Three farm business advisory services are available to help cover the cost of hiring an independent advisor to review your business options and help you reach your business potential.
Farm Business Assessment
For a $100 fee (waived for producers who qualify under Canadian Farm Families Options Program), eligible producers choose from a roster of qualified advisors and receive:
Farm Financial Assessment: Up to three days of consulting advice is provided to review your farm's strengths and areas for improvement, discuss your objectives, and identify options to meet your business goals. You will receive a business profile, a statement of assets and liabilities, a farm business ratio analysis, an income and expenses statement for the previous two years and other information related to the business.
Action plan: The consultant will provide up to two days of expertise to help assess your preferred option for increasing profitability. This service will result in a financial plan (including cash-flow plan), projections of your chosen option and a written report.
Follow-up: A one-day consultation is available to discuss progress and to offer further advice if needed.
Specialized Business Planning Services
Eligible producers can receive up to a 50% refund, to a maximum of $8,000 assistance per individual farmer and a maximum refund of $25,000 for a group of four or more.
Specialized Business Planning Services offers financial assistance to prepare detailed plans to improve your farming operation in such areas as succession planning, expansion, diversification, marketing, human resources management, and risk management.
Diversification plans can include such activities as agritourism, organic production or nonagricultural enterprises designed to enhance your farm income. Producers are eligible to choose the advisor as long as the advisor meets the criteria within the program.
Planning and Assessment for Value-Added Enterprises
Eligible producers can receive up to a 50% refund, to a maximum of $10,000 assistance per individual farmer and a maximum refund of $25,000 for a group of three or more.
This program helps you cover consulting fees for feasibility assessments and business planning services related to value-added business opportunities.
Value-added enterprises add value to a primary agricultural products and byproducts, whether a food or a nonfood product. Producers are eligible to choose the advisor as long as the advisor meets the criteria within the program.
For further information on the Canadian Farm Business Advisory Services refer to the Agriculture and Agri-Food Canada website (www.agr.gc.ca) or contact your local Collins Barrow office with any questions you may have.