Farm Management Series Offers New Farmers Insight on Farm Profitability

WAUSEON, Ohio – New farmers and first-time farm buyers can learn how to improve their farm profitability during a four-part workshop series in February offered by the College of Food, Agricultural, and Environmental Sciences at The Ohio State University.

The NextGen Farm Management Series runs Feb. 2, 9, 16 and 23 from 6:30 to 9 p.m. at the Robert Fulton Agriculture Center, 8770 State Route 108, in Wauseon, Ohio. The event will focus on cost control and farm profitability, said Eric Richer, an Ohio State University Extension educator. OSU Extension is the outreach arm of the college.

“Although the series targets ‘next generation’ farmers, couples and first-time farm buyers, any farmer is welcome to participate to learn more about how to improve their farm operation,” Richer said. “The meetings will also provide participants the information they need to analyze and benchmark their farm enterprises against others in the Midwest.”

The series is taught by OSU Extension educators and specialists, as well as agriculture industry professionals. Topics will include:

Feb. 2:

1. Making Your Records Do More than the Tax Return.
2. An Introduction to the FinPack Financial Analysis System and Balance Sheets.

Feb. 9:

1. Developing Your Farm’s Business Plan.
2. Completing the Income Statement and Cost Analysis.

Feb. 16:

1. Grain Marketing and Crop Insurance Strategies.
2. Calculating Each Enterprise’s Cost of Production.

Feb. 23:

1. Options for Paying Members in a Family Farm LLC.
2. Completing the Ending Balance Sheet and Making Adjustments.

The series will feature guest speakers as well as a preparation session on completing a FinPack financial analysis package for the farm, Richer said.

“At the end of the series, each farmer will have the opportunity to submit at an additional cost, the FinPack analysis to benchmark their farm against others in the Corn Belt or use the financial statement data on their own,” he said.

Registration for the series is $40 per person or per couple by Jan. 29. The cost includes materials and light refreshments. For more information, contact Richer at 419-337-9210 or richer.5@osu.edu. Details about the event, including a downloadable, mailable registration form and a link for online registration, can be found at fulton.osu.edu.

Source: Ohio State University