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FarmCreditEast.com
SOCIAL ENGAGEMENT AG IN THE DIGITAL AGE – THE OPPORTUNITIES & RISKS OF SOCIAL MEDIA
FALL 2017
2 | News & Views
10 | Generation Z
15 | Farm Credit East Salutes
3 | CEO Letter
12 | Staff Dig in to Help Out
16 | One Mission. Many Voices.
4 | Cover Story
14 | Crop Insurance
18 | Washington Update
N EW &V IEW S S Farm Credit East Tax Reform Report In late September, the President and Congressional leaders unveiled the framework for broadbased tax reform legislation. While many details of the reform plan will be determined by the Congressional tax-writing committees, its primary goals are to simplify the tax code by reducing the number of tax brackets and eliminating most current deductions while reducing the effective tax rate for most individual taxpayers. Similar to the changes for individual taxpayers, the tax reform plan would simplify the corporate tax structure, eliminating many deductions while lowering rates. In anticipation of tax reform, Farm Credit East Knowledge Exchange prepared a background report to examine the key tax provisions that currently impact farmers, such as use of cash accounting to calculate income tax. Noted in the report is that while the tax reform framework proposes significant changes to the corporate tax code, many Farm Credit East customer businesses are flow-through entities, so income is taxed at the individual level. The tax reform outline proposes a rate closer to corporate rates for this situation common to small businesses, although, like most parts of the plan, the details still need to be worked out. To view this report and learn more about other important current tax provisions, please visit FarmCreditEast.com/TaxReform.
FarmCreditEast.com
Wishing a Happy & Healthy Holiday Season from the Farm Credit Family to Yours We wish you and your family happiness and prosperity throughout the coming year, and we look forward to working with you in 2018 and in years to come.
We will be closed on the following holidays to enjoy time with our families. Thanksgiving: Thursday and Friday, November 23-24, 2017 Christmas: Monday, December 25, 2017 News Years Day: Monday, January 1, 2018
Careers with Impact If you’re looking for more than a job – something you can truly commit to, believe in and feel good about – Farm Credit East is the career choice for you. When you join Farm Credit East, you have the opportunity to provide impactful financial, business and risk management solutions to farmers, foresters, fishermen, agricultural business owners and rural property owners across the northeast. View our open positions at FarmCreditEast.com/careers. Even if we don’t currently have an open position, we’d love to get the conversation started.
Farm Credit East’s Annual Photo Calendar Contest Congratulations to all of the talented photographers whose photos will fill the pages of Farm Credit East’s 2018 Agricultural Views calendar. And thank you to the more than 650 entries we received representing unique views of the Northeast’s diverse agricultural, commercial fishing and forest products industries. For a copy of the 2018 Agricultural Views calendar, please contact your local branch office. And believe it or not, we’ve already begun collecting photos for our 2019 calendar! The deadline may be months away, but we encourage you to submit your photos as they’re captured – including those snowy winter scenes. We look forward to seeing your submissions!
FarmCreditEast.com/Calendar Deadline: July 31, 2018 2
FINANCIAL PARTNER
RELATIONSHIPS IN THE DIGITAL AGE:
A BALANCING ACT
CEO’s MESSAGE
Bill Lipinski, CEO, Farm Credit East Like many things in life and business,
this service to transfer funds and make
Farm Credit East has also invested in
success is often about achieving the right
payments. Where you previously had to
technology and staff to help us achieve
balance. When growing crops, you need
log in separately to online banking and
that right balance of information access
rain, but too much rain is a problem.
FarmCreditEast.com, you’ll now have
and security. Our technology provider
Raising livestock requires adequate feed,
access to both with a single login.
Financial Partners, Inc. is a strategic
but overfeeding isn’t good for the animals.
While improving customer access,
partner in making sure our systems are
Every spring we hope for a bumper crop,
we’re also cognizant of cyber criminals
but we also know that high yields may lead
that may be trying to gain access to Farm
The investments we’re making in
to low prices.
Credit East’s systems. One way criminals
technology aren’t intended to replace the
try to do this is by stealing your login
relationship Farm Credit East staff has
strike the right balance in providing
credentials and impersonating you in order
with you and your business, but instead
a great customer experience, while
to get access to your loans or personal
to enhance that relationship. By making
also protecting your personal financial
information. Know that safeguarding your
it easier for you to do business with us,
information and the cooperative’s assets.
personal and financial information is our
we aim to free up staff time to have the
top priority.
important conversations regarding your
At Farm Credit East, we aim to
To enhance your experience in doing
business needs.
business with us, we continue to rollout tools that improve your access to your information and allow staff to more efficiently serve your needs. For example, last year we launched Docusign so that many documents can now be signed electronically. This allows transactions to be completed quicker and reduces the risk of paper documents with sensitive information being lost or stolen. We’ve enhanced FarmCreditEast.com
safe and secure.
Our customer relationships are at the
“Know that safeguarding your personal & financial information is our top priority.”
core of everything we do, which is why you may be contacted by phone or email this fall to participate in our “Voice of the Customer” survey. We have contracted with Walker, a consulting firm specialized in customer experience, and you may receive an email from FarmCreditEast_VoC@walkerinfo.com requesting your participation. This is your
so that you can access information about
opportunity to tell us how we’re doing and
your accounts, exchange secure messages,
if there are areas where we can improve.
complete balance sheets and view
That is why we have strengthened our
Along with our board of directors, I
Knowledge Exchange reports and other
customer authentication requirements.
place a high value on your feedback, so
information. Last year we added a text
When we’re helping you gain access to
if you’re contacted, we hope you’ll share
chat feature to answer quick questions and
your information or accounts, we want
your thoughts. Your feedback will help us
assist visitors in navigating our website.
to be certain it’s you. Sometimes this
to maintain that right balance in providing
Most recently we’ve made available
may cause a delay while the local branch
you with the credit and financial services
single sign-on from our website to online
completes its authentication protocol, but
you need.
banking for those customers that use
know that it is in your best interest.
FALL 2017
3
SOCIAL ENGAGEMENT
AG IN THE DIGITAL AGE – THE OPPORTUNITIES & RISKS OF SOCIAL MEDIA Facebook. Twitter. LinkedIn. YouTube. Instagram. Snapchat. The list goes on.
