Program Areas > Ag Production Systems > Ag Business Mgmt

Agricultural Business Management

Program Description

Farm records compiled by the Department of Applied Economics consistently show a net farm income range of over $150,000 between the most profitable and least profitable Minnesota farms each business year. As farm incomes have become more variable, the job of managing a farm has become ever more complex. Today's farm managers are managing more dollars and more people. They are often their own accountants, business analysts, market specialists, and human resource departments, as well as being production specialists.

The Agricultural Business Management (ABM) Program provides farm decision-makers with knowledge in production, marketing, and management needed to improve his/her operation. ABM tracks financial performance of Minnesota farms; provides farm management information to farmers, bankers, and others concerned with the future of Minnesota agriculture; and develops educational programs on and off campus. ABM improves farmers' information and knowledge in areas where strategic and operational management changes are needed to improve progress toward his/her business and family goals.

Serving...

Minnesota farmers
Farm business management associations
Agricultural lenders
Other agricultural professionals (e.g., crop consultants)
Farm business management educators
State and federal policy makers

Specific Goals

Improve managers' decision making processes and thus, progress towards their goals
Enhance opportunities for improving profitability, efficiency, and sustainability of farms and other agribusinesses
Help producers develop comprehensive business plans for expansions, start-ups, financial reorganizations, partnerships/incorporations, and internal monitoring
Provide a framework for transferring farms between generations
Analyze and report financial performance and condition for association members
Address important new topics and issues as they arise