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What is the Program?
The Farm Business Development Initiative helps farmers under the age of 40years old 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.
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Who Is Eligible?
A Saskatchewan resident between the ages of 18 & 39 and
An individual that can demonstrate that they already generate gross farming income of $35,000 or more; or
An Individual that owns or control (by written agreement) productive agricultural assets (land, building, machinery, livestock) and can demonstrate, in a format acceptable to the Ministry of Agriculture, that their farming operation can generate gross farming income of $35,000 or more within the next 36 month time frame.
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How Much?
Up to a maximum of $10,000 is available to a qualified applicant.
The producers cost is $0.10 per dollar; producer pays $11,111 and is reimbursed $10,000.
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.
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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
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How To Get Started
Please call (306)773-7285 as soon as possible to set up your appointment!
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