Keywords: estate planning, family, discussion, assets
This workbook helps to guide families and businesses through the task of estate planning. It has questions and forms to help you think of things that may have otherwise been missed. The six steps included are: 1) initiate the decision; 2) take stock of the present; 3) develop objectives; 4) choose professional advisors, a guardian, and a personal representative; 5) consider alternatives; and 6) review and modify.
Gerald A. Harrison
Keywords: estate planning, Indiana estates, tax law
This publication aims to add information for estate and family business transfer planning programs. The necessary information includes personal financial facts, knowledge about property and tax law and implications of planning alternatives.
Keywords: business income, assets, division of income
If everyone in the farm business owned a similar amount of business assets, worked the same number of hours, and provided management expertise, the answer to the question in the title would be very straightforward. In this unlikely scenario, business income could be split equally. Unfortunately, asset ownership, hours worked, and management responsibilities vary across managers, operators, and owners of the business. This increases the importance of coming up with a conceptual framework to divide farm business income. This article describes a model that can be used to divide farm business income, and provides an illustration of how this model can be used in practice.
Cole Ehmke and Alan Miller
Keywords: business financing, breakeven sales
This article targets owners and managers of a family business or other small business, and presents a simple calculation for assessing the cost and revenue relationships in a venture. Readers are expected to be able to conduct a breakeven analysis of their venture.
Alan Miller, Craig Dobbins, Michael Boehlje, Freddie Barnard, and Nicole Olynk
Keywords: business financing, financial position, financial performance
This publication helps you measure the financial position of your farm business and analyze how changes may improve performance. The article includes topics such as financial performance and responding to financial stress.
Keywords: business income, assets, division of income
This article describes a conceptual approach that can be used to transfer farm machinery through a lease agreement, and provides an illustration of how this approach can be used in practice. The illustration also depicts how the lease payments may evolve over time.
David Evans, Schane Coker, and Andi Long
Keywords: credit, family finances, loans, personal finance
What is credit? Your financial credit (i.e., financial reputation) is a tool used by lenders, insurers, landlords, and even employers to quickly assess whether trusting you is going to be worth the risk. If your credit is good, you potentially pose less of a threat.
David Evans and Andi Long
Keywords: credit score, family finances, loans, personal finance
The information on your credit report is used to generate a credit score in your name. A healthy credit score can save you thousands of dollars over the life a loan.
Andi Long, Schane Coker and David Evans
Keywords: family finances, loans, personal finance
This article explores three things to consider as you head toward financial security by managing your credit wisely.
Michael Boehlje and Cole Ehmke
Keywords: capital investment, project assessment, economic profitability, financial feasibility
This article targets business managers facing a capital investment decision. The article presents two phases of project assessment: economic profitability and financial feasibility. Readers are expected to be familiar with the time value of money and be able to calculate the net present value of a project and determine if the investment will generate enough cash to make debt payments.
Maria I. Marshall, Aaron Johnson, Joan Fulton
Keywords: business financing, grant proposal
This article targets business managers seeking grant funding to support their business activities, and explains the steps involved in completing a successful grant proposal with specific examples for new business ventures.
Sharon M. Danes
Keywords: retirement plan
The publication guides you in developing a retirement plan that takes into account these important considerations: finances, emotional preparation and social aspects. Included are assessments and guides to help you better plan for your future. Chapters feature money decision-making, estimating retirement income needs, developing retirement income, saving and investment options, financial planners, and evaluating health and life insurance options.
Zuzana Bednarikova and Emily Cassanmagnago
Keywords: rural business banking, small business banking
A personal relationship with a bank is one of the most important business relationships that a small business owner has. We defined personal relationship banking as “repeated contact between a business banker and the business owner.” A business owner chooses to share information or expand activities with a bank. In turn, a banker offers products and services designed to help the business owner run the business.
Cole Ehmke, Jay Akridge, Christy Lusk, and Jayson Lusk
This article targets business managers considering using consultants, and includes tips for selecting and working with consultants, with specific advice for using consultants in marketing research. After reading this article, the reader will know how to establish expectations for an effective working relationship with a consultant.