Copyright © 2003 Center for Farm Financial Management, University of Minnesota Cedar Summit Farm Video Video was created to allow producers to connect with a farm family that has developed a business plan. The Cedar Summit Farm business plan is included in Guide and in sample worksheets.
Copyright © 2003 Center for Farm Financial Management, University of Minnesota Cedar Summit Farm Video Video addresses: Why the Minars wrote a business plan What it was like to write their plan Challenges they encountered Advice to others writing a business plan Benefits of writing a business plan
Copyright © 2003 Center for Farm Financial Management, University of Minnesota Video Discussion Questions Minar’s started by discussing why they developed a business plan. What reasons do you have for developing a business plan?
Copyright © 2003 Center for Farm Financial Management, University of Minnesota Video Discussion Questions Minar’s reasons for doing a business plan: It helped obtain financing – show to lender To describe why they wanted to start a new business To evaluate if they really wanted to pursue their dream
Copyright © 2003 Center for Farm Financial Management, University of Minnesota Video Discussion Questions Minar’s also discussed how developing their business plan took time. Why does development of a business plan take so much time? What can we do to reduce the time commitment?
Copyright © 2003 Center for Farm Financial Management, University of Minnesota Video Discussion Questions Minar’s plan took time because: Didn’t have the tools available now – Planning Guide and software. Research took time, polled potential buyers for two years, met with other on-farm processors They use their plan as an ongoing tool, it is a dynamic document that they refer to often and revise when needed.
Copyright © 2003 Center for Farm Financial Management, University of Minnesota Video Discussion Questions Planning Challenges from Minar’s perspective Getting started! Not knowing how to write a business plan Needing to make assumptions Process seemed intimidating
Copyright © 2003 Center for Farm Financial Management, University of Minnesota Video Discussion Questions What would help you get started on your business plan? What can we do to help you better understand how to write your plan?
Copyright © 2003 Center for Farm Financial Management, University of Minnesota Video Discussion Questions Minar’s were asked what advice they have for other producers regarding writing a business plan. What did you learn based on their advice?
Copyright © 2003 Center for Farm Financial Management, University of Minnesota Video Discussion Questions Minar’s advice: Don’t let anyone else write your plan – do it yourself Create an advisory board Involve family members Talk to someone who has written one Research markets Use your plan
Copyright © 2003 Center for Farm Financial Management, University of Minnesota Video Discussion Questions What did Minar’s say were the benefits of having written a business plan? What do you view as the benefits of writing your plan?
Copyright © 2003 Center for Farm Financial Management, University of Minnesota Video Discussion Questions Benefits Minar’s listed: Later turns out better with a business plan Have a reference for future decision making Learn to clearly communicate ideas Made them address all the issues Able to nail down things they would have put off till later.
Copyright © 2003 Center for Farm Financial Management, University of Minnesota Other Discussion Questions What do you see as major challenges to developing a business plan? Any thoughts on how to address these challenges? How can ag professionals help you with these challenges?
Copyright © 2003 Center for Farm Financial Management, University of Minnesota Cedar Summit Farm Video Video and example plans help de-mystify the business planning process and show managers that it can be done!