Farm Business Management

Monday, February 15

8 a.m. - FARM BILL - PLC or ARC in 2021

Aleks Schaefer

The choice between Price Loss Coverage (PLC) and Agricultural Loss Coverage (ARC) will now only focus on one production year. Crop insurance options are also important factors in determining which program may be best.  In this session, MSU Extension will guide producers through these considerations and help them make the best choice for their farm.

9 a.m. - Preparing to Work with your Lender

Corey Clark and Jon LaPorte

In this session, we’ll discuss how farmers can take ownership of the lending process, their financing, and their loan proposals.  As better understanding, building of skills and confidence are achieved, producers will be able to form a relationship with their lenders that leads to long-term success of the farm business.

10 a.m. - Understanding your Farm's Financial Health

Jon LaPorte

A discussion on finances often centers on achieving better production, marketing for higher prices or lowering expenses. But how do you know what improvements to make or market prices you need to be successful?  In this session, learn how understanding the farm’s financial health can help you to successfully meet your farm goals.

11 a.m. - Succession Planning Part 1: Introduction to Business Succession

Roger Betz, Florencia Colella, Stan Moore

Learn about the basics of farm succession planning and how to begin building a transition plan.  Discussions will include understanding the six goals of succession planning needed to help secure the future of your farm business.

12 p.m. (Noon) - Farm Labor: New MIOSHA Rules & Labor Recruitment Planning

Stan Moore and Craig Anderson (MFB)

Recruiting and retaining labor force often requires a strategic approach.  In this session, explore how to begin building your labor recruitment plan.  MIOSHA has also enacted new rules that will affect almost all areas of agriculture.  Learn how those new rules may impact your farm and your labor recruitment efforts. 

1 p.m. - Succession Planning Part 2: Why is Talking About Business Succession so Difficult?

Roger Betz, Florencia Colella, Stan Moore

Explore how to improve communication for all parties involved in the farm transition and how management functions within the business impact the succession plan for your farm.

2 p.m. - Succession Planning Part 3: Examples of Specific Strategies to Transfer Ownership and Management to the Next Generation

Roger Betz, Florencia Colella, Stan Moore

Explore examples from different farm scenarios and begin to answer questions of “Who pays for what?” and “How does this actually work?”

3 p.m. - Updated Coronavirus Relief Programs for 2020/2021: What's in it for You?

Corey Clark

The Coronavirus Response and Relief Supplemental Appropriations Act of 2021 increased access to coronavirus relief programs for farmers.  This presentation will discuss how this legislation can benefit your farm and how you can take full advantage of its provisions.