Bullitt County CES

Title:

Farm Management

MAP:

Agricultural Economics

Agents Involved:

Darold Jay Akridge

MAJOR PROGRAM 1:

Farm Management

MAJOR PROGRAM 2:

Ag Marketing

MAJOR PROGRAM 3:

Forages

MAJOR PROGRAM 4:

KSU Small Farm Program

Situation:

According to City-Data.com Bullitt County, KY, the percentage of family or individual owned farms is over 93%, the average age of the farm operators is 57 years. For every Kentucky farmer under the age of 25, there are 44 older than 70. Over the next decade half of the state’s farmers will retire and 70 percent of the farms will change hands. Every farm will one day experience transition.
Fifty-five percent of American Adults do not have a will. Only one third of soon to retire farmers have identified a successor. Only one-half of those farms will survive to the third generation. Over the next decade half of the farmers will retire and will be replaced by beginning farmers. Seventy percent of farm ground will change hands by 2025. (The Ag Magazine, University of Kentucky, winter 2015, Carol Lea Spence). For agriculture to remain in family hands, today’s producers must become aware of the economic dynamics that are involved with their farms and the effect that a death can have on the farm’s ability to survive. Financial strategy and retirement planning are necessary.

Long-Term Outcomes:

Family farms make the transition to the next generation without financial disaster.
Producers achieve financial literacy and retirement planning.

Intermediate Outcomes:

Farmers develop a financial plan to recognize the value of their agricultural enterprise.
Farmers name a successor for the agricultural enterprise and develop a transition plan.
Farmers make a will.
Individuals make at least one financial management strategy

Initial Outcomes:

Farmers become aware of the need for a financial strategy.
Farmers decide if the family farm will be passed on to the next generation as an agricultural enterprise.
Farmers realize the economic impact of not having a transition plan in place.

Evaluation:

Outcome: Farmers become aware of the need for financial strategy.
Indicator: Farmers make a will and name a successor for their farm
Number of individuals who implemented at least one financial strategy.
Method: Verbal survey of producers by agent, written survey after some classes
Timeline: on-going throughout the year
Indicator: Number of farms in county remains stable.
Method: Agricultural stats, USDA
Timeline: Yearly

Learning Opportunities:

Audience: Producers

Project or Activity: Who will farm my land?

Content or Curriculum: Naming a successor, its importance.

Inputs: Farm Credit Services, financial planner

Date: TBA

Audience:Producers

Project or Activity:  Farm Management

Content or Curriculum:  Business plan

Inputs: UK specialist, UK Pubs, Agent, Farm Credit Services
Date:  February

Audience:Producers

Project or Activity:  Farm Management

Content or Curriculum:  Record keeping

Inputs:UK specialist, UK Pubs, Farm Credit Services
Date:  February

Audience:Producers

Project or Activity:  Farm Management

Content or Curriculum:  Taxes

Inputs: UK Pubs, Agent, Farm Credit Services
Date:  February

Audience:Producers

Project or Activity:  Farm Management

Content or Curriculum:  Farm survival in market lows

Inputs:UK specialist, UK Pubs, Agent
Date:  November