Did you know that Kansas State University has a “Farm Analyst” program which 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.
The Farm Analyst program in fact has a long history of helping farm families review their finances and make a financial plan.
A lot of people will work with the farm analyst, when it's better times financially, and they can help them with their budgets to try to figure out how they're going to manage (long term).
Some families, 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.
A farm analyst will go out to the farm and work with the family for the day, going through all of their finances. 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. It allows them to look at alternatives side by side and try to consider every aspect of a change someone might be looking at making.
A common scenario is exploring land purchases. The farm analyst person 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.
When producers provide them with the best information that they have. Then, the farm analyst can put together something that can be a tool to make more informed decisions.
To schedule a farm analysis, or for inquiries interested families can call the Kansas Agriculture Mediation Service at 800-321-3276, email [email protected] or visit www.ksu.edu/kams/
Stacy Campbell is a Crop Production Extension agent in the Cottonwood District (which includes Barton and Ellis counties) for K-State Research and Extension. You can contact him by e-mail at [email protected] or by calling 785-628-9430.