The Virginia Tech Beginning Farmer and Rancher Coalition has partnered with Appalachian Sustainable Development to offer a short series of FREE Whole Farm Business Planning workshops. These workshops are taking place Thursday nights of October 22, 29 and November 5 from 5-7pm at the Appalachian Sustainable Development office located on Old Berry Dr.
On October 22 from 5-7pm, Kim Morgan from the Virginia Tech Department of Agricultural and Applied Economics will give a workshop on Financial Statements. This workshop will cover the four financial statements, including income statements, balance sheet/net worth statement, statement of owner’s equity, and cash flow statements. These statements help you understand where your money was spent and provides lenders with the information they need to help you plan your financing options. The Balance sheet allows you to see the big picture of your financial standing, and is also referred to as your farm’s “net worth”.
The October 27 workshop brings in representatives from Farm Credit Virginias and First Bank & Trust of Johnson City. These lenders will provide overviews of the programs and lending their institutions offer, tell borrowers what they need to be prepared to provide a lender, and provide time for questions to be answered. Plan to bring your records and resources based on the October 22 meeting notes and the Enterprise Analysis: Farm Financial Systems Overview and Resources Checklist!
For the November 5 workshop, Kim Morgan will return to assist attendees with Enterprise Analysis. This workshop will cover the four budgets we can use to plan for a profitable future, and include enterprise, partial, whole farm and cash flow budgets. This type of budgeting allows farm managers to compare different ventures and assess which option(s) would make the best use of existing financial, production, and human resources based on profitability estimates. With these budgets, you can make informed business decisions.
In preparation for these workshops we ask that participants take the time to view the webinar “Enterprise Analysis” which can be accessed at: http://www.vabeginningfarmer.alce.vt.edu/webinar/Archive/webinar-archive.html
Participants will also be provided with lots of great materials including:
Enterprise Analysis: Farm Financial Systems Overview and Resources Checklist, Farm Financial Systems: Financial Statements and Farm Financial Systems: Enterprise Analysis, Building a Sustainable Business, Teaching Direct Marketing and Small Farm Viability, and Whole Farm Planning modules from VA Tech
For those who want to continue writing their farm business plan, one-on-one technical support will be provided so participants have complete whole farm business plans.
If you are interested in attending any or all of the workshops, please RSVP so we will have enough materials for everyone. Let us know you plan to attend by calling (276) 623-1121 or emailing email@example.com
Post Contributed By: Tamara McNaughton