FBMA 2133 Directed Studies in Farm Business Family Transition

Description

Directed Studies in Farm Business Family Transition gives students many aspects of farm business and/or family transition which occur in the typical farm business. Both estate planning and transition planning will be explored.

Management Credits

2

Topics to be Covered

1. Outline the preferred future of the farming operation as it relates to family members

a. Identify goals that owners/operators desire for the future of the family business

b. Outline the avenues of transfer and the advantages/disadvantages of each avenue

c. Discuss with family members their desires for the future of the operation

d. List the risk of taking no action as it relates to transition planning

2. Develop a comprehensive transition plan for the family business

a. Review balance sheet to assist in planning transition

b. Perform a cash analysis to explore options for transition (gifting, retirement income, etc)

c. Utilize the proper business structure to set in motion the transition

Learning Outcomes

1. Develop a plan to transfer a farm or business

2. Understand the tax implications of different types of farm transfers

3. Communicate future farm plans with stakeholders

4. Prepare a balance sheet to develop values used in the planning process

5. Determine the needs for retirement incomes and any gifting of the business

6. Determine the best business structure for the transition