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 Refinancing

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 workshop.

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 www.nnyagdev.org.
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