It's easy to let your emotions take over when you're trying to market that crop that's your whole shot at profit for the year....especially when prices are where they are right now.  In times like these, it's critical for farmers to understand the factors involved and make management decisions with all of the information available.  Good financial management is more than knowing the fundamental factors that are affecting the trade.  It's important to understand where risk lies, and how to manage it.  If you're planning to attend Commodity Classic, be sure to spend your Friday afternoon with Max Armstrong, Arlan Suderman and Darren Frye.

Benchmarks are important in managing farm finances.  One of those targets that we work toward at Water Street Solutions is a working capital ratio of 40 percent.  Water Street Solutions' President and CEO Darren Frye talks more about this with KRVN's Ken Rahjes.

Driving Working Capital to Forty Percent AUDIO   For the text of the interview, click here:  Driving Working Capital to 40 Percent

A packed house turned out this morning to hear Darren Frye, President and CEO of Water Street Solutions, talk about how to drive working capital numbers higher.  If you weren't able to sit in, you can listen to the condensed version in the following two audio files.

Top Producer interview Part One

Top Producer interview Part Two

This was the title of the presentation as Water Street Solutions' President and CEO Darren Frye addressed Tomorrow's Top Producers in Chicago this afternoon.  Frye challenged growers to recognize when they were playing the role of entrepreneur, manager, or technician on the farm.  He assigned a reading list that included the book E-Myth, which presents the concept of a business owner playing each of those three roles, but often gravitating toward the role of the technician.  Frye says those technician jobs, like planting, livestock chores, even marketing can be hired out, but a business owner needs to be responsible for building and communicating the company's business plan and the vision for the future of the business.  Frye will speak again Thursday morning at the Top Producer Seminar.  His session is titled "Driving Working Capital to 40%".     

Growers in the Norfolk, Nebraska area joined us at Divot's today for a half day workshop focused on the segments of business that we need to focus on to lead us toward profitability.  Sessions focused on Ag Finance:  making profitable decisions using the right numbers; Crop Insurance:  how to get the most use of your premium dollar; Marketing:  how to get to your goals with the right strategy; and Business and Family Succession Planning:  how to get started. 

The conversations continue today in Thomson, Illinois.  Our local host is Crop Insurance Specialist Brent Dykstra who is originally from this area and is currently based in Kewanee, Illinois for Water Street Solutions.  We had a nice lunch with these growers at Buck's Barn.  After this meeting we head to Norfolk, Nebraska for another meeting this Friday.  Because of the level of interest in these Profitability Planning Workshops, we're planning two more in February.  We're going back to Covington, Indiana on February 22nd and we'll be in Evansville, Indiana on February 23rd.  If you're interested in joining us for one of these, please register by calling Kathie Johnson at 866-249-2528.

Today's meetings are slated for Galesburg, Illinois and Burlington, Iowa.  We arrived at our Galesburg site early this morning to learn from our hosts that - well, we're special....and so is pot roast.  We'll meet with growers here this morning and then we head to Burlington, Iowa this afternoon.  Tomorrow it's on to Thomson, Illinois and then we head to Norfolk, Nebraska on Friday.

Water Street Solutions' farmer meetings are in full swing today. We're visiting with growers in Springfield, Illinois and Peoria today.  Attendees learned about the four levers of profitability:  Production, Insurance, Marketing and Financials and the opportunities to make the most of a production year by leveraging the four together.  There was also a session on Estate Planning.  Meetings continue through the week.

Today we held our 5th Profitability Planning Workshop with growers in the Carlyle, IL area.  Attendees learned about the importance of understanding financial metrics and using those numbers to make important farm financial decisions.  Information was also shared on the changes coming in crop insurance and why farmers should choose the right experts to help them mesh crop insurance with their commodity marketing.

A discussion about estate planning focused on the importance of having those tough, sometimes emotional discussions that lead us to make our plans to transition the farm to the next generation.

Water Street Solutions has seven more of these meetings coming up in January.  We'd like you to join us.  Click on the Profitability Planning Workshops button on our home page and RSVP.

This coming crop year, the way you insure your crop will look a little different, courtesy of changes handed down from the government.  It's important to understand the changes before you make decisions about your coverage.  KRVN's Ken Rahjes talks here with Deb Etheridge, Vice President of Insurance with Water Street Solutions.

Changes Coming in Crop Insurance - Etheridge AUDIO  For the text of the interview, click here: Changes Coming in Crop Insurance