion
Evaluation
The second and third sessions end with an evaluation designed
to measure changes in knowledge
Business, Succession, Estate, and Retirement Planning
Session 3
Business Planning
Session Three
begin to develop business goals & integrate with personal goals
learn the components of a business plan
learn how business plans can be used for farm business
development and/or transition
Discussion
Break
Retirement Planning
Session Two
Discussion
Break
Estate Planning
Session Two
analyze current and future living expenses
explore sources of retirement income
determine financial reliance on the farm business, either as a
business generating revenue or a set of assets ready to be
liquidated to provide funding
develop next steps/action plan
understand the Estate Settlement Process
understand Valuation of Assets for Estate Settlement Purposes
explore Estate Planning Zones of less than $5, $5-10, and more
than $10 million dollars
Discussion
Evaluation
The second and third sessions end with an evaluation designed
to measure changes in knowledge
Business, Succession, Estate, and Retirement Planning
Session 4
Estate Planning
Session Three
Discussion
Break
Succession Planning
Final Session
understand trust types and features
discuss the role of Long Term Care Insurance in protecting an
estate
increase awareness of Powers of Attorney and Other Forms of
Substitute Decision Making
review tools learned in the course
define how business, retirement, estate , and succession
planning are expected to function in their transition plan
discuss their action plan
Discussion
Each class will have a graduation photo
Graduation Photo
Evaluation
The final session ends with an evaluation designed to measure
changes in knowledge and actions taken since the beginning of
the program. This session will need to take place in a computer
lab.
Managing for Today and Tomorrow
Business, Succession, Retirement and Estate Planning for Farm and Ranch Women
Session 1
Course Delivery Instructions
PowerPoint
Activities
Publications
Managing for Today and Tomorrow
Business, Succession, Retirement and Estate Planning for Farm and Ranch Women
Session 2
Course Delivery Instructions
PowerPoint
Activities
Publications
Managing for Today and Tomorrow
Business, Succession, Retirement and Estate Planning for Farm and Ranch Women
Session 3
Course Delivery Instructions
PowerPoint
Activities
Publications
Managing for Today and Tomorrow
Business, Succession, Retirement and Estate Planning for Farm and Ranch Women
Session 4
Course Delivery Instructions
PowerPoint
Activities
Publications
Managing for Today and Tomorrow
Business, Succession, Retirement and Estate Planning for Farm and Ranch Women
Managing for Today and Tomorrow
Business, Succession, Retirement and Estate Planning for Farm and Ranch Women
Objectives by Team – Estate
•
•
•
•
•
•
•
Understand the estate planning key terms, tools, and concepts
Practice communication of those goals
Understand the role of planners and advisers
Practice assembly of basic estate data
Understand the Estate Settlement Process
Understand Valuation of Assets for Estate Settlement Purposes
Explore Estate Planning Zones of less than $5, $5-10, and more than $10
million dollars
• Understand trust types and features
• Discuss the role of Long Term Care Insurance in protecting an estate
• Increase awareness of Powers of Attorney and Other Forms of
Substitute Decision Making
Managing for Today and Tomorrow
Business, Succession, Retirement and Estate Planning for Farm and Ranch Women
Objectives by Team – Succession
• Understand the Transition Process and how Estate, Succession,
Retirement, and Business Planning fit into the process
• Consider the reasons that farm families do not prepare for the transition
process
• Explore communication barriers that keep succession plans from being
communicated
• Learn Family Communication Best Practices
• Learn how SWOT analysis can be used in their operations
• Explore the Components of Fair vs Equal
• Identify Succession Planning Tools
• Discuss the interaction of tools in the implementation of a Transition
Plan
Managing for Today and Tomorrow
Business, Succession, Retirement and Estate Planning for Farm and Ranch Women
Objectives by Team – Retirement
• Identify; develop their individual retirement definition and goals
• Discuss their individual retirement definitions and goals with family
members
• Develop/create a timeline that includes family and business goals set
against their life expectancy
• Investigate options retirement — activities, work, volunteerism
• Analyze current and future living expenses
• Explore sources of retirement income
• Determine financial reliance on the farm business, either as a business
generating revenue or a set of assets ready to be liquidated to provide
funding
• Develop next steps/action plan
Managing for Today and Tomorrow
Business, Succession, Retirement and Estate Planning for Farm and Ranch Women
Objectives by Team – Business
• understand why personal and farm finances are important for business
management, farm transition and retirement,
• learn to construct a balance sheet and income statement
• understand an income statement and associated ratios
• learn to calculate and interpret working capital, debt/asset ratio, and net
worth
• practice incorporating this knowledge into family and farm business
discussions
• Looking Ahead: Planning Your Business
• begin to develop business goals & integrate those with personal goals
• learn the components of a business plan
• learn how business plans can be used for farm business development
and/or transition.
