|
|
|
Growing Forward- Farm Business Development Initiative
|
|
|
|
|
|
|
|
|
What is the Program?
The Farm Business Development Initiative helps farmers to develop business plans and enhance business skills in nine business practice areas. Some possible uses for the funds, depending on the type and size of producer, are:
|
|
|
|
Business Strategy developing a formal business plan including setting and measuring of goals, map out expansion plans from a strategic and operational point of view.
Marketing Strategy learning about futures and hedging, general marketing techniques for producers, assistance in finding improved market information.
Production Economics agrology visit to advise about practices, yield mapping, benchmarking, cropping rotation plans, and learning to more effectively determine cost of production and appropriate sales prices.
Human Resources defining the roles of various members on the farm, defining training for new employees, and exploration of benefits for employees.
Financial Management training in record keeping, conversion from cash to accrual, cost of production tracking.
Environmental Strategy on farm environmental assessments, assistance in implementing goals identified in the EFP, learn about meeting regulations and industry standards.
Succession Planning working with advisors to determine an appropriate succession plan in terms of taxation, HR, and family dynamics.
Business Structure Consideration of incorporation, partnerships, joint ventures, etc.
Risk Management Assessment of risk areas and possible risk management techniques, create a plan to manage risk.
Non-eligible Activities include:
Preparation of: Current financial statements (net worth, projections, budgets, debt service). Wills, living wills, power of attorneys, search of titles.
Legal agreements and contracts.
Off-farm investment planning and related fees.
|
|
|
|
Who Is Eligible?
A Saskatchewan resident who is at least 18 years of age and
Individuals that have been actively farming during the past six years and have reported on your Canada Revenue Agency income tax return at least $ 35,000 in Gross Farming Income in at least one of those years or
Individuals that have farmed for less than six years (immediately proceeding the year of application); own or control (by written agreement) productive agricultural assets (land, buildings, machinery, livestock) and can demonstrate that the farming operation can generate Gross Farming Income of $35,000 or more within the next 36 months
|
|
|
|
Applications are on an individual basis, so a husband and wife that show farm income, or that are shareholders in an incorporated farm, are both qualified.
Individuals that are shareholders in multiple farming corporations only qualify once.
|
|
|
|
How Much?
Up to a maximum of $4,000 is available to a qualified applicant.
The producers cost is $0.25 per dollar; producer pays $5,334 and is reimbursed $4,000.
Why The Hurry to Get Into The Program?
This program was introduced October 27, 2009 by Sask. Ag, but is being actively marketed now.
There is a limited pot of money once an individuals application is in, the money is earmarked for them and comes out of the pot.
The work on the action items does not have to be completed until December 2012.
When the money is all designated, its gone! Thats why we need to get our clients there first!
|
|
|
|
How Do I Get Enrolled?
An individual or husband/wife team completes the Taking Stock book and sets their goals based on the caution areas they receive. A Stark & Marsh team member will help you to complete the application in the first hour of your appointment.
The participants, along with the Stark & Marsh member, then meet with Sask Ag. for an hour to have their application approved.
Stark & Marshs Role
For a charge of $300 we will help complete the application and along with the client, meet with Sask Ag. to ensure the application is approved.
If you engage us to perform the follow-up work (action items identified in the plan), or if your application is not approved, we refund the $300.
We have expertise in our professional network to service all nine areas identified in the Taking Stock Plan
|
|
|
|
How To Get Started
Please call (306)773-7285 as soon as possible to set up your appointment!
|
| |
| |
|
|
|
|
|
|
