Transitioning the farm/ranch business to the next generation has been and continues to be a high priority issue for rural families throughout the U.S. University of Minnesota Extension educators have conducted a business transition and personal estate planning program for the past six years. The program has been delivered in four states – Minnesota, North Dakota, Iowa, and Wisconsin. During that time substantive evaluative data has been gathered from all four states through both end-of-meeting and six month follow-up evaluations. End-of-meeting evaluation has focused on increased knowledge self-reported by participants. The follow-up evaluative focus has been on what participants have actually done with the increase in knowledge. Together, the evaluative data provides a look at programming outcomes and impacts from 2004-2010.
The poster, “Farm Transition & Estate Planning Programming: Participant Behavioral Change, Cumulative Outcomes & Impacts 2004-2010” will highlight participant demographics, outline participant behavioral changes in knowledge, quantify farm/ranch units completing the transition and estate planning process, and the economic impact of those participant actions.
Total financial impact of the program effort at the end of the six year period, for the NCRME grant dollars invested, was $148.2 million dollars. This is based upon participants self-reporting having completed and implemented their business transition and personal estate plan process. This participant action is an indication of having put into place an orderly process for business and personal asset transition to the next generation.
|Conference||2011 Extension Risk Management Education National Conference|