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Welcome to the home of the Modern Farm Business® podcast, hosted weekly by Dean Heffta. Modern Farm Business translates proven methods and best practices from the business arena to today's modern farm leadership environment. We'll be learning from forward-thinking experts and discovering how to apply time-tested techniques to make real improvements on the farm.

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082: Finance on the farm

Jan 17, 2019

THREE NUMBERS TO KNOW
I. Working Capital: The capital available for the business to do its work
[CURRENT ASSETS - CURRENT LIABILITIES] gives you a dollar amount, but t only means something if you put it into perspective with a ratio. So we divide that number by our GROSS REVENUE. Let’s plug in a couple of examples...


Jan 17, 2019

THREE NUMBERS TO KNOW
I. Working Capital: The capital available for the business to do its work
[CURRENT ASSETS - CURRENT LIABILITIES] gives you a dollar amount, but t only means something if you put it into perspective with a ratio. So we divide that number by our GROSS REVENUE. Let’s plug in a couple of examples...


Jan 10, 2019

Poor communication → Unmet expectations → Frustration & Disappointment

“Everyone hears only what he understands” - Johann Wolfgang von Goethe (scientist & author, 1749-1832)

Two big challenges we face in effective communication:

Assumptions: Experiences in my head I’m not adding in to the information I’m...


Jan 3, 2019

EMOTIONS ARE REAL: MANAGING THE EMOTIONAL REALITY OF TRADING
The market is an auction. The purpose of an auction is twofold: to provide an environment where buyers and sellers can come together; and to provide price discovery. If a farmer retires and you go to the estate auction, there is one seller—and the more...