Loosely translated, each of these social networks provides: Networking. Engagement. Marketing. Organic Reach. Third-party endorsement. Especially in agriculture, social networks offer the opportunity to share your story, educate consumers and give insight into an industry that is so far removed from many folks’ everyday lives. Social media is not just a means to keep up with friends and family, but is increasingly an effective tool to spread messages, educate about a cause or an industry, or market a business, especially one with limited resources or budget for marketing. “Social media is where people turn for news and information,” said Kurt Fromherz, owner of Sunrise Marketing. “Whether that is world events or what’s happening at their local garden center, these sites provide the foundation for a community to form. Sales are all about relationship-building, so the more a company can invest in that, the better off they will be.”
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FINANCIAL PARTNER
C O V E R
S T O R Y
As much opportunity as social media can offer, it also comes with risk. A business’s reputation can be drastically impacted with the click of a button. One negative customer interaction, one gallon of sour milk, one rotten tomato, one flawed bottle of wine — and suddenly this negative experience is broadcast to the world via social media. From there, a single post can take on a life of its own. So, how do you take advantage of all social media has to offer while protecting your business from the potential worst case scenario? We recently chatted with folks experienced in social media to understand their strategies and best practices in navigating this powerful digital communication platform.
THE POWER OF SOCIAL Everyone’s exposed to social media. Even without an account, you can visit business pages, read reviews, and increasingly social posts are finding their way to other communications channels, such as TV and newsprint, so you don’t need to use social to know what’s happening on it. Justen Beneduce Hiles, of Beneduce Vineyards in Pittstown, NJ, was an early adopter. “With almost every age group on social, a single post can reach our entire customer base, which is almost impossible with other forms of advertising,” she said. “And, it’s free! Our labor cost to plan, generate and post content is the only cost associated with this powerhouse of a marketing tool, which gives us a huge return on investment.” Justen also noted that social media has become an integral part of the food industry. Whether it is posting pictures of food, searching for a new restaurant or leaving a review, people are increasingly sharing what and where they are eating and drinking. “To not have a strong social media presence could inhibit potential new business. The ability to draw people in who were just looking around for options is priceless,” she said.
FALL 2017
5
TIPS FOR ENGAGEMENT: THE WHO, WHAT AND HOW Understand why you are on social media. Have a goal. Is it to drive traffic to your website? Or to get more visitors to your retail stand or pick-your-own operation? Do you want to let consumers know what’s in season? Maybe you’re looking to educate neighbors about your farm practices. Or maybe you simply want to let folks know where you’re located. Whatever the intent, don’t go in blind. Determine your purpose and establish a content plan to achieve it. As the saying goes, what gets measured gets managed — and more importantly, gets results. Even if you already have a social presence established, now is the time to stop and think about its purpose so that you can gear future content toward achieving your objectives.
WHO’S YOUR VOICE? It’s important to establish a consistent voice on social media to build a community that people want to connect with. At Holmberg Orchards, Amy is the voice for their social networks. At Beneduce Vineyards, Justen, along with brother and co-owner Mike, are the voices. “We feel it’s very important for that voice to actually be ours in order for customers to truly connect to us,” she said. Another option may be to hire a virtual ambassador for your business that can post on your behalf. This person will collaborate with a business owner or manager to keep information relevant.
WHAT’S YOUR CONTENT? EMOTIONAL. “Keeping an audience engaged generally has to do with
FRESH. “In some cases you can
set-up with a camera and microphone
channels, but people enjoy fresh
— you can grab video right from your
content and not re-hashed information,”
phone. FACEBOOK LIVE is one way to
commented Kurt.
do this, or SnapChat and Instagram
QUALITY. Recent research posted
to feel a connection to businesses they support. We share images that elicit emotion, like dogs in the vineyard, stunning landscapes, wine barrels or vineyard events. Selling an experience and a connection to a business goes a lot farther than trying to push an excess product.”
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FINANCIAL PARTNER
stories. It can be just you in the field, or
by HubSpot states that only two to five
in the woods or out on the water, with
of a business’s posts will get distributed
your phone, showing people what you
in a social networks’ news feed per
do. It adds authenticity. People feel like
week. With that in mind, focus on the
they’re there with you, a part of what
quality of each post versus the quantity
you’re doing — they want to see life
of posts, and gear posts toward your
in the country. Producers can optimize
audience. The more engagement — likes,
this desire.
comments and shares — received per
Amy has used Facebook Live to
post will increase metrics of success and
demonstrate the grinding of peanut
boost the relevance of your content.
butter and to show how lush the trees
On the flip side, Twitter is more
were with peaches this summer — she
of a news feed and posts appear
even bit into one to show how juicy it
chronologically. The timeline updates so
was! She’s also used it to broadcast live
frequently that the more you post, the
events at their farm so that even folks
better reach you’ll have. So quantity may
who weren’t able to attend could feel like
be more important on this network.
they were a part of the experience.
TRENDS FOR ENGAGEMENT
engagement happens after the video was
frequent posting, without inundating their feed,” said Justen. “People love
Video doesn’t require an elaborate
repurpose content for the various
Betsy noted that most Facebook Live
The resounding answer across our panel for the most engaging social content? Video. “Whether it is on YouTube, Facebook, Instagram or Snapchat, video is getting more attention than static messages by a factor of around 10 to 1,” said Kurt.
live, so don’t be discouraged if your live video isn’t getting the impact you hoped for — it will live on long after it was ‘live.’ FACEBOOK EVENTS are another unique way to promote a small business. “You can invite the public to these events, people share them, and when
C O V E R Social’s management tools make it
up in others’ news feeds. Users also receive notifications when someone they know is going to or is interested in an event near them. Then, as the event nears, it reminds the user,” said farm blogger Carla Wardin. SNAPCHAT’S GEO-FILTERS are another trend for short-term, on-site marketing. Businesses can add a geo-filter within their operation’s proximity, so customers can display that they’re at that location. “For short money, you’ll get a lot of bang for your buck,” commented Molly. HASHTAGS are another way to get your business visible on social media. These pound signs before a word or phrase create a community around that topic, such as #dairy, #farming, #ThankAFarmer, #KnowYourFarmer. Using them connects your content to a community of related posts. Clever, unique hashtags can also draw attention. Amy has created a few to build a social community for Holmberg Orchards: #holmgrown and #holmmade.
two-way communication that not
all about the Apps,” said Amy Holmberg
every social channel does,” Courtney
of Holmberg Orchards in Gales Ferry,
continued. “Networks such as Snapchat
Conn. “I can access all social sites
and Instagram are great to help build a
from Apps on my phone. This allows
brand, but don’t offer the same level of
me to post in the moment, respond
interaction.”
