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Information about FarmtoBusiness

Published on December 27, 2007

Author: Carlton


Transitioning the Family Farm to the Family Business:  Transitioning the Family Farm to the Family Business Brian Madison, CPA Leffel, Otis & Warwick, P.S. Vision:  Vision Vision is comprised of the things you treasure Where do you want to go? Example: To have a full-time farming operation with facilities and equipment that will support an acceptable standard of living for me and my family To leave this farming business in better condition (finances, land & facilities) than when I took over Everyone on the farm must agree with the vision Mission Statement:  Mission Statement A place in the business world you have not yet reached, but with work and dedication, you will get there How do you get there? Example: “My farming business will continuously look for opportunities to increase revenue through increased efficiency & productivity” Values:  Values Define your values Who you are How you want to perform How you want your competitors, allies and customers to perceive you in the business world Goal Setting:  Goal Setting Keep your Vision and Mission Statement in mind when setting your goals Short-term goals – within one year Marketing plan Production goal Intermediate goals – up to 5 years Equipment purchases Long-term goals – over 5 years Lifetime goals Time lines Evaluating Progress toward Goals:  Evaluating Progress toward Goals Did we meet our short term goals? Why or Why not? Did we move towards our intermediate and long-term goals Do we need to modify our present goals and time lines? If we don’t evaluate our progress we will never understand why we haven’t reached our goals The Pieces of a Successful Family Farm Business:  The Pieces of a Successful Family Farm Business Planning:  Planning Everything before this leads to one thing: Planning! Planning is the largest difference between successful family farms and struggling family farms Items to Plan:  Items to Plan Each farm will at some point need to work and plan in each of these areas Plan annually for: Taxes (Sep – Oct) Marketing Operating budgets Evaluate Annually:  Evaluate Annually Risk Management (Insurance) Legal Issues Financial FSA Conclusion:  Conclusion The key to successful family farm business: Continually plan and evaluate the operations of the family farm This allows you to: Make tough decisions in a timely manner Evaluate progress toward your goals Try to eliminate decisions based on emotion and not on solid facts

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