pilot program training managing for today and tomorro · managing for today and tomorrow business,...

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


Mute

• Please take a moment to hit * 6 on your phones to increase the audio quality of the archive

• * 6 will unmute when you have questions

• * 6 will put it back on mute after your question is answered



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



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.


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


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


Discussion

Content

Discussion

Content

Discussion

Content

Discussion

Content

Discussion

Content

Discussion

Content

Discussion

Content

Discussion

Evaluation

Evaluation Evaluation

Activity

Activity

Outcomes Disc.

Session 1 Session 2 Session 4

Graduation Photo

Content

Discussion

Content

Discussion

Content

Discussion Evaluation

Session 3


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.


Retirement Planning Session One

Visualizing Your Future

Business Planning Session One

Discussion

Evaluation

Goal Basics Activity

Succession Planning Session One

Session 1

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.

Bu

sin

ess,

Su

cces

sio

n, E

stat

e, a

nd

Ret

irem

en

t P

lan

nin

g 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.

Break

Break

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

Session 2 B

usi

nes

s, S

ucc

essi

on

, Est

ate,

an

d R

etir

eme

nt

Pla

nn

ing Business Planning

Session Two

Discussion

Estate Planning Session One

Discussion

Discussion

Evaluation

Break

Break

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

construct a balance sheet practice incorporating this knowledge into family and farm business discussions

explore best practices in communicating business decisions for family businesses begin a Strengths/Weaknesses/Opportunities/Threats analysis of their operations

The second and third sessions end with an evaluation designed to measure changes in knowledge

Succession Planning Session Two

Session 3 B

usi

nes

s, S

ucc

essi

on

, Est

ate,

an

d R

etir

eme

nt

Pla

nn

ing

Break

Business Planning Session Three

Discussion

Estate Planning Session Two

Discussion

Discussion

Evaluation

Break 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

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

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

The second and third sessions end with an evaluation designed to measure changes in knowledge

Retirement Planning Session Two

Break

Estate Planning Session Three

Discussion

Succession Planning Final Session

Discussion

Evaluation

Graduation Photo

Session 4 B

usi

nes

s, S

ucc

essi

on

, Est

ate,

an

d R

etir

eme

nt

Pla

nn

ing

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

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

Each class will have a graduation photo

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.


Session 1

Course Delivery Instructions PowerPoint Activities Publications


Session 2 Course Delivery Instructions PowerPoint Activities Publications


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


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


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


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.


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


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


Activities by Team – Succession

• Goal Setting for Farm and Ranch Families

• My Farm Problem

• Succession Planning Flow Chart

• SWOT


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


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


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.


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


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


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


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


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

pilot program training managing for today and tomorro · managing for today and tomorrow business,...

Documents