immediately and provide a real-time response.” Updating content on a website typically doesn’t offer the same convenience. Search also plays a role in the power of social. If you have a website, but nobody can find it, is it worth having? Social pages are often more prevalent than a website and can show higher in search results. Some businesses are
to stay current and stay relevant. Listen to your customers and understand the informa-
“...Facebook, Twitter & YouTube are the leading channels for farmers...
moving away from having a website at all and use their social pages to engage with customers. Social allows information
Amy Holmberg agrees that the
to spread in a space people already
right social platform depends on your
are, versus hoping they stumble upon
business. “Snapchat seems to be the hot
your website. For a small business, with
network right now, but we’re not sure it
limited resources, social platforms may
hits our audience, so we haven’t engaged
be the best way to stay relevant.
with this platform yet.” You may not have the resources to
Regardless of the type of content you post, the key to engaging your audience is
“Facebook and YouTube offer a
easy for businesses to stay current. “It’s
“
they click that they’ll be attending, it shows
S T O R Y
WORKING SOCIAL FOR YOUR BUSINESS
maintain multiple channels, so identify the one platform that’s most useful to your business and stick to it. “The worst thing you can do is to establish a presence
tion they’re looking for. Chances are if one
Facebook continues to be the
person is curious about it, others are too —
leading social network, reaching two
on a platform and not keep it current,”
so share it!
billion monthly active users in June
noted Molly McPherson, a public relations
2017. It offers the best odds to reach
consultant who specializes in social
that they can use, that’s credible and that
your audience as compared to any
media communications.
has sources to back it up,” noted Carla.
other network. From a consumer end,
“For example, after receiving multiple
trends are moving toward Instagram
dollar investment basis, social media
questions about the hormones in milk, I
and Snapchat, according to Meredith
marketing is more cost effective than
wrote a blog called ‘No hormones are added
Agrimedia research.
other media, but does require a greater
“People have a hunger for information
to your milk’ because I knew people were
“The appropriate social platform
Kurt can agree. “From a straight
commitment of time and energy. Pick
curious about it. It earned more than 30
really depends on your industry,” said
a lane and assign time and resources
shares and 6,000 views.”
Courtney Yuskis, Meredith Agrimedia
toward developing a loyal following. You
digital engagement director. “In our
can still have an impact on a budget.”
“Anyone can share a funny image about food choices, but when you actually help
research, Facebook, Twitter and YouTube
them to make purchasing decisions, it grabs
are the leading channels for farmers.
their attention and they want to share it with
Twitter is where they’re getting their
others,” she added.
news and information. Facebook is where
“Something bad happens in the
they’re interacting with friends and family
news as a result of social media every
— where they’re communicating. On
single day,” said Molly. “Don’t let this
YouTube, folks are looking for ‘How To’
discourage you from having a digital
videos, which can be a huge opportunity
footprint. As much as it can hurt you, it
for some businesses.
can also help you.”
BE PREPARED FOR RISK
-PURDUE UNIVERSITY COLLEGE OF AGRICULTURE, MAY 2015 FALL 2017
7
What you say on social media is broadcast to the world
and make it right,” she said. “If we get complaints on price, I
instantaneously. Think carefully about what you post, and even
respectfully point out a few things about the premium picking
what you like or comment on. When you put content out there,
experience we offer, but I never give an angry or defensive vibe.
you also have to be willing to engage and respond, and have the resources to do that. Business reputational risk on social media typically stems from
“We’ve also found that customers will jump to your defense and respond for you,” she added. Carla also noted that social media is often a barometer for
comments by a disgruntled customer or criticism from folks that
what’s going on in real life. “If something in your business is
don’t understand or support what you do. Not responding to a
creating negative feedback on social media, you should probably
negative review can spread like wildfire, so prepare in advance.
think about how to change the actual experience, in addition to
Key to this is understanding who your critics are. You work in
the social response to it,” she said.
the industry every day and are familiar with the common criticisms and questions. Social media is just a different communication platform for people to share their opinion and for you to respond on a much larger, public scale. Think of those questions you’re commonly asked about your business or your industry, and proactively draft informed responses. That way you won’t get caught in the moment and post an emotional response. Instead, you’ll be prepared to respond with the facts. Don’t recreate the wheel. Use
In agriculture, it’s important to share your story. Agriculture, commercial fishing and forest products are industries that few people will ever experience first-hand. “There’s not a better business category suited for social
resources provided
media than
by industry support
agriculture,” said
organizations to
Molly. “I am drawn
respond. “Most already have white papers, fact sheets or pre-drafted
to photos of animals, photos in the fields. Show your audience what you do.” Some folks are able to share their operation’s
responses to
story on a daily basis at a farmers’ market or other
common
retail operation, but there are still so many aspects of
questions,
agriculture that remain unseen. How did that milk make
so just post a
its way into that bottle that you
link to their
then bought at the market?
resources,” said Betsy Freese, Meredith
Social media presents a unique opportunity to give the outsiders a peek
Agrimedia
in. Help them
executive editor.
understand where
At the end of the day, remember that every online criticism is just that, criticism. “When a negative comment does happen, don’t freak out and think how to get rid of it,” said Molly. “Change your mindset to, what opportunities could result
their food comes from, and even more, the people producing it. Those agriculture, commercial fishing and forest products
from this exposure? For instance, use the short-term negative
businesses that are not customer-facing are still part of an industry
publicity as an opportunity to inform millions of people of the
whose harvested products eventually land in consumers’ homes
great customer service you have.”
or on their plates, so it’s just as important to share that story of
“Feedback is important to any business and often times you can
growing crops, raising animals, harvesting seafood or timber, or
learn more from a negative review than a slew of popular ones,” said
caring for the land and sea. Social provides that opportunity to
Kurt. “The key is to respond quickly and to own responsibility.”
connect with the consumers you may never meet.
Amy practices just this on Holmberg Orchards’ social media. “If it is a solvable problem, I immediately apologize for the experience 8
A PEEK INTO THE UNKNOWN
FINANCIAL PARTNER
MEET OUR EXPERTS JUSTEN BENEDUCE HILES
MOLLY MCPHERSON
marketing director for Beneduce
owner of Social Shift Media, which works
Vineyards, a vineyard in Pittstown, N.J.
with clients to fi nd the right strategy for
growing sixteen acres of grapevines.
21st-century communications.
