Agribusiness Management: Helping Michigan Farm Businesses Stay Competitive
December 22, 2016
MSU Extension agribusiness management educators work with established farms and farm-based entrepreneurial enterprises. Educators specializing in Farm Information Resource Management (FIRM) work predominately with established farms and agribusinesses to help manage risk, farm finances, labor management and policy, law and regulation. Educators who deliver programming through the MSU Product Center Food-Ag-Bio assist entrepreneurs and established businesses in product development, marketing and market expansion.
Affordable Care Act (ACA) for Agricultural Employers
Farm Bill and Insurance
- Through regularly scheduled market outlook webinars for producers to make annual enrollment decisions for the DMPP along with other marketing decisions.
- About Whole Farm Revenue Insurance Program
- Such as NAP programming as part of other programs around Michigan.
Farm Business Succession and Estate Planning
- Provides why proper succession planning is important and appropriate, and will utilize the Center for Farm Financial Managements AgTransition book to assist a farm family in developing a succession plan.
- Discusses methods that are typically used for succession.
- Provides details on variables that play a role in decisions to what would be the best method for a farm and farm family.
- Can develop farm financial information to determine whether or not the farm has the capability to have a successful succession.
Labor and Employer Programs
Venture Development Services
- In 2016, 645 MSU Product Center clients were served during 4,100 counseling sessions.
- 270 businesses were assisted in the start-up phase and 62 new ventures were launched (started economic activity).
- Impacts include new investments of $40,499,833, increased sales of $48,494,329 and 216 new jobs created.
Making it in Michigan Conference
The MSU Product Center Making it in Michigan Conference and Trade Show attracted over 200 conference participants and 160 trade show vendors. Seventy buyers representing retailers across the state participated in the trade show to select Michiganmade products for their retail establishments.
- A follow-up online evaluation conducted the week after the conference revealed 31 percent of respondents planned to develop a new product or business, 40 percent planned to contact retailers to market their product and 44 percent planned to become a vendor at the next conference.
- A follow-up online evaluation was conducted over three months with vendors. Thirtysix percent of respondents reported they received new orders for their products. An additional 43 percent noted that contacts made at the conference may lead to new orders.