CFBAS helps farmers chart a new future

Like the vast majority of business owners everywhere, Canada's farmers constantly have to deal with tough decisions. Diversify or stand pat? Seek new markets or secure old ones? Sell now or pass the farm on to the next generation? Fortunately, help for dealing with those questions-and others like them-is now available through the Canadian Farm Business Advisory Services, or CFBAS.

Not only does CFBAS help farmers meet their business goals, it provides the tools and information they need to succeed in modern agriculture. That's because the advisory services, offered under the Agricultural Policy Framework's renewal element, support producers' own efforts to keep pace with change and help them take full advantage of opportunities in the global market.

Services offered through CFBAS include:

The Farm Business Assessment and Action Plan: Provides up to five days' worth of consultation services to producers to use a consultant to review their financial situation, examine options to meet their profitability objectives, and put together an action plan.

Specialized Business Planning (SBP) Services: Provide financial support for producers to retain business planning professionals to help them develop comprehensive farm business plans. Among other things, the consultants will show farmers how to use their business plan as a management tool to obtain capital from financial institutions and investors. The service also provides funding for succession planning-including plans for retirement, successor training, and ownership transfer. SBP services are available to individuals or groups.

CFBAS is now available in most provinces, and will be available across the country in the near future.