BeneduceVineyards.com
SocialShiftMedia.com
@BeneduceVineyards
@SocialShiftMedia
@BeneduceWines
@MollyMcPherson
@BeneduceVineyards
@molly.mcpherson Molly McPherson
KURT FROMHERZ owner of Sunrise Marketing, a Connecticut-based marketing agency
CARLA WARDIN
that works exclusively with horticulture
operates a family dairy in St. Johns,
clients on their content marketing strategies.
Michigan, and is also an author and
SunriseMarketing.com @SunriseMarketing @SunriseTweet @SunriseMarketing Kurt Fromherz
AMY HOLMBERG fourth generation of Holmberg Orchards,
shares her stories of farm life on her Truth or Dairy blog. TruthOrDairy.blogspot.com @TruthOrDairy @carlashelley carlashelley
MEREDITH AGRIMEDIA
overseeing the farm’s retail market and
serves the information needs of rural and
helping with the farm’s accounting.
farm families. It serves as the umbrella
Holmberg Orchards and Winery is located
brand for multiple properties, including
in Gales Ferry, Conn.
Successful Farming, Living the Country
HolmbergOrchards.com HolmbergWinery.com @HolmbergOrchards @holmbergorchards
Life, Agriculture.com, and Ageless Iron. BETSY FREESE is Meredith Agrimedia’s executive editor and COURTNEY YUSKIS is the digital engagement director. Meredith.com @MeredithCorporation
FARM CREDIT EAST’S SOCIAL NETWORKS Farm Credit East is actively engaged on Facebook, Twitter, LinkedIn and Instagram. Be sure to follow us on your preferred network to stay up-to-date on news and information from
@FarmCreditEast
Farm Credit East, ACA
@FCEast
@FCEast
Farm Credit East.
FALL 2017
9
GenZ
THE GENERATION AFTER MILLENNIALS
For the past decade, there has been a lot of focus on the Millennials and how their generation differs from those that come before them. If you are fatigued by the articles, conversations and focus on how different the Millennial generation is, I have good news. There is a brand new generation to focus on and learn about — Generation Z! As Millennials started entering the workforce, it became paramount for employers and businesses to learn more about the generation to be able to connect with them, meet their needs and stay relevant. The same will be true as Generation Z is now coming of age. Learning about the key traits that defi ne
AMIE THOMAS Business Consultant Farm Credit East Greenwich, NY office
Gen Z will be important for you to prepare your business, adjust leadership styles, and adapt recruiting efforts and communication styles to engage with this generation. Generation Z (also known as the iGeneration or Centennials), is made up of those born from about 1996 to 2010 (currently ages 7 to 22). This generation makes up over 25 percent of the United States population, and dethrones the Millennials from being the largest generation. Gen Z already contributes an estimated $44 billion to the American economy and heavily influences their parents’ spending. Gen Z is the fi rst generation to grow up completely online. They do not know a world where the internet did not exist. In fact, most of this generation never experienced a dial-up internet connection.
REFERENCES Beall, George. (2016, November 5). 8 Key Differences between Gen Z and Millennials. Huffington Post. Retrieved from https://www.huffingtonpost.com Dorsey, Jason. (2015, November 15). TEDx Talk: What do we know about the Generation after Millennials? Retrieved from http://jasondorsey.com EntreLeadership Team. (2017, July 31). #215: Dr. Tim Elmore—Meet Generation Z. EntreLeadership. Retrieved from https://www.entreleadership.com Mims, Shaquayla. (2017, May 22). Get ready for Gen Z. National Retail Federation. Retrieved from https://nrf.com Segran, Elizabeth. (2016, September 8). Your Guide to Generation Z: The Frugal, Brand-Wary, Determined Anti-Millennials. Fast Company. Retrieved from https://www.fastcompany.com
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FINANCIAL PARTNER
Due to this, Gen Z is used to having rapid access to information, at their fi ngertips, all the time. With this integration of technology, studies show that Gen Z spends approximately 75 percent of their free time online. While technology and information access is a big focus point, other key influences for Gen Z include growing up during the Great Recession, and living in a world where terrorist attacks are common (the September 11 attacks are a historical event for this generation). Many are quick to assume that Gen Z is simply the Millennials on steroids, but there are some key traits that differentiate Gen Z. However, before we dive in to those attributes, I must provide a disclaimer. These traits are high level attributes that have been found in the initial studies of this generation and will not apply to every Gen Z’er, similar to the way that the traits of Millennials do not apply to every person in that generation. In short, they can be useful in trying to learn about and understand the next generation, but we have to be careful with stereotypes since they do not apply to every individual.
Every generation brings new challenges and opportunities. The coming of age and entry of Gen Z into the workforce will provide new challenges and opportunities for employers, retailers and the world at large. The strategies and approaches that have previously been developed will need to shift to meet the ever-changing needs and
Emerging Traits of Gen Z • Impatient – this will be one of the seemingly negative traits but there is an upside. Gen Z is accustomed to instant feedback and continuous updates. Due to this, Gen Z can process information faster than other generations; however their attention spans may also be lower. They are used to multi-tasking and viewing multiple screens (phone and computer, TV and tablet, etc.) all at once.
demands of this generation and those that follow. The research and learning around Gen Z and how they will impact the world is just beginning. As we learn more, there will be yet another shift in products, services and marketing to fit the temperament of this latest
• Engaging/Participatory – Gen Z grew up online and commonly connects with people via facetime calls, social media, apps and the like. They engage and connect with others, however they are more likely to share one-on-one and use private communication rather than widely broadcasting messages.
generation in an effort to best connect and work alongside each other.
“Generation Z
is made up of those born from about 1996 to 2010.”
Issues and challenges continue to grow both inside and outside of agriculture — we need to focus on the strengths that we each
• Quality of Product – Gen Z is focused on quality of product and obtaining the best price. They are more likely to have fully researched a product online before going into a physical store. This will challenge traditional retailing as this generation continues to increase its spending power. • Risk Averse & Savers – many Gen Z children watched their parents struggle through the recession and due to this are more likely to save their money and clip coupons than the Millennial generation before them. • Pragmatic – tying back to the recession and terrorism as influences on Gen Z, it has been found that this generation is less idealistic and more practical than the Millennials that precede them. • Entrepreneurial/Experimental – entrepreneurs are the new rock stars for Generation Z. Over 72 percent of teens say they want to start a business someday and the fact that we continue to push forward into a highly networked and high-tech world has more of this generation acting and thinking as entrepreneurs.
bring rather than differences. Work across generations to unlock the potential to address and solve problems and recognize that every generation brings something important and necessary to the world.
