Low commodity prices and high input costs are weighing heavily on farmers’ bottom lines. A proactive new program, Managing Your Farm Future, is designed to help producers assess their current financial position, plus examine strengths and weaknesses in order to improve their balance sheets. The program is offered by Kansas State University’s Department of Agricultural Economics and K-State Research and Extension.
The initial Managing Your Farm Future meeting is Tuesday, Dec. 13 in Manhattan and will be followed by one-on-one confidential consultations in January with members of the K-State Farm Analyst Program.
The Dec. 13 kickoff dinner and meeting will be at Pottorf Hall, 1710 Avery Ave., at the Riley County Fairgrounds, starting at 6 p.m. The program includes:
- The Farm Financial Situation – Mykel Taylor, assistant professor, K-State agricultural economics;
- Overview of Financial Planning Workshops and FINPACK Farm Financial Software Demonstration – Duane Hund, director of the K-State Farm Analyst Program; and
- Wrap up and registration for Farm Financial Consultation Workshops.
The Dec. 13 meeting is free, but registration is required by Dec. 7. Register online at www.riley.ksu.edu or call the K-State Research and Extension Riley County office at 785-537-6350.
That meeting can be followed by a one-on-one confidential meeting with a member of the K-State Farm Analyst team on either Jan. 10 or Jan. 11, also in Manhattan at Pottorf Hall. Family members involved in the farming operation are encouraged to participate. The consultation fee is $150.
Attendance at the Dec. 13 meeting is not required to register for a one-on-one consultation in January.
The goal is to pair a farm analyst with farm families and using FINPACK software to assess a farm’s financial position and identify possible changes that could increase profitability and cash flow. Farmers will come away with a balance sheet, enterprise budgets, a base business plan and alternative business plan scenarios.
Source:k-state.edu