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Northeast Risk Management Education Projects
Bob Parsons
University of Vermont
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Today We Examine 2 Projects
• UVM Extension Mobile Computer Lab
• New England “Transfer the Farm” Workshops
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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
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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!!!
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2003 Computer Workshops
• Topics: Quicken and Excel (3)
• 45 individuals from 36 farms
• 4 sessions / 3 hours each
• Homework for each session
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Topics…
• Excel
– Balance Sheet
– Annual Budget
• Quicken
– Chart of accounts
– Data Entry
– Reports and Graphs
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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
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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!”
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Future Programs
• Basic Computer operation
• More financial workshops
• Cooperate with DHIA on managing production records
• Crop management
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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
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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
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Workshop Agenda
• Communication and setting goals
• Retirement, estate & business transfers
• Nuts & bolts – Legal aspects & methods
• Creative alternatives
• First-hand experience
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Communication
• Stress need of talking with family
• Goals of each generation
• Handling conflict between family members
• Aligning goals with situation
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Retirement & Transfer Planning
• Retirement needs
• What consists of estate
• Implication of taxes
• Methods of transferring assets
• Business transitions
• Business organizations
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Legal Aspects of Transfers
• Attorney with estate experience
• Probate, estate, and taxes
• Wills, inheritance, & heirs
• Protecting assets
• Picking right business structure
• QUESTIONS FOR LAWYER
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Creative Alternatives
• Sell development rights
• Selling conservation easement
• Land Link
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First Hand Experience
• Valuable to hear from experienced
• Give success and horror stories
• Provides insight on family approaches
• Gives courage to move on topic
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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
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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.”
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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!