• Images Over Words – it is likely that you have noticed that images are increasingly replacing words. From the emoticons that appear in our text and email messages, to the popular social media platforms of Instagram, Snapchat, etc. – images are increasingly becoming the preferred communication tool.
As a Farm Credit East business consultant, Amie works alongside a team of experienced consultants across the Northeast who help clients develop actionable plans to improve their business and position themselves to remain viable in an evolving operating environment.
• Education & Learning – a large trend that is gaining more momentum with Gen Z is a move away from formal learning environments and a push toward less formal learning opportunities. An increasing number of Gen Zers opt out of expensive college education in favor of internships and apprenticeships that will allow them to learn life skills quickly and enter the workforce earlier. They have a large focus on mentor relationships but view it as a two-way street where they also will reverse-mentor and expect to be both the student and the teacher. FALL 2017
11
FARM CREDIT
DIG IN
TO
Photo provided by NYAAC
PRESQUE ISLE STAFF HELPS FEED LOCAL STUDENTS During the potato harvest in Aroostook County Maine, high school students receive a three week recess to help with harvest, but the elementary and middle school students do not. The Presque Isle school system provides breakfast and lunch to Presque Isle children under the age of 18, however, once the high school is back in session, this meal program is no longer available. The Summer Gap Feeding Program was created by United Way of Aroostook as a solution to this problem. It provides lunch to approximately 150 children daily during the month of August. This past summer, the program provided more than 3,000 lunches over 20 days. Staff from Farm Credit East’s Presque Isle office jumped at the opportunity to help out. Working with area farmers, they provided lunch consisting of locally sourced vegetables. They spent the day cutting up donated vegetables, such as potatoes and broccoli, and then delivered the meals to six Presque Isle locations. “Our staff saw this as a unique opportunity to help provide locally-sourced produce to those in need,” said Peter Hallowell, branch manager of Farm Credit East’s Presque Isle office. “This effort also illustrated the importance of the harvest recess in providing labor for local farms during their busiest time, as well as instilling important life lessons for the students.” Sherry Locke, United Way of Aroostook’s executive director, commented, “The Summer Gap Feeding Program truly exemplifies what the people of Aroostook County do best — they identify a problem and work hard to create the solution. We were so fortunate to have Farm Credit East not only sponsor the program, but also spend the day helping us prepare and distribute lunch to local children. The Summer Gap is not a problem any one organization could fill alone, but as a community we were able to find the solution.”
NEW YORK STAFF EDUCATE FAIRGOERS ABOUT ANIMAL AGRICULTURE Each summer at the New York State Fair, the New York Animal Agriculture Coalition (NYAAC) hosts the Dairy Birthing Center to engage the public with dairy farmers. Now in its fifth year, this exhibit attracts more than a quarter million fairgoers annually and intends to explain modern farm practices, and maybe debunk some myths along the way. Farm Credit East is proud to support this popular educational exhibit since its inception. To help tell the story of dairy farming, the exhibit utilizes industry volunteers from around the state to serve as the spokespeople. This year, nearly 20 Farm Credit East employees from various offices volunteered their time to share their expertise and passion at the exhibit.
12
FINANCIAL PARTNER
EAST STAFF
HELP OUT Photo provided by NYAAC
“The cows giving birth are the draw, but once folks are in the tent, you have their attention,” explained Matthew Sharpe, appraiser from Farm Credit East’s Cortland office and one of this
Pittstown, N.J. farm that grows fruits and vegetables for food pantries and free markets across New Jersey. The organization was founded fifteen years ago by Chip Paillex
year’s volunteers. “And they have lots of questions! We explain
in response to a plea from the Flemington Area Food Pantry for
how dairy farms operate and how farmers care for the land and
gardeners to bring their extra produce to the food pantry. The first
their animals.
year he and his daughter donated 120 pounds of produce from
“You can reach so many people with this one event and
their garden. Chip was inspired to grow more produce to donate
hopefully educate them about stuff that they didn’t know about,
the following year, and since acquiring two farms, the program
or maybe had only known from what they saw in the news or on
has only grown. To date, more than 6.7 million pounds of fresh
YouTube,” continued Matt. “To be in front of them with the cows
produce has been harvested and distributed by local volunteers.
and the calves, makes a big difference. People walk away with a
The farm also hosts underserved children from low income and
different attitude about farming than when they walked in.”
inner-city areas throughout the summer to educate them about
“The Birthing Center is a true labor of love for everyone involved and is a rewarding experience as well,” said Jessica
nutritious eating and giving back to their communities. Over the course of two rainy, muddy days this summer,
Ziehm, NYAAC’s executive director. “Roughly 10 percent of our
employees from the Flemington office headed to America’s Grow-
volunteers are Farm Credit employees, and even more are Farm
a-Row to pick cucumbers, nectarines and cabbage. Together with
Credit customers!”
a few other local businesses, the group picked 27,750 pounds of
In addition, the Tuesday after the close of the fair, staff from the Cortland office head back to the fairgrounds to help with the
cabbage and 5,600 pounds of cucumbers and nectarines. “The back-breaking labor and our mud-soaked shoes and
exhibit’s tear down — and this is no easy feat! “It includes taking
clothing helped us to remember how hard our farmers work every
down the gates and fans, and stacking hundreds of rubber parlor
day,” said Patty Stover, branch operations leader from Farm Credit
mats,” said Matt. “But even in the often 90 degree plus weather,
East’s Flemington office. “It feels really good to know that the fruit
we have a lot of fun — it’s a great experience to be a part of!”
and vegetables we harvested will help to provide nutritious food to
If you would like to get involved with the Dairy Cow Birthing Center next year, or would like to receive updates on NYAAC’s other programs, follow them on social media @NYAnimalAg or visit their website at www.nyanimalag.org.
thousands of people across New Jersey who are faced with hunger and food insecurity.” “Year after year, the Farm Credit East team of volunteers consistently plays a vital role to the success and mission of America’s Grow-a-Row,” said Chip Paillex, America’s Grow-a-
FLEMINGTON STAFF GETS THEIR HANDS DIRTY For the past five years, Farm Credit East’s Flemington branch office volunteered their time with America’s Grow-a-Row, a
Row president and founder. “It is evident that Farm Credit East is committed to fostering a work environment that integrates a solid Corporate Social Responsibility approach that helps both those in the community as well as local non-profit organizations.” FALL 2017
13
CROP INSURANCE : A $130 MILLION DIFFERENCE FOR NORTHEAST FARMERS
In agriculture there are a number of uncontrollable variables, from weather conditions, to insects and disease, along with fluctuating market prices and feed costs. Crop Growers, LLP is committed to serving the region’s producers with the tools they need to help manage these risks.
