Financial Development Helps Dairy Farmers Succeed PDPW

2019-20 Financial Literacy for Dairy Series Debuts Nov. 2019 in Juneau, Wis

The PDPW Financial Literacy for Dairy® Series is presented by Professional Dairy Producers® (PDPW). The 2019-20 Series will bring together dairy farmers, veterinarians, nutritionists, and other agribusiness professionals and offer three levels of financial development training between November 2019 and March 2020, held at PDPW Headquarters, 820 N. Main St., Juneau, Wis.

The series is designed to provide attendees the financial and business understanding needed to thrive in the dairy farming business. Attendee gain a strengthened understanding of financial documentation, adjusting cash basis net income to accrual adjusted data, key ratios and analysis, cost of production, benchmarking, enterprise analysis and more.

The three trainings and respective meeting dates include:

· Level 1: Nov. 13-14, 2019 and concludes Dec. 18-19, 2019

· Level 2: Jan. 8-9, 2020; continues Feb. 12-13, 2020 and concludes March 4-5, 2020

· Level 3: March 24-25, 2020

An online placement assessment determines the students’ level of entry and each training group offers a multi-session, multi-date format, with day one running from 9:30 a.m. to 8 p.m., and day two reconvenes at 8 a.m. and concludes at 4 p.m.

· Level 1 will dive into core financial concepts such as the value of determining and developing short-term and long-term business goals and the principles of preparing annual balance sheets.

 

 

· Level 2 will offer an in-depth look at financial tools such as income statements, inventories, and depreciation. A study of profitability and cost-center tracking will show class trainees how to separate various parts of their operation to measure profitability of each enterprise such as raising heifers, steers and crops.

Level 1 and Level 2 curriculum is authored by Dr. David Kohl, professor emeritus from Virginia Tech, and classes will be instructed by Gary Sipiorski, an independent business and financial consultant, and Dr. Kevin Bernhardt, Professor of Agribusiness at UW-Platteville School of Agriculture and Farm Management Specialist with UW-Extension and Center for Dairy Profitability.

· The inaugural Level 3 will cover budgeting tools for planning and performance monitoring, trend analysis, key metrics to monitor, and benchmarking. This level will stretch attendees with managing capital investment for their business, how to optimize capital purchases and protocols for sharing records.

Level 3 is authored and instructed by Dick Wittman, board chair, transition coach and former manager of a 20,000-acre crop, cattle and timber operation in northern Idaho. Wittman specializes in financial and family business management, transition planning, consultant training and conflict management.

 

 

To learn more about Financial Literacy for Dairy or to register online, visit www.pdpw.org or call PDPW at 1-800-947-7379. Follow along digitally in advance of and during the event by following @dairyPDPW and using #PDPWFinancialLiteracy on Facebook, Twitter, Instagram, and LinkedIn.

Financial Literacy for Dairy is an accredited training and offers Dairy AdvanCE continuing education (CE) credits. To learn more or secure credits, visit https://dairyadvance.org/.

Professional Dairy Producers (PDPW) is the nation’s largest dairy producer-led organization of its kind, focusing on producer professionalism, stakeholder engagement and unified outreach to share ideas, solutions, resources and experiences that help dairy producers succeed.

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