Farm Business Management FAQ's
1. What is Farm Business Management (FBM)?
Farm Business Management Education is designed to work with existing farmers, farm managers, or people interested in farming. We are here to provide instruction in financial and business management. The objective is to help farmers achieve their goals through the application of proven farm business management methods. The individual instruction provided by the instructors is key to the success and development of farm records.
2. What instructional topics are included?
Topics included are: Business and personal goal setting, farm accounting in either a book or computerized format, year end closeout and analysis, individual enterprise analysis, cash flow development, loan application guidance, tax planning decisions, farm estate and transfer planning, crop management systems and marketing discussion and the design of an annual marketing plan.
3. What kind of things do FBM instructors help with?
FBM instructors assist with farm planning, succession planning, business expansion, loan applications and more. FBM instructors are well versed in FSA loan options and business plans. FBM instructors help students enroll in specific courses based upon their individual farm needs. Their ultimate goal is to help farm owners, operators and managers achieve their farm business and family goals.
4. What can I expect when I am part of this program?
Individualized instruction and analysis are the focus of the program. As your farm business changes so will the instruction. Whether you are a new borrower or want to compare your farms performance to others in the state, you will be engaged in a curriculum that challenges you at your own pace. Individual confidentiality is strictly maintained at all times. The annual farm financial analysis is the basis for the farmer to make production and management decisions about their operations.
5. How is this program delivered?
FBM Instructors work with farm families by coming to their farm to deliver the coursework to find ways to meet their needs on a one on one basis. The instructor tailors the material to best meet the farm needs
6. Why should I enroll in FBM?
Learn to develop and improve crop and livestock marketing plans. Your instructor can compare your operation’s production and financial health with those of similar farms, and monitor that data on an annual basis. You will learn to plan for major changes in your operation such as ownership changes, new enterprises and expansion. You will learn to evaluate the profitability of your operation.
7. Where can I find out which institutions offer FBM? And, where are FBM instructors located?
You can view which institutions in Minnesota offer FBM here. FBM instructors are located throughout Minnesota. The Southern Agricultural Center of Excellence can get you in touch with the correct FBM instructor and institution. If you are located in Northern Minnesota, we can assist with connecting you with AgCentric and their instructors in the northern half of Minnesota
8. How do I register for FBM?
9. I'm already a FBM student. How can I stay up-to-date with events and issues that are happening with FBM?
You can connect with us on Facebook by visiting the Farm Business Management Facebook page. It has information for FBM students statewide.
10. Where can I find the data that FBM produces to benchmark my farm?