2016 SEASON:
4,876 CLAIMS $130,116,652 TOTAL CT: 2.2 M
NY: 62.4 M
MA: 2.99 M
PA: 53.4 M
ME: 2.8 M
RI: 226,952
NH: 1.1 M
VT: 880,890
NJ: 3.6 M
from the risk management program for about half of those years due to weatherrelated events, and two of those years that support was critical. “We’ve really benefited from the prevented planting option,” said Dudley. “Especially this past spring when it rained throughout the planting season. We at least had the peace of mind that we weren’t going to be left with no income. We had the insurance income to back us up.”
Smolak Farms LLC North Andover, Mass.
Michael Smolak has been managing Smolak Farms LLC for 45 years. After he returned home from the University of Chaffee Farms LLC Pennsylvania, he got to work transitioning Barker, N.Y. the farm from a dairy and row crop operation to what it is today — a growing Dudley Chaffee is the owner of Chaffee operation complete with a farm stand, Farms LLC, a 1,200 cow dairy in Barker, bakery, ice cream stand, 300-member N.Y. The farm operates 3,000 acres, which CSA and various pick-your-own offerings, includes 1,800 acres of corn and 1,200 from berries and apples to pumpkins and acres alfalfa. Christmas trees. Dudley began using crop insurance Michael said the crops are the from Crop Growers LLP about eight years backbone of why people visit the farm, ago. He said his business has benefitted which also offers educational programs that are soon to be STEM compatible. In addition, the farm offers space for social events and hosts a summer dinner series, of which a portion of the proceeds are donated to the chef’s charity of choice. “We Dudley Chaffee, of Chaffee Farms LLC, with his Crop Growers really believe in giving crop insurance agent, Danielle Cummins.
14
FINANCIAL PARTNER
Michael Smolak, of Smolak Farms LLC.
back,” commented Michael. “We’ve been involved with Farm Credit East for quite a few years,” said Michael. “It’s a fine organization that fills an awful lot of need for farmers, from financing and consulting to farmland transition planning and accounting services. They’re the best deal around at the most reasonable cost, so it’s been a real slamdunk to work with them.” Smolak Farms also uses crop insurance from Crop Growers LLP. “There’s been some tough years for the apple crop, so crop insurance has served a really good purpose and provided supplements in years where we really needed it,” said Michael. “For example, last year there was a heavy drought. Crop insurance came in handy not just for myself, but for other farmers in the area that were in need of income,” Michael continued. “Everyone I have worked with has been professional, punctual and extremely responsive. They get things done.”
SALUTES Photo credit: Meister Media Worldwide
FARM CREDIT EAST Hats Off to Rod Farrow: 2017 Apple Grower of the Year We salute Rod Farrow for being named the 2017 Apple Grower of the year. Rod is co-owner of Fish Creek Orchards in Waterport, N.Y. The Apple Grower of the Year
award honors apple growers who have gone above and beyond to make an impact on the apple industry. Rod was honored for his progressive approach to growing and maximizing returns,
help producers capture accurate and meaningful data to make good business decisions. “In today’s increasingly complex business environment, producers need access to accurate fi nancial information to make sound business decisions. This requires robust accounting systems to not only capture this data, but also to satisfy the reporting requirements of creditors and other parties,” said Jan. Farm Credit East executive vice president Gary Bradley commented “We are pleased that Jan has received this recognition for her work. She is extremely dedicated and takes the extra steps as an employee of Farm Credit East to serve in leadership roles of related organizations that support agriculture.”
his support of industry research, and for his commitment to
Scott Andersen, of Farm Credit East’s Bridgeton, NJ office, Recognized for his Commitment to FFA
developing the next generation. As a fi rst-generation apple grower, Rod grew up in England, and after deciding on a career in fruit growing, interned in France, Japan, New Zealand and the U.S. He was fortunate to live and work with the family of George Lamont, previous owners of Lamont Fruit Farm, and ultimately take on the farm’s ownership. This transition worked so well, that two decades later, Rod has
We’re pleased to recognize Scott
put in place a similar strategy and partnered with two young
Andersen, Farm Credit East vice
go-getters, Jason Woodworth and Jose Iniguez. Together with his
president and branch manager of
team, they have developed quality partnerships and incorporated
the Bridgeton, N.J. office, as the recent recipient of the Honorary
new growing methods to yield better results, thereby enabling
American Future Farmers of America (FFA) Degree.
long-term success. Congratulations Rod! Apple Grower of the Year is sponsored by Valent, U.S.A. and presented by American Fruit Grower and Western Fruit Grower. Farrow received this award during the US Apple Outlook and Marketing Conference held in Chicago this summer.
This award is given to those who advance agricultural education and FFA through outstanding personal commitment, and who go above and beyond to make an extraordinary long-term difference in the lives of students, inspiring confidence in a new generation of agriculturists.
Congratulations Jan Bitter, of Farm Credit East’s Cortland, NY Office! We congratulate Jan Bitter, Farm Credit East vice president and branch manager of the Cortland, N.Y. office, for her recent election as president of the Farm Financial Standards Council. This national organization is
In addition to his involvement with local FFA chapters, Scott established the Farm Credit Agricultural Leadership Fund (Joshua Geary Memorial Fund), just over 10 years ago. This charitable fund provides fi nancial support for high school students and organizations in the agricultural community. “You need to get involved to make a difference,” said Scott. And through his commitment to FFA, that’s just what he’s done — made a difference in the lives of many aspiring ag leaders. Andersen received the award at the 2017 National FFA Convention & Expo held in Indianapolis in October.
dedicated to helping farmers by promoting uniform fi nancial reporting and analysis in the ag industry. It offers two guides to FALL 2017
15
THIS SUMMER THE FARM CREDIT SYSTEM LAUNCHED THE “ONE MISSION. MANY VOICES.” CAMPAIGN. The campaign’s purpose is to share Farm Credit’s mission, of providing a reliable source of credit and financial services to rural communities and agriculture today and tomorrow, through the many voices of the agricultural producers, commercial fishermen and forest products producers that Farm Credit serves. To kick-off the campaign, more than 600 Farm Credit representatives from across the country, including employees, directors and customers, spent the last week of July in Washington D.C. to meet with Senators, Representatives and their staffs. The Farm Credit East contingent visited with 25 Northeast Congressional offices. The goal of these meetings was to communicate Farm Credit’s mission to members of Congress and to discuss the 2018 Farm Bill. Another key topic of discussion for the Farm Credit East contingent was the importance of ensuring Northeast agriculture has a stable supply of labor. The week concluded with a Farm Credit Farmers’ Market in the Library of Congress, which featured products from Farm Credit customers nationwide. Farm Credit East was pleased to feature maple syrup from Happy Jack’s Maple in Locke, NY; whipped honey from Best Bees based in Boston, Mass.; and Allagash beer which is brewed using barley grown by Buck Farms in Mapleton, Maine.
