Northeast Risk Management Education Projects Bob Parsons University of Vermont.

Northeast Risk Management Education Projects

Bob Parsons

University of Vermont

Today We Examine 2 Projects

• UVM Extension Mobile Computer Lab

• New England “Transfer the Farm” Workshops

Mobile Computer Lab• Funding Sources

– Northeast Center for Risk Mgmt Education– 20 Vermont Ag Businesses/UVM Extension

• Equipment:– 10 Laptops– Wireless Router– Laser Printer– Video Projector

Computer Workshops

• Objective: Train farmers how to use computers in managing their farm.

• Basic Computer operation

• Financial packages

• Other management software

• Farmers have computers…..

– But don’t use them!!!

2003 Computer Workshops

• Topics: Quicken and Excel (3)

• 45 individuals from 36 farms

• 4 sessions / 3 hours each

• Homework for each session

Topics…

• Excel

– Balance Sheet

– Annual Budget

• Quicken

– Chart of accounts

– Data Entry

– Reports and Graphs

Evaluations

• Average age: 44 Yrs farming: 17

• Satisfied with workshop: 4.2 out of 5

• Instructor Effectiveness: 4.5 out of 5

• Usefulness of Quicken: 4.6 out of 5

• Usefulness of Excel: 4.2 out of 5

Comments….

• “Best thing I have ever done!”• “Record keeping is much easier – even

impressed my in-laws!”• “I finally have my records up to date.”• “I now use my computer – and actually

showed my kids a few computer tricks!”

Future Programs

• Basic Computer operation

• More financial workshops

• Cooperate with DHIA on managing production records

• Crop management

Program 2: New England “Transfer the Farm” Workshops

• Provide assistance to New England farmers• Major concern of 40% of Vermont dairy farmers• Complicated by high real estate values• Complex with little understanding of alternatives

Regional Support….

• Northeast Center for Risk Mgmt Education

• UVM and UNH Extension

• Cooperating with Land Link & Ag Depts

• Cooperating attorneys

• Workshops in 5 New England states

Workshop Agenda

• Communication and setting goals

• Retirement, estate & business transfers

• Nuts & bolts – Legal aspects & methods

• Creative alternatives

• First-hand experience

Communication

• Stress need of talking with family

• Goals of each generation

• Handling conflict between family members

• Aligning goals with situation

Retirement & Transfer Planning

• Retirement needs

• What consists of estate

• Implication of taxes

• Methods of transferring assets

• Business transitions

• Business organizations

Legal Aspects of Transfers

• Attorney with estate experience

• Probate, estate, and taxes

• Wills, inheritance, & heirs

• Protecting assets

• Picking right business structure

• QUESTIONS FOR LAWYER

Creative Alternatives

• Sell development rights

• Selling conservation easement

• Land Link

First Hand Experience

• Valuable to hear from experienced

• Give success and horror stories

• Provides insight on family approaches

• Gives courage to move on topic

Results…

• 228 people in 5 states

• Age distributed: 19% < 35, 21% >65

• 51% male, 49% female

• 85% very satisfied

• Significant knowledge gain on all topics

Quotes….

• “It is the best workshop I’ve attended on this subject.”

• “Eye-opening, good support for farmers.”

• “A beautiful well-planned informative day…please put one on next year.”

• “I know other farm families who could benefit from programs like this.”

Conclusions

• Both programs meet needs

• Computer lab long term program

• Estate planning constant need

• Challenge to take estate planning next step

• Made possible from NECRME!