FAQs
Frequently Asked Questions
FBFM’s Business Analysis provides a comprehensive evaluation of your operation, helping you better understand overall performance. The comparative analysis report highlights key strengths and identifies opportunities to improve profitability and retain earnings within the business.
It also supports more informed financial management decisions, giving you greater confidence in both planning and implementation.
By regularly reviewing your analysis reports, you can better organize your operation and position your business to achieve both financial objectives and broader family goals.
Comprehensive Farm Business Records
Cooperators maintain complete production and financial records of their farm business. This includes receipts, expenses, inventories, capital accounts, and crop and livestock production data, all of which support the development of detailed analysis reports. At year-end, records are finalized and entered into FBFM’s proprietary software to generate financial statements, benchmark reports, and five-year trend analyses.
Annual Business Reports
Cooperators receive a suite of reports designed to evaluate financial performance and support planning, including:-
Income Statement: Measures profitability and identifies funds available for family living and reinvestment
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Cash Flow Statement: Assists in planning for loan repayments, operating expenses, and family living needs
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Net Worth Statement: Evaluates financial position, risk, and progress over time
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Comparative Analysis: Benchmarks performance against similar farms and enterprises
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Enterprise and Trend Reports: Provided as needed to support specific management decisions
Consultation from a Farm Business Consultant
An experienced Farm Business Consultant reviews and finalizes records and oversees report preparation. They meet regularly with cooperators to interpret results and provide guidance on key management areas, including:-
Production costs
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Tax law changes
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Capital debt repayment capacity
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Cash flow projections
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Business structure selection
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Investment analysis
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Estate planning
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Personnel management
Income Tax Planning and Preparation
Income tax planning and preparation services are available upon request to support accurate filing and strategic financial management.
Newsletters and Publications
In collaboration with the University of Illinois Department of Agricultural and Consumer Economics, specialists provide newsletters featuring timely management insights, updates on state and federal tax regulations, and practical farm planning information.-
FBFM is a year-round program, with ongoing support and regular interaction between cooperators and their consultant throughout the year:
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January: Consultants work with cooperators to finalize farm records from the previous year.
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February–March: Financial reports are delivered and reviewed, with income tax assistance available upon request.
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March–August: Consultants visit cooperating farms to review financial and benchmark reports, evaluate records, provide financial management guidance, and discuss business strategies.
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September–December: Consultants continue to provide tax support, review records in preparation for year-end, and address ongoing financial management questions.
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Prospective members are encouraged to complete the contact form on our website. A member of our team will follow up promptly to provide additional information and assist with the enrollment process.
Additional guidance can be provided in areas such as estate planning, retirement planning, cash flow projections, and other business planning needs.