MARSHALL and LUVERNE, Minn. — The Southwest Minnesota Farm Business Management Association together with University of Minnesota Extension will present Taking Charge of Your Finances: How to Survive and Thrive February 27th in Marshall and February 28th in Luverne. This free, full-day workshop is filled with an interactive case study that provides information and strategies to help farm families be better prepared to make internal farm management decisions while also building stronger relationships with external partners.
In Taking Charge of Your Finances: How to Survive and Thrive, participants gain a greater understanding of balance sheets, income statements, and cash flows and will be better equipped to utilize their farm financial records to make better financing and financial management decisions. As part of the workshop, participants will act as a loan review committee to analyze the credit worthiness of a case study farm. As a result, they will be better equipped to manage the finances of their own farming operation.
“If you don’t know where you are, how do you know where you are going? Having a strong understanding of your financial statements is akin to a GPS guidance system on your equipment,” states Southwest Minnesota Farm Business Management Association field staff person Allen Deutz. “Without having a firm grasp on your farm’s financials, you might be close, but close is might not be good enough in the current ag economy. Think of knowing and understanding your financials as ‘precision agriculture finance’ and using it as a guidance system for your farm’s financial success.”
Taking Charge of Your Finances: How to Survive and Thrive is scheduled for Tuesday, February 27 at the Pizza Ranch in Marshall, MN, and Wednesday, February 28 at Pizza Ranch in Luverne MN, from 9:30 a.m. to 3:30 p.m. There is no registration fee, but pre-registration is required to guarantee lunch and materials. To pre-register for the workshop, contact Gretchen Thillen, gthillen@umn.edu or 507-752-5094. Visit swroc.cfans.umn.edu for more information. This workshop is sponsored by the Southwest Minnesota Farm Business Management Association in cooperation with University of Minnesota Extension.
— Southwest Research & Outreach Center
For more news from Minnesota, click here.