BILT Subsidiary, LegacyAcres, Awarded $200k TVSF Grant for Software Development
Succession Planning for Those Who Feed the Heartland
Key Indicators of Legacy Risk in Agriculture
•Succession Plans: According to a study from Purdue University and other farmer surveys, only 55% of farmers have done some level of succession planning.
•Business Structure: The vast majority of farms have no formal business structure. About 86% of farms are in sole proprietorships. A business entity can support liability protection, taxes or variety of other areas, but also comes with some drawbacks.
•Local Economics: Rural/urban growth patterns impact quality of life, labor pool, infrastructure, local market demand, regulation and asset value.
•Growth of Commodity: Farm sector or commodity growth/decline impact legacy risk.
•Land Leaving Agriculture: A significant portion of farmland and ranchland is on pace to be paved over, fragmented or compromised.
THE SOLUTION
BILT Connections has licensed a novel technology researched and developed by professors and lawyers at The Ohio State University.
Together, we are seeking funding to develop the beta prototype which will operate as a user-guided experience with step-by-step instruction. Think TurboTax for agricultural asset registration.
THE TEAM
Chimdi Chekwa, CEO/President
Ag. Marketing Expert, Former OSU Football All-American
David Marrison, Strategic Advisor
OSU Director of Farm Financial Management & Policy Institute
Atty. Robert Moore, Strategic Advisor
OSU Ag. & Resource Law Program