Beginning Farmer Program Prepares Those Entering the Industry
“The Beginning Farmer Institute or BFI is a more or less a year-long program that focuses on the improvement of farm and ranch business health. So we're not teaching folks how to farm or ranch we're teaching them Texas and business formation and labor laws. So the cohort which ranges between nine to 12 people each year from around the country is a very diverse cohort and they meet over Zoom with business consultants on various topics. And then in our last session, we meet in person at a location that rotates around the country for an in person learning and some farm tours, which is always a great way to round up the program.”
The program encompasses seven critical topics. Starting with business formation and structure, participants will gain clarity on taxation, discover central deductions, and learn how to engage effectively with their accountant. The program also helps with fundamental accounting principles, guidance on balance sheets, and cash flow management. Attendees will gain a deeper understanding of labor dynamics, the classification of employees versus contractors, and the importance of succession planning. It is for both generational farmers preparing to inherit the family farm and newcomers entering the farming or ranching industry.