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Serving: KS

K-State Farm Analyst program helps farmers make financial decisions

Chagin/Getty images Business people analyzing financial data
BUSINESS CONSULTING: The Kansas State University Farm Analyst program has helped more than 1,000 Kansas farm families over the years with their business planning needs.
Kansas State University’s Farm Analyst program offers farmers financial insights for business planning.

Kansas State University farm analyst LaVell Winsor is promoting a program in the university’s Department of Agricultural Economics that has a long history of helping farm families review their finances and make a financial plan.

The university’s Farm Analyst program offers one-on-one consultation, using active farmers, ranchers and Extension agents who are trained as K-State Research and Extension analysts. The program has provided assistance to more than 1,000 farm families.

“A lot of people will work with us now, when it's better times financially, and we help them with their budgets to try to figure out how they're going to manage [in the long term],” Winsor says.

Some families, she adds, work with a farm analyst annually, while others only consult with an analyst when they are looking at an expansion, experiencing a financial difficulty or making a major change.

On-farm assessment

“We'll go out to the farm and work with the family for the day, going through all of their finances,” Winsor says. “This is available to farmers across Kansas, or anybody who has a land ownership interest in Kansas.”

Analysts use a financial tool called Finpack to build a full financial analysis of the operation. “We can look at alternatives side by side, and try to consider every aspect of a change someone might be looking at making,” Winsor says.

A common scenario is exploring land purchases. According to Winsor, analysts can help analyze a land purchase by taking into consideration the loan, property taxes, acres, and the likely revenue and expenses associated with the purchase.

“It is really important that the producers we work with provide us with the best information that they have,” Winsor says. “Then, we can put together something that can be a tool to make decisions.”

To schedule a farm analysis, interested families can call the Kansas Agriculture Mediation Service at 800-321-3276, or visit agmanager.info.

Source: Kansas State University Research and Extension is solely responsible for the information provided and is wholly owned by the source. Informa Business Media and all its subsidiaries are not responsible for any of the content contained in this information asset.

 

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