October 14, 2009
Use before 10/22 registration date
Contact: Anita Deming, Cornell Cooperative Extension, 518-962-4810 x409
Asset Management Training for Farmers Set for Chazy, Canton,
Burrville: Speakers to Teach on Value, Buying, Selling, Managing and
The economic times have farmers watching many of their assets’ value
fall. Farmers are asking themselves what can I sell, what do I need to
buy, to support my farm now and into the future? The Cornell Cooperative
Extension Associations of Northern New York are offering “Valuing Your
Assets” workshops with guest speakers who will share tips on organizing,
valuing, buying, selling, refinancing and managing farm assets to
improve farm profitability.
“Valuing Your Assets” programs are set for 12:30pm to 3pm Tuesday,
October 27 at the W.H. Miner Institute in Chazy; Wednesday, October 28
at the Cornell Cooperative Extension of St. Lawrence County Learning
Farm in Canton; and Thursday, October 29 at Pioneer Farm Credit in
Burrville. Registration is requested by October 22nd for the free
Cornell Cooperative Extension of Essex County Director Anita Deming
says, “This workshop provides a discussion on how the current value of
your farm assets impacts your financial viability. For example, when it
comes time to sell or refinance, some farmers may be surprised that the
value of their assets has changed. How you deal with changing values is
critical. The workshop will help farmers with valuation, projections and
planning for their future and the future of their farms.”
The program speakers are from NY FarmNet; LeClar Bros. Auction Service,
LLC; and Cornell Cooperative Extension.
NY FarmNet Executive Director and farm business consultant Ed Staehr
will discuss how NY FarmNet can help farmers develop a financial
strategy plan. NY FarmNet is a confidential network of support services
to help farm families deal with life challenges and transitions.
“At the October workshop in Chazy, Canton, and Burrville, we will
discuss strategies for decision making on managing farm assets and
deciding what to sell or buy for your farm’s long-term success,” Staehr
says. “For example, if a sale is in your future, what are the ways you
can be organized and get the most value from your sale; or if you are
looking at the need to make purchases, how can you scrutinize the costs
to get the best value.”
Staehr says farmers need to analyze what their current assets are
returning to them.
“For example, instead of maintaining equipment you seldom use, can you
sell it, hire custom harvesting or offer custom services to reduce your
farm’s or a neighbor’s farm’s costs,” Staehr says.
He adds that changing livestock values can affect farmers when they
apply for loans.
NY FarmNet financial consultant, auctioneer, and retired Cornell
Cooperative Extension farm management specialist Jerry LeClar will
discuss getting organized to sell assets and how to get the most value
from assets you are selling or buying.
"Managing assets is an important component of business management. How
you manage your assets directly affects the financial structure of your
business, your leveraging, and growth potential, as well as retirement
and estate planning. How you value your assets affects how you manage
them," LeClar says.
Deming will present “Net After Tax Income Considerations.”
“Buying and selling involves taxes and farmers need to consider such
factors as after-tax income, capital gain, depreciation recapture,
alternative minimum tax, and bankruptcy issues. This is not a tax class,
but a workshop to gain background for making sound decisions for your
farm,” Deming says.
Pre-registration by October 22nd is requested so materials can be
prepared ahead. Contact Deming at 518-962-4810 x409 to register for the
Chazy workshop; Cornell Cooperative Extension of St. Lawrence County at
315-379-9192 for the Canton workshop; and Cornell Cooperative Extension
of Jefferson County at 315-788-8450 for the Burrville workshop.
Learn more about agriculture in Northern New York online at
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