Duration:
Three days
Agenda:
Day One a.m.
The Current Farm
Describe the current farm?
Who are the stakeholders?
Who are the key stakeholders?
What is this plan attempting to achieve for the key stakeholders?
What will this farm look like in five years?
What are the long-term farm objectives?
What are the needs, wants and desires of the auxiliary stakeholders i.e. non farming children?
Day One p.m.
The Various Structures Overview
The proprietorship
The partnership
The corporation
The joint venture
Day Two a.m.
The Various Business Structures Continued
The Various Structures
SWOT Analysis
Strengths Weaknesses Opportunities and Threats
The advantages of each
The disadvantages of each
Tax implications
Cost implications
Risk management implications
This discussion will take place with respect to today’s needs and the anticipated needs in the future.
Day Two p.m.
The Questions
What will the plan accomplish?
What is the process of executing this plan?
What specific assets will be transferred including land, machinery, livestock, quota, etc. and when?
What is the implementation time schedule for each step?
Who is responsible for each step?
How will the key stakeholders provide communication to each other and to advisors?
Who will champion the communication process among key stakeholders and advisors?
What can upset the plan?
What can be incorporated in the plan, to mitigate the risks?
Identity and list the things that may go wrong with this plan (death, disability, disillusionment, divorce, lack of farm viability, etc.).
When will this plan be updated?
Day Three Full Day
The Report
Putting it all together
The focus on this session will be what is the written plan for the future.
The financial picture where is the farm at and what are the objectives in written form. While the ideas are important everything may change when it is written.
Can the farm survive and prosper?
What about the management the control and the labor plans for the farm?
Is this the best plan for you or the best plan for your professional advisors?
Does this plan work within your succession plan, your financial plan and your business strategy?
It is critical that this plan integrates with the other plans on the farm.
If those other plans do not exist then an overview will be provided, with respect to those plans and why this needs to be part of the overall management strategy.
Cost:
This will be $800.00 per day per person work book to be provided. Meals shall be the responsibility of the student. This will be on site. Additional Costs for rooms and mileage and any other extras will be the responsibility of the student. Those will be agreed to prior to the start of the course. If Students choose this can be completed in 1/2 day segments but the course must be completed within two months. Minimum two maximum five pers course.
Target Audience:
Various farmers and ranchers and producers who are looking at more than tax planning with respect to developing a business structure plan that meets their needs
Recognition Provided:
Certificate of completion
Method of Instruction:
Classroom
On-site/On-farm
This will be either one on one or small group instruction
Availability of Program:
Available as required at a mutually convenient time for the instructor and student or students
Agriculture Business:
Cattle
Crops
Field Fruit and Vegetables
General
Swine
Subject of Training:
Financial Management (includes production economics)
Business Planning, Strategy and Structure
The present agri-business environment has changed dramatically over the past few decades. The various notions with respect to proprietorships, joint ventures and partnerships and corporations has had limited debate. The major driver of Business Structure development has been tax planning. This course will discuss a variety of issues, which face a farm owner or manager when assessing various business structures for both the long term and short-term perspective. These issues have become increasingly real and complex. Second guessing has been part of the business structure planning process. This course will give farmers information so that this matter can be discussed with their professionals in a real and an intelligent way. There is no one size fits all discussion in Business Structures.
This does not include the preparation of corporate documents or tax advice for specific situations.
Forrmal agreements and/or contracts are not included
This is about putting a written plan in place for review in the future.
Language of Instruction:
For program information contact:
Robert Stocks
Last Updated: 2014-02-25
Ratings and Comments
Add new comment