The fourth week of the Agribusiness Management Program (AMP) Summer Webinar Series featured attorney Brooke Starks and Kent Leesman from Illinois FBFM in the first of two webinars. They provided helpful strategies for farmers to keep in mind as they think about the succession of their farm and assets. The focus of their presentation were things that come up often in working with clients—equipment transition planning and the intricacies of entity structures. Equipment transition planning – transfer options: 1. Piece-by-piece. This option allows the farmer to sell a portion of his equipment to a successor each year leading up [...]
The second week of the Agribusiness Management Program (AMP) Summer Webinar Series featured attorney Polly Dobbs from Dobbs Legal Group. After practicing law in Indianapolis for 12 years, Polly returned home to her family farm with her husband and two children. She is passionate about helping farm families avoid the pitfalls of estate planning by focusing on the efficient transfer of their land, buildings and equipment to the next generation. As the title of Polly’s presentation indicates, she has encountered plenty of horror stories related to succession planning (or lack thereof) throughout her career and shared a few examples [...]
The first week of the Agribusiness Management Program (AMP) Summer Webinar Series featured Jackson Takach and Zack Carpenter from Farmer Mac. Farmer Mac is a mission-based organization committed to building a vital rural America by providing credit and other financial services. In their roles at the organization over the years, Takach and Carpenter have identified six common threads that are the difference makers in creating successful farm businesses. Common thread #1: Discipline makes the business. When you think about your business, where are you spending most of your time? Carpenter suggests that good leaders spend much of their time [...]
With the 2019 growing season behind us, it’s time to look at crop production statistics for Illinois from last year. With an average yield of 54 bushels per acre and a total production of 532 million bushels of soybeans, Illinois growers overcame a challenging year to remain the leading soybean state in the nation in 2019. The prairie state planted 9.95 million acres and harvested 9.86 million. Some areas, particularly in northern Illinois, had terrible conditions during the planting window and many producers were not able to plant all the acres they intended. Thus, Illinois soybean planted acres were [...]
The Illinois Soybean Association (ISA) checkoff and membership programs represent more than 43,000 soybean farmers in Illinois. The checkoff funds market development and utilization efforts while the membership program supports the government relations interests of Illinois soybean farmers at the local, state, and national level, through the Illinois Soybean Growers (ISG). ISA upholds the interests of Illinois soybean producers through promotion, advocacy, and education with the vision of becoming a market leader in sustainable soybean production and profitability.