KFMA Podcast

Episode 5 of our transition planning series continues in section 2 of the workbook "Cultivating Your Farm's Future" from the University of Wisconsin. In this episode, we focus on a worksheet evaluating, "Is Equal Fair?" and discuss control of farm management decisions. We also talk about performing a SWOT analysis for your farm family business and evaluating the "D" risks on your farm. Make sure to check out the workbook at the link below!

Workbook Link:

https://farms.extension.wisc.edu/files/2022/08/Cultivating-Your-Farms-Future-%E2%80%93-A-workbook-for-Farm-Succession-Planning-in-Wisconsin_online_FINAL-1.pdf

This episode continues our transition planning series, leading into part 2 of the "Cultivating Your Farm's Future" workbook from the Unviersity of Wisconsin- Madison Division of Extension. Part 2, "Where do you want to be?" helps farm families set goals for their transition. This episode specifically looks at various worksheets that help each generation identify their intentions for the transition and their core values. We also discuss a section for the owner generation that focuses on their goals for retirement.

Workbook Link:

https://farms.extension.wisc.edu/programs/cultivating-your-farms-future/

This episode continues our transition planning series, working through the "Cultivating Your Farm's Future" workbook from the University of Wisconsin. In this episode, we discuss the different areas of decision making and some wonderful resources to communicate about transferring management to the next generation. This episode finishes out section one of the workbook titled, "Where are you now?"

Workbook Link: https://farms.extension.wisc.edu/programs/cultivating-your-farms-future/

In episode 2 of our Transition Planning Series, we look at organizing your financial information. We review the essential parts of a balance sheet, both farm and personal, and the farm income statement. In addition, we look at building a monthly/annual household spending plan.

As a reminder, this series is built around UW-Madison Division of Extension's "Cultivating Your Farm's Future" workbook.

Workbook link: https://farms.extension.wisc.edu/programs/cultivating-your-farms-future/

Spending Plan- Link to Excel File: https://farms.extension.wisc.edu/articles/monthly-and-annual-spending-plan-part-1-of-2/

KFMA Podcast Episodes on Balance Sheets:

https://kfmapodcast.libsyn.com/balance-sheets-part-1

https://kfmapodcast.libsyn.com/balance-sheets-part-2

https://kfmapodcast.libsyn.com/balance-sheets-part-3-personal-balance-sheets

We're kicking off our farm transition series! This series will walk through the topics in the "Cultivating Your Farm's Future" workbook, created by University of Wisconsin- Madison Division of Extension. We're very grateful for the use of this resource and hope you will find it beneficial. This first episode of the series will start in the first section of the workbook titled, "Where are you now?" The topics covered will be the: Family Tree, Family Spotlight, Farm Profile, and Factors Affecting the Farm Business Transition.

https://farms.extension.wisc.edu/programs/cultivating-your-farms-future/

https://farms.extension.wisc.edu/files/2022/08/Cultivating-Your-Farms-Future-%E2%80%93-A-workbook-for-Farm-Succession-Planning-in-Wisconsin_online_FINAL-1.pdf

Ashlee Westerhold joins me to discuss the upcoming Farm and Ranch Transition Conferences and to give us an update on the Office for Farm and Ranch Transition. The upcoming conferences are:

Dec. 13th- Colby, KS

Dec. 14th- Salina, KS

Dec. 15th- Erie, KS

For more information, check out the link below. Scholarships are available! If you are applying for a scholarship, do not register until you have filled out the application and heard back from Ashlee.

https://agmanager.info/events/2022-farm-and-ranch-transition-conferences

KFMA members often ask us questions about 1031 (or like-kind) exchanges. There are lot of things to remember when completing a 1031 exchange to make sure you're not surprised by a large tax bill. In this episode we are joined by Clay Simons, KFMA South Central Executive Economist, to discuss the rules surrounding 1031 exchanges.

There's been a lot of uncertainty in the economy over the last couple years. Many producers are concerned about the rising costs of inputs and interest rates. We sat down with Dr. Brian Briggeman, professor in the agricultural economics department at K-State, to discuss inflation, interest rates, and what businesses can do to be prepared.

In September we covered various tax planning strategies for high income years. Dillon Rapp joins us again to discuss tax planning strategies for low income years. We cover ways to increase income or decrease expenses and why it is important to avoid net operating losses.

Robin Reid joins us on the KFMA podcast to discuss recent trends in agricultural land values. Robin is an Extension Ag Economist with K-State and has spent much time devoted to research around agricultural land values, historical trends, and much more.

Associated Links:

https://agmanager.info/land-leasing/land-buying-valuing/kansas-land-values-book-2021

https://agmanager.info/land-leasing/land-buying-valuing

https://agmanager.info/farm-management/land-rental-rates/local-land-lease-information

https://agmanager.info/farm-management/land-buying-valuing/land-use-value-research