Winter Financial Series

These sessions are free and designed for established farmers. The first hour of these sessions is open to all, while our Maine Farm Resilience Program (MFRP) participants will have additional session time with our presenters after the presentations. Most sessions are virtual and can be signed up for individually or as a whole.

Sessions

Financial Statements and Analysis
with Raynor Large, CEI
Tuesday, December 13⋅
VIRTUAL ON ZOOM
Open to All 9:00 a.m. – 10:00 a.m.
MFRP Participants 1-on-1 Time: 10:00 a.m. – 12:00 p.m.

We’ll review why the financial statements are broken into three distinct reports and what they are, and we’ll dive into the takeaways you should be aware of as an operational owner to keep your business on track. We’ll discuss projections basics, quick benchmarks you can use to drive your decision-making, and then break down the concepts when digging into a case study. It’s a tedious topic – but critically important for forward-thinking! (And we’ll try to keep it engaging)

Review your QuickBooks Set-up for your Farm
with Nicolas Lindholm, MOFGA and Catherine Durkin, MFT
Tuesday, January 10, 2023⋅
IN-PERSON at the Maine Agricultural Trades Show
10:00 a.m. – 11:00 a.m.

Catherine Durkin of MFT and Nicolas Lindholm of MOFGA will lead this session, to show how we recommend setting up your QB Chart of Accounts, and why –which will include an overview of financial reports that QB gives you (P&L and Balance Sheet in particular) and how your COA set-up gives you the best data presentation to make the best decisions for your farm business and/or pinpoint concerns, reasons for making changes or addressing shortfalls, etc.

FarmCalc & Decision Making
with Jed Beach, FarmSmart and Alex Fouliard, MFT
Tuesday, January 17, 2023⋅
VIRTUAL ON ZOOM
Open to All 9:00 a.m. – 10:00 a.m.
MFRP Participants 1-on-1 Time: 10:00 a.m. – 12:00 p.m.

Am I making money on beets? Should I plant more next year? Is the root harvester a good investment? These are the kinds of questions FarmCalc can help you answer! Cost Accounting is the process of translating all of your farm costs into the different products you sell. With this information you can maximize your farm’s profitability, determine where it’s most important to improve efficiency, and make financially-informed decisions. Join Jed Beach of FarmSmart and Alex Fouliard of MFT to get started on the process of cost-accounting and demo the newly remodeled FarmCalc. FarmCalc is a free, online financial planning program that integrates financial information across enterprises, and is flexible for crop, livestock, value-added, and other kinds of enterprises.

Planning for Long-Term Success
with Allyn Lamb, SCORE
February 7, 2023
VIRTUAL ON ZOOM
Open to All 9:00 a.m. – 10:00 a.m.
MFRP Participants 1-on-1 Time: 10:00 a.m. – 12:00 p.m.

Allyn Lamb started as a farmer and went into the world of commercial banking and farm credit. He has done international agri-business consulting for over 10 years and has been a Certified Mentor with SCORE for four years counseling ag entrepreneurs of all types. Hear from Allyn and guest speakers on planning for long-term success for your farm and for yourself beyond the farm.

On-Farm Communication
with Leslie Forstadt and Polly Shyka, UMaine Extension and FRSAN
Tuesday, February 21, 2023⋅
VIRTUAL ON ZOOM
Open to All: 9:00 a.m. – 10:00 a.m.
MFRP Participants 1-on-1 Time: 10:00 a.m. – 12:00 p.m.

Consider who does what, how decisions are made, and how this information is conveyed to members of the farm team. Often conflicts arise due to misunderstandings. There are ways to build your own skills and the capacity of your team to communicate more effectively to reduce conflict and tension. We’ll learn some new skills (or might be a refresh for some), and begin to work on individual communication plans.

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