SDSU Extension hosts the Next Ag CEO in Brookings
BROOKINGS, S.D. – SDSU Extension will host the five-week Next Ag CEO course in Brookings on the campus of South Dakota State University beginning Dec. 8, 2016.
Developed cooperatively by SDSU Extension and the USDA-Farm Service Agency to provide information and education to the next generation of agricultural producers, the Next Ag CEO course covers a broad range of agricultural business topics presented by experts in the field.
“The number of multi-generational operations in South Dakota has been growing the past 20 years. These operations will need to do many of their day-to-day production and business activities more efficiently and effectively than before,” explained Heather Gessner, SDSU Extension Livestock Business Management Field Specialist.
“The farm business that used to generate enough income to support one family will now need to feed and house another family.”
The program will meet in the First Dakota National Bank e-Trading Education Laboratory (room 139), located in Berg Agricultural Hall (1148 Medary Avenue). Upon registering, participants will be provided parking information.
Each session begins at 5:30 p.m. To register, visit http://igrow.org/events/the-next-ag-ceo-2016. Space is limited to 18 operations. Two individuals per operation are encouraged to attend. Registration is $150 per operation (two individuals) and includes a copy of QuickBooks Pro, a $200 value as well as all workshop materials.
What to expect
Throughout the five-week course, producers will evaluate their financial record keeping program, create their balance sheets and other financial statements.
“These changes and tools will hopefully lead to more sustainable operations and increase the odds of the family transitioning to the next generation,” Gessner said.
By the end of the course, participants will have created a marketing plan and had the opportunity to evaluate their production practices for efficiency.
“To succeed, the next generation of agriculture producers need to know more than what crop variety to plant or bull to buy. They need training on the operation’s financial situation, marketing plan, loan packages and be able to work together with the older generation to make dynamic operational changes,” Gessner said.
December 8, 2016: Where are we today?
Finances – excellent bookkeeping equals data you can use to manage. Getting started with QuickBooks and what you need to know to create a chart of accounts and create useful data.
Financial Ratios – what are they and how you can utilize them to monitor your operation?
December 15, 2016: Where do we go from here?
Creating enterprise budgets and evaluating hidden costs of ownership and operating costs.
What do we need to evaluate on the operation? What data is important and how do we use the information to make changes?
Creation of marketing plans for each enterprise through the use of the decision tree and tools available.
December 22, 2016: How do we protect the bottom line?
How can the marketing plan be tied together with crop or livestock insurance? Utilizing Noninsured Crop Disaster Assistance Program (NAP)for other crops.
Understand how to utilize a commodity broker as part of the marketing plan.
Creating Business Structures that aid in liability protection.
December 29, 2016: Create a Trend
Utilizing historical data, creating individual line charts that help interpret the status of the operation. These can be compared to benchmark numbers of comparable operations.
Discussion on what the lending industry looks for when you present your numbers to them.
January 5, 2017: Pull it all together
Information on Farm Service Agency Programs that are available to beginning producers as well as general production programs available to all producers.
How do you create a loan package that is viewed favorably by FSA or other lenders?