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Multiple Year Farm Transition & Estate Planning: Program Outcomes & Impacts Through Evaluation

Multiple Year Farm Transition & Estate Planning: Program Outcomes & Impacts Through Evaluation . Gary A. Hachfeld Extension Educator - Ag Business Management Triennial Conference Overland Park, KS. June 9-13, 2013. Program Goals.

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Multiple Year Farm Transition & Estate Planning: Program Outcomes & Impacts Through Evaluation

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  1. Multiple Year Farm Transition & Estate Planning: Program Outcomes & ImpactsThrough Evaluation Gary A. Hachfeld Extension Educator - Ag Business Management Triennial Conference Overland Park, KS. June 9-13, 2013

  2. Program Goals • Introduce farm/ranch families to business transition & personal estate planning laws, rules, terminology, risk management issues, etc. • Outline strategies & procedures they might consider using when developing & implementing a business transition & personal estate plan. • Farm/ranch family take new knowledge and confidence and develop & implement a business transition and personal estate plan.

  3. Delivery, Materials & Marketing • Face-to-Face workshop setting – PowerPoint slides • Workbook: - PowerPoint slides - 27 detailed information sheets - Participant worksheets - Internet resources • “Sponsorship Model” - Market to local business sponsors - Sponsor pays U of MN a program fee. Sponsor selects date, time, location, recruits participants, pays all additional costs.

  4. Program Outline • Topics discussed: - Preparing to transition the farm/ranch business (goals) - Tax considerations & risk management issues - Overview of business transition strategies - Financial considerations - Estate planning issues - Treatment of heirs and intergenerational communications - Financial assistance - Developing a written transition plan

  5. Evaluative Methodology • Stage 1: End-of-Meeting evaluations: - Each participant is asked to complete a one page evaluation following each workshop: ♦ Focus on increased understanding of key educational points. ♦ Status of business transition & estate planning. • Stage 2: Follow-up evaluation six months following last workshop: - Mailed to participants with return envelope: ♦ Focus on progress toward developing & implementing business transition and personal estate plan. ♦ Obstacles and challenges encountered.

  6. Participant Demographics2004 - 2012 • Programs delivered in MN, ND, IA, & WI. • 5,069 total attendees • 2,503 farms/ranches represented • 1,381 local communities represented • 222 local program sponsors involved • Total number of workshops - 134 • 84.9% had no business transition plan • 69.3% had no personal estate plan • Age range: 22 to 89 yrs., 56.3% over age 55 • 60.6% male and 39.4% female

  7. End-of-Meeting EvaluationCumulative Results 2004 - 2012

  8. Participant’s Self-Reporting Whether Their Understanding of Educational Points Increased Due to Attending a Workshop (2004 – 2012)* * Used Likert Scale with 1 = “Strongly Disagree’ to 5 = “Strongly Agree”

  9. Follow-up EvaluationCumulative Results 2004 - 2012

  10. Number/Percentage of Farm/Ranch Units Starting/Completing Business Transition & Personal Estate Plan (2004 – 2012)* * Number & Percentage of Those Returning Follow-Up Evaluations Only.

  11. Asset ValuesforEconomic ImpactCumulative Results 2004 - 2012

  12. Average Asset Values Farm/Ranch & Non-Farm/Ranch Assets by Year(2004 – 2012) Data Source: 1- FINBIN Data Base, Center for Farm Financial Management, U of M , St. Paul, MN. 2- Iowa State University Farm Business Summary

  13. Economic ImpactCumulative Results by Year 2004 - 2012

  14. Economic Impact Due to Having an Orderly Process for the Transition of Farm/Ranch & Non-Farm/Ranch Assets

  15. $354.7 Million Dollars Program Impact Based Upon Having Implemented An Orderly Process For Asset Transition To The Next Generation

  16. Cost – Benefit Analysis • Total program cost 8 year period = $224,099 • Includes staff salary & benefits (prep, travel, presentation, & evaluation time), mileage expense, lodging expense and participant materials. • Total program revenue 8 year period = $172,099 • Includes $93,656 sponsorship fees. • Includes $78,443 of grant funds. • Net program cost 8 year period = $52,000.

  17. Cost – Benefit Analysis • For every net dollar of program cost spent, we generated $6,821 in financial impact ! • Rate of Return on Investment was equal to 608,015 %

  18. Cost – Benefit Analysis • My next “So What” Question? “What is the public value of this program?”

  19. What Have We Learned? ◘ Is a universal issue regardless of business, location, age, etc. ◘ Program demand continues to grow. ◘ “Sponsorship Model” has strengthened our working relationships with local businesses leading to other opportunities plus enabling us to generate revenue. ◘ Works very well not having attorneys present material. ◘ Participants state the workbook is a valuable resource. ◘ Evaluative data shows participant behavioral change based upon knowledge increase of subject matter (outcomes). ◘ Evaluative data shows significant economic impact resulting from the program effort (impacts).

  20. Contact Information Gary A. Hachfeld Extension Educator Agricultural Business Management University of Minnesota Extension 507-389-6722 hachf002@umn.edu

  21. Questions ? ? ? Comments ! ! !

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