Farm Business Assessments (CFBAS)

[WoolyBear]

It looks as though we are going to qualify for the Farm Family Options Program. What all is involved in the Farm Business Assessment option, which is 1 of 2 processes that we can go through to meet our obligation to the program?

Has anyone any comments (constructive) to prepare us, and anyone else out there for the paperwork?

[coppertop]

If you are going to take the FBA route the initial work is not too extensive unless you really don't like books.

Basically what you have to do for start's is compile a balance sheet that will list all the items you own (cash, receivables, investments, equipment and land fair value) and the things you owe others. (Accounts and bills outstanding, loans and operating lines etc) The net difference is your net worth or net deficit.

This is your starting point. From here find a consultant near you, contact one of them and they will help you get started. I would suggest using a consultant from Meyers Norris Penny as they have the most accredited and registered under the program. There were strict guidelines and criteria that had to be met to be allowed to offer this service. Not anyone can do this for you.

There will be several meetings with the consultant where you will look at your present situation to determine what ares of your operation are working and what areas need improvement.

If you live in Sask I can help you find a consultant near you if you wish.

[SASKFARMER3]

Their are good consultants out their in Saskatchewan but pick one that knows and understands farming If you pick an accountant or firm you will be disapointed.

[SASKFARMER3]

Not sure where you are going with your comments Saskfarmer3 but most consultants and agricultural accountants with the firm Meyers Norris Penny have continue to operate significant farm operations themselves beside the work they do with the firm.

Asking the right questions, researching their bio's and requesting references from customers they have worked with with help anyone find the right advisor or consultant (not necessarily directed at MNP).

[SASKFARMER3]

Yea significant farm operations If 10 Quarters is significant then yes they do.
Most play and their general income comes from NMP

[joedales]

Hi WoolyBear: How did this CFBAS process work for you? Any advice for the rest of us?