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Credit
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Check your Farm Business Plan ?

Take a minute to get an indication where your plan stacks up and resources you might want to use. Answer the questions below, calculate your score and read the answer. What could be easier?"

Directions for the Farm Business Planning  Check-Up
  • Answer all questions by clicking the button next to the answer that best describes you.
  • Press the Calculate button to total your results
  • Our Advice will be displayed in the Our Advice text box.
  • Need assistance? Contact us to learn how an experienced farm business consultant can help.
Farm Business Planning Check-up

Do you farm primarily to:
For the farming lifestyle
Earn a living
Earn the most profit for my management and invested equity

During the past three years, my farm’s trend in earnings (profits) has been:
Not sure what the trend is
Definitely declining over this time
About the same year to year
Generally improving each year

During the past three years, my trend in farm net worth (equity) has been:
Not sure what the trend is
Definitely declining over this time
About the same year to year
Generally improving each year

How do you perceive the future of your current farm enterprise(s) in the next few years?
Have no view as to the future
Pessimistic—even good farmers will be challenged
Neutral—about the same as the past few years
Pretty optimistic—good farmers should be able to do well

How do your farm profits and standard of living compare to other similar farmers in your region?
Not sure how I compare
Below the average
Pretty typical
Well above the average
How do you perceive your future in farming?
Have no idea
Looking to downsize but continue farming in the near future
Definitely will retire and/or exit farming in the next 10 years
Planning to farm for no more than another 10 years
Planning to farm for many years to come
Are there other family members who may some day take over your family business?
No
Too early to tell yet but I’m hopeful
Probably yes within the next 5 years or so
Already next generation adults involved in this business

What is your attitude toward change in your farm business?
Unwilling to change
Responding to change is necessary but it’s still tough
Welcome and thrive on change
Do you have a formal written business plan?
Have never had one
Yes, but more than 3 years old
Yes, done within past year
Yes, continually updated
Total Score:
Our Advice for You:

Total Score Our Advice
0-9 Retiring/Exiting Farmer. Your retirement from farming is in the not-too-distant future. You are looking ahead to “smelling the roses” or the next phase of your career. A business plan is not necessary. However, the sale of farm assets has substantial income tax consequences which a First Pioneer Tax Specialist can assist you in managing to minimize your tax liability. This is late for retirement planning, but a First Pioneer business consultant can still assist you in planning for your transition into retirement."
10-18 Traditionalist. You farm as a way of life which you value. You are a realist in recognizing that you are unwilling to make substantial changes in your business. A business plan would most likely be an academic and unrewarding exercise for you. You do need to be prudent in ensuring that the business of farming does not erode your net worth and standard of living over time, thereby forcing you at some point into hard choices between farm and lifestyle. We encourage you to have a continuing dialog with either/both your First Pioneer loan officer and farm accounting specialist as to your financial trends."
19-27 Business in Transition. You are looking to transfer your business to the next generation in the next few years but are not sure how to do that. You recognize that transferring the business gets into issues of management, profitability, farm size, income tax and legal…not to speak of family issues! WOW! A First Pioneer business consultant can assist you in figuring it all out, helping you understand your options and proper timing, and then work with your attorney and you to implement a transfer plan that meets the needs of you and your next generation."
28-36 Realist Looking for Help. You accept that farming is a tough business and that you need to improve in order to remain successful. This is a bit intimidating to you but you are willing to give it a try. Your primary focus needs to be on profitability improvement within your existing business. A First Pioneer consultant can assist you in reviewing your business, identifying areas of weakness and opportunity, and then putting together a plan to improve your bottom line."

 
 
    
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