In this episode, I sit down for the first time on this podcast with our newest coaching teammate, Alyssa Brown. Alyssa is a fifth-generation farmer, mom, and farm partner who is passionate about working with farmers to stay financially organized on the farm.
We have an in-depth discussion about the consequences of delayed decision-making and how changing that habit can help determine the long-term profitability and sustainability of your farm. Alyssa shares several practical strategies and useful tools for financial organization as well as tips for young farmers who are struggling to get founding farmers on board.
By the end of the episode, you’ll have a good grasp on the next steps of your own financial journey and will have gained knowledge as to why a team of advisors (who you actually like!) will save you money in the long run.
“I think what some people don’t understand is the importance of making these decisions now [and how it] is going to impact the long-term profitability of the farm. And not just profitability, but sustainability. Is this going to actually work for the next generation? I think that’s an important piece to discuss with the founding generation.” -Alyssa Brown
Mentioned During This Episode
Books
Accounting Software
Blog Post
Other
Elaine Froese Resources & Links
- SPEAKING – book Elaine for your next event
- COACHING – find your Farm Transition Coach
- MEMBERSHIP – Join the waitlist for the Membership
- RESOURCES – download for FREE
- CONTACT – take the next steps in your transition
- BURNING QUESTION? Submit it here for Elaine or her coaches
About Our Guest
Alyssa grew up on a fifth-generation family farm, where she developed a deep appreciation for agriculture and an understanding of the unique challenges faced by farm families. She earned her Bachelor of Commerce with a major in Accounting from the University of Alberta, where she found her passion for financial strategy. Driven by a desire to deepen her expertise, she continued her studies at the University of Alberta, completing a Master’s in Accounting degree.
Her own family farm is currently transitioning to the next generation, which has deepened her passion for helping other farm families successfully navigate this process. By marrying her two worlds—agriculture and accounting—Alyssa is driven by a commitment to preserving the legacy of farming families, providing them with the financial guidance and support they need to achieve sustainable success.
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Timestamps
[0:00:30] Introduction to Alyssa Brown
[0:03:21] The first step to getting financially organized
[0:04:58] Separating the family account from the farm account
[0:05:30] Embracing new technology for accounting
[0:08:28] Accounting software options
[0:09:08] Tracking non-cash transactions
[0:13:09] Variable costs vs fixed costs
[0:16:19] Organization tip for tracking fixed vs variable costs
[0:18:02] A useful piece of info to include on your spreadsheet
[0:19:21] Financial transparency on the farm
[0:23:18] Where to gain better financial literacy
[0:25:39] Having a good connection with your team of advisors is important
[0:26:56] Using a funnel as a visual metaphor
[0:28:11] Was it about farmers not wanting to pay tax?
[0:33:55] How young farmers can get their whole family to the table
[0:36:52] Why it’s important for advisors to be transparent about their work
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