When Olivet Nazarene University in Bourbonnais, Ill., needed to sell farmland from a trust, university officials did not know much about the process. But Dan Ferris, Olivet Nazarene’s executive director of development and foundation, learned that Soy Capital Ag Services had the knowledge and experience he needed to become educated along the way.
“We do not always have farmland donated to us. In this case, the property was donated to the Gerhard W. Dubbert Trust for the university. The agreement was that we would sell the property when we received it if the land market was strong,” says Ferris. “This was good land.”
Soy Capital held an auction for the 119.23 acres sold as two tracts on August 21, 2012.
“We did not manage the farm before the sale, but we had a few meetings during 2012 to set up the auction with Dan Ferris,” says Jaret Wicker, farm manager and broker in Soy Capital’s Kankakee, Ill., office. David Klein was auctioneer for the sale held in Manteno, Ill.
“The auction was well attended by several bidders that learned of the opportunity through our multiple advertising avenues,” says Wicker. “During the auction, we had several conversations with Dan so that everyone was on the same page. We understood his goal for the auction from our initial meetings and developed a marketing plan to fit.”
Ferris was pleased with the entire process, including beginning with research into finding a company to manage the sale. “The farm tenant of the property also was a tenant for Soy Capital managed farmland in the area and was satisfied with their work,” he says. “Olivet is the beneficiary of a trust that is managed by Soy Capital Bank, of which about one third is farmland, so I took that into consideration. I also sought recommendations around the area and with others that worked with the property donor and received many good words about Soy Capital.”
Ferris initially met with Don McCabe, Soy Capital Ag Services resident, and Wicker. “Jaret is just a quality young man. He was not pushy and was very thorough in his follow-through,” says Ferris. “I sat in on another auction per Jaret’s recommendation, and decided that was the best approach. Soy Capital drafted all of the materials and took care of all the details. I learned a lot through the process but especially, if you sell farmland, choose someone who specializes in it.”
Contact Jaret Wicker at email@example.com