4 minute read
GENERATIONNEXT Management development for today’s young leaders
from FARM CREDIT EAST
by NDSACatalogs
MANAGEMENT DEVELOPMENT FOR TODAY’S YOUNG BUSINESS LEADERS.
Oz and Rob Thorndike, of Thorndike & Sons, Inc. in Strong, Maine
Learn more about Farm Credit East GENERATION NEXT at FarmCreditEast.com.
When it comes to managing a farm operation, you’re called upon to master many aspects of your business, from motivating employees to understanding a balance sheet.
Join our farm business consultants and your fellow young farmers in GenerationNext, a series of seminars hosted by Farm Credit East and designed to advance your management skills and business knowledge. Each seminar includes group discussions, idea sharing and opportunities to network.
In addition to each seminar, you’ll receive a self-paced computer-based course that supports the fundamental skills covered by the program as well as a take-home portfolio filled with handouts and worksheets. You will also receive assigned materials to help you prepare for the following seminar.
WHO SHOULD ATTEND?
GenerationNext is optimal for those people who will be the next generation operators of a family business. By participating in this program, you will be able to: • Identify areas for personal growth and development • Acquire tools to help manage an agricultural business • Network with other young industry leaders
SAMPLE AGENDA
Day 1: Becoming a better boss, coach and mentor • Leadership • Team building • Effective communication • Problem solving Day 2: Using financial records to manage and develop business goals • Interpreting and understanding financial records • Using financials to test and achieve goals • Budgets • Inventory management • Capital investment Day 3: The third seminar is tailored to each participant group. Possible topics include: • Customer service • Marketing • Pricing • Risk management • Dealing with change • Business plans
FREQUENTLY ASKED QUESTIONS
I’m new to agriculture. Will I be able to keep up with the discussions?
GenerationNext focuses on business and financial management for agriculture, commercial fishing and forest products operations. Class discussions are more about the dollars and cents aspects of ag businesses than about plants or cows. Discussion is tailored to the skills and needs of each class. You can expect intermediate or college- level instruction, but no prior knowledge of financial terms is necessary.
I’m an experienced manager. Will I benefit?
Experienced managers can also benefit from a refresher course, even if you have a college degree or years of management experience. You will pick up valuable insights from our farm business consultants as well as from your GenerationNext colleagues in the class. Additionally, you can share challenges that you’ve faced in your business during class discussion.
When and how long are the seminars?
The seminars take place over a period of three months, one per month, and are generally held in the fall or early winter. They run from 9:30 a.m. to approximately 3:30 p.m.; lunch and refreshments are included. Check with your local Farm Credit East branch office for specific dates in your area.
Do I need a special computer or software?
In addition to seminars, we supply the GenerationNext computer course on a flash drive. The course runs on a PC or Mac computer and works with most web browsers. No special software, Internet access or specialized computer skills are necessary. It is helpful to be familiar with Microsoft Excel, but it is not necessary.
I’m on a budget. Is the program worth the investment of my time and money?
Good management separates top performing farms from those that fall behind. This course will give you the tools to manage your business profitably. Past participants speak highly of the program, but investing is a decision that only you can make.
A VIEW FROM THE FIELD
DEVELOPING BUSINESS MANAGEMENT SKILLS
Brothers Oz and Rob Thorndike work with their parents in the family’s business, Thorndike & Sons, Inc., a contract logging and timberland management business. Oz is a foreman and equipment operator, and Rob is a licensed forester overseeing operations and land management, while also working with landowners on different harvest prescriptions.
After a talk with their loan officer, the family decided it would be beneficial for Oz and Rob to go through the GenerationNext program to further develop their business management skills and, in turn, improve the quality of their business.
HOW WE HELPED
The GenerationNext program offered by Farm Credit East is available for young operators, like Oz and Rob, who are either middle-managers or managers of a farm or ag business. Through a series of seminars, group discussions and ample networking opportunities, the program allowed the Thorndike brothers to target areas of personal growth and acquire the tools they needed to be more effective managers.
Oz’s focus in attending was on the people side of the business. He commented, “I learned a lot about why people react the way they do and how to deal with different situations in a professional manner.” After completing the training, Oz used his newfound knowledge to formalize their business’s safety guidelines, an important piece of their operations.
Rob was drawn to the marketing and accounting topics. Since the class, he has been more involved in the cost/benefit analysis of new equipment purchases and is working on enhanced marketing efforts. Rob said, “We’ve always relied on word-of-mouth, but now we’re looking into a website, brochures and attending agricultural trade shows.” “I’d most certainly recommend GenerationNext. The course covered important topics for any business owner and provided the tools to make educated business decisions.” – Oz Thorndike
