Fall 2017 Financial Partner

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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

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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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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

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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.

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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

PRSRT STD U.S. Postage PAID Permit No. 690 Springfield, MA

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.