ROCHESTER, Minn. -- Scales, estate planning and banking are among the new exhibitors at the 2008 Agri News Farm Show.
John Priebe will be promoting his Waseca-based company, "Keeping the Farmland in the Family," for the first time at the farm show.
"We help families determine the most efficient and affordable ways to pass the farm to the next generation with security for everyone involved," Priebe said. "Farmland has gotten so valuable. I work with the family, their attorney and accountant to get a plan in place and then help implement that plan. I help the family make sure the farming child has the money to buy out the siblings and can afford to buy the farm. We look at other assets for the nonfarming siblings such as life insurance proceeds."
Priebe said he will be talking to farm show visitors about what sorts of estate plans they have in place and if the plans are adequate or need to be updated.
If farm families don't have plans in place, he will discuss what they need to do to take that next step.
Priebe said he discusses with parents what their income needs will be in retirement, what portion of the estate will go to nonfarming children and a plan to protect the financial health of the family and family relationships.
He discusses the farming child's desire to own the farm and buy-sell agreement structures to protect the farming child. He looks at funding methods to help the farming child buy the farm, and the advantages of inheriting farmland with a stepped up basis.
"I'm looking forward to the farm show and meeting with farm families," Priebe said. "Being in Waseca, I'm right in the middle of the farm economy."
Dave Vail, a sales representative with Weigh-Rite Scale Co. Inc., said he's hoping for good exposure and good business at the Agri News Farm Show.
A new exhibitor, Weigh-Rite Scale Co. Inc. of Somerset, Wis., represents several different scale lines from lab-sized scales to truck and railroad scales for anything that needs to be weighed and counted.
"More and more farmers are getting scales on their farms for cattle and feed and grain," said Vail. "We're also seeing more farmers getting hopper scales. We want to let farmers know that we're out there and what we have to offer."
At the farm show, the company will have a model of a truck scale and a display of how it operates. The company represents four farm scale companies.
"We'll show farmers how these scales work on the farm," Vail said. "We'll also demonstrate animal and vehicle weighing for farms."
Weigh-Rite also provides scale service and ongoing calibration.
"We calibrate as often as monthly and at least once a year," Vail said. "We're the only company with 24-hour, 7-day-a-week service."
Another new exhibitor at this year's show is Minnwest Bank in Rochester. Minnwest's Web site says the bank's roots are in agriculture.
For its agricultural customers, Minnwest provides operating loans and lines of credit. The bank also offers FSA guaranteed operating loans for qualifying customers.
The bank provides long-term financing for the purchase of real estate, building expansion or refinancing. Minnwest participates in various federal and state programs such as the Aggie Bond and Rural Finance Authority programs for small or beginning farmers in Minnesota as well as guaranteed programs through the Farm Service Agency.
The bank has flexible financing options for equipment purchases including traditional financing and leasing.
Minnwest Bank with locations throughout Minnesota and Sioux Falls, S.D., offers some select loan programs through the SBA and also offers business, personal and online banking services.
