Spilling the beans to an outsider on a farm’s financial situation can feel a bit like streaking at the Grey Cup for some families.
Sharing sensitive, personal information can be intimidating.
But it may also be necessary to get useful advice from business planners or agrologists – advice that can eliminate costly management mistakes, lead to new and better ways of managing the farm and solidify the farm’s future in an increasingly complex business world.
Kay Grulich, project manager with the Canadian Farm Business Management Council, said the information available to farmers is growing but many producers have no time to access it.
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“Everything is changing quicker than before,” he said of the need to seek professional help in getting to the information you do not have.
Many are reluctant to use outside help due to the cost involved, but such expenses qualify as a 100 percent write-off.
He said outside assistance can help determine where you need to go and what to do in the years ahead.
“It’s always easier to have somebody from the outside to give more objective views of the ideas the family has,” Grulich said.
A planner can help get you started, keep you organized and check on progress.
A host of resources are available depending on the farm’s needs, from lawyers, family planners or counsellors to accountants or government agricultural services and business advisors.
Producers who seek help from an adviser should check the adviser’s credentials and do reference checks if necessary. Also, get any agreement in writing to indicate clearly the service expected and required.
Locating farm business planning professionals can be as easy as going to the local farm service centre or searching websites. The following websites and publications have useful information on farm business planning.
- The Canadian Farm Business Manage-ment Council at http://farmcentre.com/english/learningcentre.htm for the latest in computer software on business planning and farm management/classes and conferences.
- Strategic Planning for The Farm Business by Alan Miller, Mike Boehlje and Craig Dobbins, staff paper #97-3 contact boehljem@agecon.purdue.edu.
- Canadian Farm Business Advisory Services www.agr.gc.ca/renewal or call 866-452-5558.
- Farm Credit Canada: www.fcc-fac.ca.
- Saskatchewan Agriculture Farm Family Opportunities Initiative: 866-680-0006.
