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Episode 110: “Digging For Gold… Farm Financial Gold” w/Dick Wittman
In this week's episode, Tracy speaks to Dick Wittman in this episode titled “Digging For Gold… Farm Financial Gold”
There are many ways to increase your top line and bottom line in farming. Today we are chatting with Dick Wittman about how farmers can find more “Gold” in their operation through learning and implementing Dick’s TOP 10 financial management best practices.
Dick has a wealth of experience and wisdom when it comes to farming and farm financial management. He is the former manager and board chair of a 20,000-acre Idaho family farm partnership involving crops, cattle, and timber. Since 1980 he has provided consulting services in family farm business and financial management in the U. S., Canada, and Australia. In January 2004, he released Building Effective Farm Management Systems, a guidebook designed to help commercial-size family farm businesses put in place professional management and transition processes.
It was our pleasure to have Dick on the show once again to share his wealth of information with our audience. In this episode, Tracy and Dick chat about; cash versus accrual accounting, tax vs. economic depreciation, cost vs market value balance sheet, deferred tax, why paying taxes is a GOOD THING TO DO, using models to optimize capital asset acquisitions and much more.
Are you looking to fine-tune your farm financial management skills? If so, you will not want to miss this episode.
* Disclaimer - As always, this information is not intended to provide business or medical advice. To ensure that your own circumstances have been properly considered and that action is taken based on the latest information available, you should obtain professional advice from qualified business or medical professionals before acting on any of the information in this post.
Thank You To Our Show Sponsor
Here at The Impact Farming Show, our goal is to bring our audience the people and ideas that will IMPACT their farming operation. We couldn't do it without the continued support of our sponsors that are committed to supporting our show and our shared vision of helping farmers succeed.
Please take a moment to check out this week's show sponsor:
Proven® Seeds: Canada's Premier Seed Company.
You want bigger, higher-quality yields plus profit. And Proven Seed delivers. With leading edge technology and the widest selection of advanced seeds available, we perform to the highest standards - yours.
Learn more HERE.
To learn more about Dick Wittman, his free resources, or his Building Effective Farm Management Systems Guidebook that is available for purchase, please visit: https://wittmanconsulting.com
Family Farm Business Consultant, Author, Editor
In fact, much of the blame in their failure to achieve full potential rests with their management system and practices. Improved performance, teamwork, and quality of life is easily attainable if one develops a clear vision of how to incorporate improved management practices and invest in the effort to change.
Connect with Dick Wittman - Website / LinkedIn / Twitter /
The Impact Farming Show
Welcome to Impact Farming, Farm Marketer's video and audio show dedicated to helping Canadian farmers excel in the business of farming. Our goal with this show is to introduce our audience to the people and ideas that are going to make an IMPACT on their farming operation.
Show Host - Tracy Brunet
CEO of Farm Marketer
Tracy and her husband are cattle ranchers in South East, Manitoba. As host of the show, primary producer and agvocate, Tracy is passionate about helping farmers succeed in the business of farming.
In each episode, Tracy chats with today's most successful farm advisors and industry leaders to bring our audience the best and most important ideas.