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Agriwebinar: Farm Financials to Help You Sleep at Night – Part Two
12 December, 2019 @ 1:00 pm - 2:00 pm
Live! Thursday, December 12 @ 1 p.m. EST
Farm Financials to Help You Sleep at Night – Part Two
Analyzing and managing financial performance can be both relatively simple and complex, at the same time … depending on what you’re trying to understand about it. In its most simple terms, financial performance can be defined as sustained positive cashflow … year over year over year. The complexity of financial performance is associated with understanding how profit is – or isn’t – being generated, and then figuring out what to do to improve it.
Financial efficiency is defined as the ability of a farm business to use its resources (operating inputs and expenses) efficiently. Profit is impacted by the financial efficiency of the farm. When profit margins are wide, there is usually strong cashflow. Often, when times are good (high profit / strong cashflow), less attention is paid to the detail of managing financial efficiency. But what about when times aren’t as good (low profit / weak cashflow)?
In this presentation, Terry and Gavin Betker will use their consulting experience to provide insight into analyzing financial performance, focusing on cost control measures that are designed to improve bottom line results.
Terry Betker, President and CEO,Backswath Management Inc.
Terry Betker is President and CEO of Backswath Management Inc., a company that provides business management expertise to farm families on strategic business planning, succession planning, financial analysis, benchmarking and human resource management.
Terry has delivered presentations on farm business management throughout Canada, the U.S., Mexico, Chile, New Zealand, Poland and the Netherlands. In addition to teaching at the University of Manitoba, Terry is a professional agrologist, certified agricultural consultant and certified management consultant. He is the 2015 recipient of Farm Management Canada’s Wilson Loree award, recognizing his contribution to developing and promoting new and positive change in agricultural business management practices and expertise in Canada.
Gavin Betker, Consultant Associate, Backswath Management Inc.
Gavin Betker graduated from the University of Manitoba with a Bachelor of Commerce (Hons.) in 2004. Throughout his career, Gavin has gained expertise in business development, farm management consulting, and teaching. Having grown up on a farm, he shares the Backswath passion for advancing farm management.
After obtaining his business degree, Gavin was a front-line production manager in a window manufacturing plant. He later transferred to Calgary, where he managed the service and delivery operations for Southern Alberta. In 2010, he decided to change career tracks and came back to his roots in Manitoba to farm, where he spent three years as a hired hand on the family farm near Souris, MB.
Gavin began working for Backswath in 2014, putting his business and farm backgrounds together. Most recently, Gavin has been working first-hand with the development of EAGLE software with Backswath. He is also a part-time instructor at the University of Manitoba in the School of Agriculture, which he enjoys very much.