Farm Credit Week in Washington was just the launch of the One Mission. Many Voices. campaign and we look forward to continuing to share Farm Credit’s story through the voices of the hardworking producers we serve. Visit FarmCreditVoices.com to hear the stories of a few Farm Credit East customers, along with stories from Farm Credit customers nationwide.
Secretary Perdue
VISITS THE NORTHEAST This summer, US Secretary of Agriculture Sonny Perdue visited the Northeast, making stops at two Farm Credit East directors’ operations as part of his “Back to our Roots” listening tour.
On August 30, the Secretary stopped by Prides Corner Farms in Lebanon, Conn., where he was hosted by Farm Credit East director Lisa Sellew and her husband Mark. About 50 agricultural leaders attended, representing a broad cross section of Connecticut agriculture. Governor Dannel Malloy and Senators Chris Murphy and Richard Blumenthal attended, along with Connecticut Commissioner of Agriculture Steve Reviczky. 16
FINANCIAL PARTNER
At Prides Corner, the Secretary
took questions and heard concerns from producers about issues like ag labor, the Food Safety and Modernization Act (FSMA) and the dairy Margin Protection Program. The Secretary noted the diversity of Connecticut agriculture and indicated his understanding of the unique needs of Northeast agriculture, and that a “one size fits all” approach doesn’t work for USDA programs.
The following day, the Secretary traveled to Loudon, NH, to tour Farm Credit East director Henry Huntington’s Lef Farms, an automated hydroponic greens operation, and was impressed with the innovation of New Hampshire agriculture. New Hampshire Commissioner of Agriculture Lorraine Merrill also participated in the tour.
On his New England tour, Secretary Perdue also held listening sessions in Northborough, Mass. and Wolfeboro, NH. He had scheduled stops in New York over Labor Day weekend that were cancelled so he could head to Texas to assess Hurricane Harvey’s damage. The Secretary’s New England tour follows an RV tour of the Midwest. The tours are intended to give the Secretary feedback on producers’ concerns as Congress continues work on the 2018 Farm Bill. In addition to listening to concerns regarding the Farm Bill, Secretary Perdue also leads President Trump’s Interagency Task Force on Agriculture and Rural Prosperity focused on eliminating regulatory barriers.
TAX PLANNING
TO STAY AHEAD OSTERHOUDT FARMS, LLC, GENOA, NY The Osterhoudt family owns and operates a crop and custom
“When we come up with a plan, they can offer informed
harvest operation in Cayuga County, NY. In addition to growing
suggestions, since they all understand our operation,” continued
2,000 acres of corn and hay to sell to dairies for forage, they also
Mark. “They can also work back and forth in-house when they
provide planting and harvesting services for other farms. Through
have questions and don’t have to reach out to me for everything.”
these custom services, they harvest 4,000 acres of corn and an additional couple thousand acres of hay. The family farm began in 1957 as a dairy. After selling the cows in the late 80s, the family raised beef cattle for a short time before transitioning to a crop and custom harvest operation. Today,
Osterhoudt Farms utilizes Farm Credit East’s tax planning service throughout the year. “It helps us stay current all year,” said Mark. “By tax planning early we’re able to see what’s going to happen at year-end and make adjustments if we need to.” Mark said the greatest benefit to working with Farm Credit East
the farm is operated by its second-generation, Mark Osterhoudt,
has been the diversity and outside perspective that staff brings to
and Mark’s mother Elinor continues to help with the farm’s
his business. “As producers, we sometimes get caught up in our
bookkeeping.
industry. We think everybody in our industry does everything the
They were first introduced to Farm Credit more than 30
same way, and that’s what’s great about Farm Credit East. They work
years ago, and today have a full team assisting their business
with so many people in other industries — whether it is forestry,
— including lending, records, payroll, tax and consulting staff.
or fruits and vegetables, or fishing — who have different ideas.
“Working with a full team that knows what’s going on in the
From that diverse experience, staff can come to me with different
business simplifies things. We don’t have to explain everything,
concepts from how I might approach things. It’s a huge help.”
every time, only when it’s something new,” said Mark.
Mark Osterhoudt with his Farm Credit East tax specialist, Amy Nemitz, and loan officer, Dennis Eckel. FALL 2017
17
WASHINGTON Update
★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★
Tom Cosgrove Senior Vice President for Public Affairs
The 2018 Farm Bill ★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★
Less of the Same? Leaders of the Congressional agriculture
House Agriculture Committee
Despite the Committee Chairs’ efforts,
committees began 2017 with the best of
Chairman Mike Conaway (TX) held
there has been no actual legislative action
intentions to get a jump start on the 2018
the fi rst full committee hearing on the
on the Farm Bill, although that may have
Farm Bill in hopes of finalizing it well
Farm Bill last February. Since then, the
changed by the time this issue reaches
before its expiration in September 2018.
committee has convened numerous
your mailbox.
The Farm Bill authorizes a variety
hearings on all aspects of agricultural
I believe the reason for the delay in
of USDA programs such as agricultural
policy and held listening sessions across
Farm Bill progress is tied closely to what
support, conservation and nutrition
the U.S., including one in Cobleskill, NY
will be one of the central issues of the
programs, and will consider changes
on October 9.
debate — uncertainty about how much
to other important programs like crop
The Senate Agriculture Committee
Congress will be able to spend on the
insurance. It is usually completed on a
held field hearings this spring in the home
2018 Farm Bill. The Farm Bill is not a
five-year cycle, but leaders had hoped to
states of Chairman Pat Roberts (KS) and
spending bill, per se, in that it is not one
complete it in 2017 or early 2018 so that
Ranking member Debbie Stabenow (MI)
of the 12 annual appropriations bills that
it didn’t get caught in the cross-fi re of the
and has held hearings covering most of the
fund the federal government each year.
2018 mid-term elections.
