Ridgewater ag program hosting Dr. David Kohl Webinar Series

The Farm Business Management program at Ridgewater College will be hosting a webcast by Dr. David Kohl entitled “Positioning Your Business for New Economic Realities”. Participants can access the webinar at one of 8 sites in Central Minnesota, including Barrett, Belgrade, Hutchinson, Melrose, Montevideo, Morris, Ortonville, and Willmar.

Dates for the presentation are:
Monday, Nov. 24 - The New Economic Realities of American Agriculture
Monday, Dec. 15 - Growth Management
Monday, Jan. 12 - Misstep in Producer/Lender/Advisor Relationships
Monday, Feb. 9 - Doing Fine in 2009: Are You Ready to Profit?
Monday, March 9 - Get Ready for Great!

All sessions meet from 12:00 noon – 2:00 p.m., with a one hour web-ex meeting and an hour-long discussion or workgroup assignment.

Kohl, a professor emeritus in the Department of Agricultural & Applied Economics of Virginia Tech, adds a high tech and high touch component to farm management educational programs. He has appeared in Hutchinson at least three times in the past five years, twice at the Chamber of Commerce’s ag task force March seminar in 2003 and 2005, and most recently at the University of Minnesota Extension Service’s crop management input seminar in November 2007.

The series of five live, interactive webcasts will address positioning of the ag business for economic realities in a rapidly changing economy.

Topics will include the state of the economy - both domestically and globally, technology, energy, land values, consumer trends, and other current events that may impact agriculture. The topic of strategic SWOT (Strength, Weakness, Opportunities, Threats) analysis will be introduced and tied to the business level.

Participants will be required to attend the webcast and complete a series of group or individual action steps centered on the presentation. They will be asked to submit questions prior, during, and after the webcast that may be elaborated upon with the farm management articles or the face-to-face seminars next spring.

For more information and to pre-register contact your local Farm Business Management Instructor or Jim Molenaar, Regional Dean of Management Education at Ridgewater College 1-320-222-5211 or 1-320-979-9222. Cost is $120 for all five sessions, which is payable at the time of the first program.

Program details and objectives:
Program I - November 24, 2008
“The New Economic Realities of American Agriculture”
The kickoff in the series of webcasts will ask participants to go up to the 50,000-foot perspective and examine the catalysts of change where recently there has been a surprise around every corner. Game changers discussed include the state of the economy, both domestically and globally, technology, energy, land values, consumer trends, and any current event that appears as a hot topic. The topic of strategic SWOT analysis will be introduced and bring the issues to the business level.

Specific Objectives:
* A better understanding of how current and future events will impact short and long run business decision making.
* An overview of the drivers of change that will be the catalyst in the new business environment.

Program II — December 15, 2008

“Growth Management”
Growth is the number one reason why businesses fail. Twenty five percent of businesses filing bankruptcy are coming off the most profitable years. This session will focus on the growth traps that many producers become vulnerable, and action steps to avoid these potholes. The webcast will discuss key financial metrics that are necessary for the businesses to be successful and sustainable.

Specific Objectives:
* An understanding of growth traps of a business.
* Familiarity with key financial and business metrics that can be applied to your business.

Program III — January 12, 2008
“Misstep in Producer/Lender/Advisor Relationships”
Progressive producers are ones that will evolve from being independent to ones that are interdependent. That is working with others and accepting advice and critique that makes the business better. This webcast will focus on not only the 10 key missteps, but also actions needed to circumvent these often-fatal mistakes. This environment needs teamwork and advice to make each interested party better.

Specific Objectives:
* Knowledge of how to avoid some of the critical mistakes made in working with the instructor and lender/advisor.
* How to present your business in a manner to others that assists you in securing credit or the necessary resources to improve your business.

Program IV — February 9, 2008
“Doing Fine in 2009: Are You Ready to Profit?”
What does it take to be a sustainable producer for 2009 and beyond? Now that you have 2008 business performance in the record book, what will be some of the key financial metrics and best management practices critical for sustainment?

Specific Objectives:
* Identification of key financial metrics and best management practices in the new economic realities and how to build a financial storm fortress.
* Measure your business to these measures to ascertain how you stack up.
* Develop specific goals, objectives, and action steps for sustainability.

Program V — March 9, 2008
“Get Ready for Great”
This will be the final in a series of webcasts designed to present an overview of business planning. Your first task as a participant is to complete the module on business planning presented by the Farm Management Center. Next, the webcast will drill down and discuss the “ins” and “outs” of business planning, and some of the common pitfalls. It will also outline how to best present your plan based on the presenter’s knowledge and use of business planning in an existing agricultural business.

Specific Objectives:
* Introduction of the business planning module by the Farm Management Center.
* A quick and dirty discussion of variables and factors that bring the business plan to life.