The Farm Financial Management Conference was held March 10, 2005 at the Sheraton Inn in West Des Moines, Iowa.

And the house was packed. Approximately 130 farmers from across the state filled the room to hear some of the top speakers from across the country provide insights and useful information on how to hold onto the money they have and maximize their profits.

Ray Gaesser, a director for the Iowa Soybean Promotion Board (ISPB) and grower near Corning, Iowa says the presentations were very informative. And although it did not cover the latest hot production issues – such as soybean rust, farmers always need to know how to maximize their income. Profit potential is timeless, Gaesser says.

“You can always get the latest production information farmers are interested in,” Gaesser says. “But with financial management, one of the most important things for farmers is understanding marketing and making a profit.”

Mark Jackson, an ISPB director and grower near Rose Hill, Iowa, says the Farm Financial Management Conference “allowed us to step back and give us an overview of our farm operations. Sometimes we work too closely with what we do, and we don’t get the chance to step back and analyze.”

The speakers included Don DeWaay, of DeWaay Capitol Management. DeWaay’s presentation, “Best Kept Secrets and Vital Financial Strategies You’re Not Hearing About,” was filled with secrets on creating, enhancing and preserving wealth.

Jerry Gulke of Strategic Marketing Services, presented “Managing Price Risk – A New Line Item on Your Cash Flow Budget.” Gulke says that farmers strive to glean more bushels per acre and increase efficiency to offset input costs, but often leave as much as $100 per acre “on the table” in the form of lost pricing opportunities.

“Gulke had some good insights about the large fund ownership of soybeans and corn,” Gaesser says. “I think it had a huge effect on the market. Gulke gave a little insight on how to capitalize on that.”

Doug Burns of Farm Credit Services America presented “Financial and Risk Management Options.” Allen Lash, president of AgriSolutions Inc. gave his presentation, “Assets Aren’t Pets…Make Them Work!” Lash discussed important financial trends occurring in agriculture, and revealed the results of a ten-year farm study. Farmers learned about key components and measures of financial performance to apply to their businesses. Lash reviewed important reasons for building a farm business plan – and gave real-life examples.

Jackson says he felt the segments on estate planning were very informative. “For myself being 15-20 years from retirement, it gives you direction on how to pass things on to the next generation.”

Some of the speakers also touched on what a farmer would do in the event of an accident or disability, and how one might go about handling the situation without devastating the farm or leaving the next generation saddled with debt.

This idea was also challenged: Does buying land make you more profitable? “Farming continues to be a highly competitive business, and buying land doesn’t necessarily mean you’re profitable,” Jackson says, based on what he learned at the conference. “You have to put the pieces together that will hold up for a viable operation.”

Overall, the conference was a success.

“I thought the turnout was terrific,” Gaesser says. “I think people were really interested in being there, and I think the Iowa Soybean Association should do it again. Part of our job is to keep producers informed about the latest marketing techniques, the latest record keeping news and financial evaluations.”

Jackson says he would recommend attending the conference in 2006.

“It allowed everyone to refocus on their individual farm operation…allowed you to review the positive and negative areas, rather than just generalizing whether you made money or you didn’t that year,” Jackson says.

If you missed this year’s conference or want to attend a future conference, check the Iowa Soybean Association’s Web site in the coming months for program information, speaker list and schedule for the 2006 Farm Financial Management Conference.