Farm Management Fridays are back! Almost every agricultural industry is in a position to be thinking about investing in the future of the farm business. This video series intends to highlight the decisions leaders make about their business, resources to inform them, and additional programs to build skills.
Videos will be released bi-weekly this winter. Subscribe and access these videos and more at: go.wisc.edu/FarmReadyResearch
The first three topics in the video series include:
- Is Farm Succession in Your Future? Start planning now! If farm succession is a long (or maybe even short) term goal for your business, planning is essential. While many farmers view planning as reducing options or boxing them in, a good plan is actually the opposite. A plan based on the farm members’ values, intentions and visions, mixed with a lot of honest conversation can provide a road map that allows for opportunities to continue or grow the business. Hear from Kaitlyn Davis, La Crosse County Extension Educator, and Joy Kirkpatrick, Farm Succession Outreach Specialist, to learn how to start the conversation with your farm partners and/or family members and how to take the first steps in developing a succession plan. Available January 13
- Using Farm Financials to Make Informed Decisions – What financial tools are available? How do you evaluate alternatives? A farmer might be mulling over a change in their farm business. Should I invest in robots, on-farm storage, new or used machinery, etc.? What is holding the business back in our expansion plans? A farmer might also be seeking information to assist with financial planning. How sensitive is the business to changes in prices and costs? Why is the profitability low in the business? Do I have too much debt? What is my breakeven cost of production? Join Kevin Bernhardt, Extension Farm Management Specialist, and Katie Wantoch, Extension Farm Management Outreach Specialist, as they share financial tools and analysis methods to aid in answering these questions and making informed decisions. According to Bernhardt, “Financial analysis helps you plan for success and tracks your progress as you work your plan.” Available January 27
- How do you manage and utilize information shared in an agricultural market outlook? Join Katie Wantoch, Farm Management Outreach Specialist, and Leonard Polzin, Dairy Markets and Policy Outreach Specialist, as they discuss how to effectively glean and utilize information provided in market outlooks. The Outreach Specialists will share how to recognize the facts that are the most influential to your farm’s bottom line and how to use those facts to assist with decision-making on the farm. “There are economic facts and there’s economic predictions and economic predictions are a total waste,” as reported by Peter Lynch, American investor, mutual fund manager, and philanthropist. Join Extension’s Outreach Specialists in deciphering market outlooks and separating facts from predictions. Available February 10.
Receive the most up-to-date information on topics including dairy and livestock production, forages, and farm management resources from Extension’s Agriculture virtual education offerings. Your farm-ready research! There is no charge to participate in the sessions, but pre-registration is required to allow access. Register online at go.wisc.edu/FarmReadyResearch.