December 19, 2003

 

Risk Management Workshop Series Offered for Ag Families

Agriculture producers face a risky business environment because of trade agreements and farm policy changes of the 1990s. Given the importance of risk management skills in improving agricultural farm viability, the North Dakota State University Hettinger Research Extension Center and the NDSU Extension Service are offering workshops on risk management for ag families.

The workshops will be offered from 6 p.m. to 9 p.m. on the four Mondays in January. Pre-registration is required to attend any session. A registration fee of $50 will be charged per operation to attend the complete series. All family members who are involved in the operation are encouraged to attend. The registration fee includes all materials and meals. Deadline for registration is Dec. 31 and will be limited to the first 10 operations.

For more information or to register, contact your county NDSU Extension Service agent or Leif Anderson at the Hettinger Research Extension Center at (701) 567-2735.

The purpose of the hands-on workshop is to train producers in programs on risk management, family and farm financial management, and human relations concepts. Those attending will improve their abilities to manage and survive the risky business environment they face.

The workshop will allow producers to learn by hands-on computer training, application activities, and use of software and Web-based programs.

Right Risk: Managing Risk will be the focus of the session Jan. 5. Producers will learn about and experience risk management through the utilization of Right Risk software, which simulates an alfalfa/cow-calf operation. Information will be provided on how producers can integrate risk management into their own operations. They will also use assessing and planning tools to determine potential weaknesses in their risk management plans.

Planning for Financial Stability and Security: Managing Your Family Finances will be offered on Jan. 12. Participants will learn the importance of analyzing unsecured debt using PowerPay Debt Analysis software. They will use online tools available for planning for financial security in later years and also receive an introduction to estate planning concepts.

Can I Survive in Agriculture?: Why Producers Need to Understand Financial Analysis will be presented on Jan 19. During this session, producers will measure "business performance" using reconciled financial statements. They will learn the impacts of a family structure that must be supported by the capital asset resource base on the long-term financial viability. The role government programs play on the viability of an agricultural operation, analyses of financial implications by changes in production costs, and financial ratio analysis used by agricultural lenders will also be discussed.

Enterprising Rural Families will conclude the series Jan. 26. At this session producers will learn about the interaction between an individual, family unit, business, and the surrounding community. They will identify complex issues facing ag families including family history, communication, and assignment of roles. Tools will also be used that are designed to help ag family members determine where they want to go and change processes to get there.

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Source: Leif Anderson, (701) 567-4323, landerso@ndsuext.nodak.edu
Editor: Tom Jirik, (701) 231-9629, tjirik@ndsuext.nodak.edu