Cedar Summit Farm Video
Created video as a way to connect
business managers with another farm
family.
Same family featured throughout Guide
worksheets.
Copy of Cedar Summit Farm business plan
included in Guide.
Copyright © 2003 Center for Farm Financial Management, University of Minnesota
Video Discussion Questions
What recommendations do you have for
producers developing a business plan?
How can ag professionals better help a
producer develop a business plan?
Copyright © 2003 Center for Farm Financial Management, University of Minnesota
Video Discussion Questions
What are the major challenges to
developing a business plan?
Any thoughts on how business managers
can better address these challenges?
How can ag professionals help a business
manager with these challenges?
Copyright © 2003 Center for Farm Financial Management, University of Minnesota
Video Discussion Questions
How much should the ag professional help
the business manager write the plan?
How can producers interact to help each
other develop a business plan - for
example in workshops?
Copyright © 2003 Center for Farm Financial Management, University of Minnesota
Video Discussion Questions
How can a team be useful in developing a
business plan?
Any other thoughts or questions?
Copyright © 2003 Center for Farm Financial Management, University of Minnesota
Cedar Summit Farm Video
Video addresses:
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•
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Why the Minars wrote a business plan
What it was like to write their plan
Challenges they encountered
Advice to others writing a business plan
Benefits of writing a business plan
Copyright © 2003 Center for Farm Financial Management, University of Minnesota
Cedar Summit Farm Video
Reason for writing a plan:
• Explore feasibility of idea for on-farm
processing
• Have something to show lender
Copyright © 2003 Center for Farm Financial Management, University of Minnesota
Cedar Summit Farm Video
What was it like to write a plan?
• Time consuming: took “many, many months”
• Continuous; on-going
Copyright © 2003 Center for Farm Financial Management, University of Minnesota
Cedar Summit Farm Video
Dave and Florence experienced many
challenges when writing their business
plan.
Biggest challenge was “getting started.”
Copyright © 2003 Center for Farm Financial Management, University of Minnesota
Cedar Summit Farm Video
Why was getting started so difficult?
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•
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Lack of resources
Didn’t understand industry jargon
Hadn’t seen a business plan
Process seemed intimidating
Copyright © 2003 Center for Farm Financial Management, University of Minnesota
Cedar Summit Farm Video
Research took time:
• Polled potential buyers for two years
• Spent several months meeting with other onfarm processors
• Worked the line at one processing plant
Copyright © 2003 Center for Farm Financial Management, University of Minnesota
Cedar Summit Farm Video
Advice to others:
• Don’t let anyone else write your plan
• Create an advisory board
• Involve family
Copyright © 2003 Center for Farm Financial Management, University of Minnesota
Cedar Summit Farm Video
 More advice to others:
• Find a mentor
• Research markets
• Use your plan
Copyright © 2003 Center for Farm Financial Management, University of Minnesota
Cedar Summit Farm Video
Looking back, Dave and Florence Minar
say the benefits of business planning
include:
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•
•
•
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Chance to clarify values
Forced to explore ideas on paper first
Learn to clearly communicate ideas
Have a reference for future decision making
“Later will turn out better”
Copyright © 2003 Center for Farm Financial Management, University of Minnesota
Cedar Summit Farm Video
Video and example plans help de-mystify
the business planning process and show
managers that it can be done!
Copyright © 2003 Center for Farm Financial Management, University of Minnesota