Farm Bill titles since then.
The Farm Bill, however, authorizes many USDA programs with mandatory spending, which means that like entitlement
Crop Insurance 8%
PROJECTED O U T L AY S UNDER THE 2014 FA R M BI LL
Commodities 5% Other 1%
Conservation 6%
programs, many Farm Bill programs are not subject to annual appropriations. The 2014 Farm Bill came with a projected price tag of $489 billion over the five fiscal years from 2014 to 2018. After nearly four years, the Farm Bill has actually cost less than anticipated. Early in 2017, the Congressional Budget Office estimated
2014 -2018
the total cost to be on pace for about $460
T O TA L O U T L AY S
billion for the five-year period. The lower
$489 BILLION
costs have come from nutrition programs,
Nutrition 80%
as the improved economy has meant fewer people qualifying for assistance, and crop insurance, as lower commodity prices
Source: USDA Economic Research Service using data from Congressional Budget Office, Cost Estimates for the Agricultural Act of 2014, Jan 2014.
have led to lower premiums and thus, smaller premium subsidies.
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FINANCIAL PARTNER
★
★
★
★
AG LABOR UPDATE
★
IN OCTOBER, HOUSE JUDICIARY COMMITTEE C H A I R M A N BO B GOO D L AT T E ( VA ) I N T RO D UC ED H . R . 40 92 , T H E AG R I C U LT U R A L G U E S T WO R K ER AC T. The legislation would create a new H-2C visa for agricultural
While there are key details to be worked out during the
workers. The proposed program would have some similarities to
legislative process, including how the current workforce is treated
the current H-2A visa program, but with some key improvements,
under the legislation, the agricultural labor coalitions Farm Credit
including employer use of the program for year-round positions
East is part of support Chairman Goodlatte’s efforts to address
and allowing H-2C visa employees to stay in the U.S. for up to three
this issue.
years before returning to their home country. There are other
In late October, the bill was passed by the Judiciary Committee
enhancements to current programs, including workers’ ability to
by a vote of 17-16, although before passage, amendments were
come to the U.S. and work for multiple employers. Additionally,
added that concern supporters of the bill. Farm Credit East will
USDA will have a primary role in administering the program
continue to monitor this legislation and advocate for common
instead of the current reliance on the Department of Labor.
sense policies so that Farm Credit East customers have access to a stable and legal workforce.
Although the House-passed budget
Farm Bill, nutrition programs are a logical
the cotton program and the dairy margin
would have required $10 billion in Farm
place to start. Doing so, however, puts
protection program, which many producers
Bill program spending cuts, the fi nal
pressure on the rural/urban bipartisan
have been critical of, and other than the
budget passed by Congress did not require
coalition that has traditionally passed the
minimum coverage, has had low participation.
further spending cuts to USDA’s Farm Bill
Farm Bill. For many members of Congress,
programs. Many credit the agriculture
including some from the Northeast,
are redesigned to be more effective, the
committee leadership of both parties for
nutrition programs are the primary reason
changes to improve them will likely require
successfully arguing against agriculture
for supporting the Farm Bill.
more funding. So if Congress is writing a
spending cuts. When the agriculture committees
So, what’s the Northeast perspective on
If programs like cotton and dairy
Farm Bill in a difficult fiscal environment
the Farm Bill? Though the Farm Bill may not
and needs to fi nd additional funds for some
actually start crafting the Farm Bill, it is
get as much press in our region as in other
programs, other programs will be under
unclear if additional spending reductions
parts of the country, many of its programs
pressure. In other words, while the 2018
will be required, relative to the baseline
are important to Northeast producers.
Farm Bill may not result in major policy
of projected spending if current law was
As noted in an earlier article in this
changes, the budget pressures may mean
simply continued. The level of additional
issue, crop insurance is a critical risk
the fi nal bill will look like the 2014 Farm
savings that may be sought will likely
management tool for many, a fact that
Bill — just with less of the same.
depend on the fiscal impact of other
was underscored in many parts of the
Congressional priorities, such as tax reform
Northeast in 2016. In addition, the Farm
chairs continue to press forward to
or an infrastructure initiative. Per the budget
Bill will address specialty crop funding,
complete the Farm Bill before it expires,
rules, however, the agriculture committees
conservation, export promotion, forestry
Congress will take up tax reform legislation
can’t take credit for the fact that the 2014 bill
and research programs — all important to
among other issues. The question is
has spent less than expected.
the Northeast.
whether or not Congressional action on
It is important to remember that about
In reviewing the testimony from the
So while the agriculture committee
other fronts will make the agriculture
80 percent of Farm Bill spending goes to
various hearings, many farm groups have
committee chairs’ jobs harder to complete
nutrition programs like the Supplemental
generally been satisfied with the operation of
the Farm Bill.
Nutrition Assistance Program (SNAP, fka
crop insurance and the current farm support
Food Stamps), so to save money on the
programs. Two notable exceptions have been
FALL 2017
19
FINANCIAL PARTNER is for the customers, employees and friends of Farm Credit East. Farm Credit East is a farmer-owned lending cooperative serving the farm, commercial fishing and forest products businesses in Maine, New Hampshire, Massachusetts, Connecticut, Rhode Island, New York and New Jersey. Part of the national Farm Credit System, Farm Credit East is a fullservice lender dedicated to the growth and prosperity of agriculture.
Farm Credit East 240 South Road Enfield, CT 06082-4451
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Address Service Requested
HOW TO REACH US: Whether you want to praise us, complain, ask our advice or just let us know what’s on your mind, we’d like to hear from you. WRITE: Kristie Schmitt, Editor, Farm Credit East, 240 South Road, Enfield, CT 06082-4451. CALL: 860.741.4380. E-MAIL: kristie.schmitt@farmcrediteast.com. Copyright © 2017 by Farm Credit East, ACA. All rights reserved. Farm Credit East is an affirmative action, equal opportunity employer. FINANCIAL PARTNER is printed on recycled paper.
There are a number of reasons to do
estate planning. And one really good reason to do it
NOW.
Estate planning may be tough to talk about, but planning a secure future for your family isn’t something you can afford to put off. In a farm business, high land and business valuations could turn your property into a difficult tax burden for you or your heirs. If you’re planning to retire comfortably and keep your business in the family for future generations, now is the time to make it happen. Call a Farm Credit East adviser today so we can help you start the conversation, work through complex issues and devise a plan to keep your net worth within the family.
800.562.2235 FarmCreditEast.com/EstatePlanning
We are you.