Managing for Today and Tomorrow
Business, Succession, Retirement and Estate Planning for Farm and Ranch Women
PowerPoint Presentations
• Estate Planning
– 3 sessions, 3 PowerPoints
• Succession Planning
– 3 Sessions, 3 PowerPoints + Goal Setting Opening
• Retirement Planning
– 2 Sessions, 2 PowerPoints
• Business Planning
– 3 sessions, 1 PowerPoint
Managing for Today and Tomorrow
Business, Succession, Retirement and Estate Planning for Farm and Ranch Women
Activities by Team – Estate
•
•
•
•
•
Probate activity (Missouri version)
Vocabulary Matching Activity (Iowa version)
Integrated Balance Sheet
Estate Planning Questionnaire
Treatment of Heirs in the Transfer Process
Managing for Today and Tomorrow
Business, Succession, Retirement and Estate Planning for Farm and Ranch Women
Activities by Team – Succession
•
•
•
•
Goal Setting for Farm and Ranch Families
My Farm Problem
Succession Planning Flow Chart
SWOT
Managing for Today and Tomorrow
Business, Succession, Retirement and Estate Planning for Farm and Ranch Women
Activities by Team – Retirement
•
•
•
•
•
•
•
•
My Retirement Fantasy
Words I Want to Use & Not Use
What Does Your Future Look Like
Period Life Table
Developing a Retirement Lifestyle worksheet
Costs of Retirement Spreadsheet and Worksheet
IRA and Retirement Plan Limits for 2012
Integrated Balance Sheet
Managing for Today and Tomorrow
Business, Succession, Retirement and Estate Planning for Farm and Ranch Women
Activities by Team – Business
•
•
•
•
•
•
•
•
•
•
•
•
Step-by-step data entry instructions for balance sheet
Key to completed balance sheet
Integrated Balance Sheet
Financial Performance Measures for Iowa Farms
Income Statement Items
Financial Vocabulary
Getting Ready to Complete Your Balance Sheet
Getting Started with AgPlan
Jeopardy Game
Goal Setting for Farm and Ranch Families
AgPlan
Plan to Succeed
Managing for Today and Tomorrow
Business, Succession, Retirement and Estate Planning for Farm and Ranch Women
Course Delivery Instructions
Program Name
Component Name Block X, Delivered in Session X of the program
Title: Descriptive Title
Time (50 minute block reminder)
Teaching Objectives
Participants will
1.
2.
3.
Managing for Today and Tomorrow
Business, Succession, Retirement and Estate Planning for Farm and Ranch Women
Course Delivery Instructions
Teaching materials:
Presentation
Activity
Any additional materials needed
Additional materials that are optional
Additional presenters if noted
Teaching Outline
1. Introduction method
2. Review objectives of this session
3. Step by step instructions including explanation of activities
4. Name PowerPoint is used.
5. Summary instructions
Managing for Today and Tomorrow
Business, Succession, Retirement and Estate Planning for Farm and Ranch Women
Look over the materials with your
state/region/location in mind
• Adapt
– Order
• if speaker availability is a constraint
• If computer lab access is a constraint
– State Specific Items in Estate Planning
• Do Not Adapt
– Objectives
• we’ll be evaluating uniformly against them
Managing for Today and Tomorrow
Business, Succession, Retirement and Estate Planning for Farm and Ranch Women
This is a Pilot
• There’s a lot of material
– Where do participants have problems?
– What needs more time?
– What needs less time?
• We need to improve
– Constructive Criticism is Required
– Add/Remove
Managing for Today and Tomorrow
Business, Succession, Retirement and Estate Planning for Farm and Ranch Women
On the way
• Evaluation Webinar – January
• Marketing Materials – To be posted and
communicated via email
• Image – posted materials will morph into the
versions that they will be used in over the next
few weeks
Managing for Today and Tomorrow
Business, Succession, Retirement and Estate Planning for Farm and Ranch Women
Please communicate your
Pilot Locations and Dates
with Madeline
• Delivery of Pilot Programs in 10 states is
expected during the winter of 2012
• 12 content hours
• Fit it into your planning system
• Work with team to determine budget