Episode Details

The tax planning habits of elite farmers? 

www.granular.ag - free DEMO

www.farm4profit.com - gift guide

www.walkaboutmotherbin.com - to learn more!

• Introduction
• What’s happening
  • Commercial (one minute)
    • Walkabout Motherbins The Walkabout Mother Bin is an essential piece of harvest equipment offering a large, portable grain storage solution (4,000-bu capacity) and a 22″ Elmer’s unload auger.
  • When in operation, the Walkabout Mother Bin allows the combine to run continuously, eliminating the need to stop and unload. 
  • Keep the combine running. Reduce trucks, labor and grain cart cycle times.
  • Has the ability to blend grain with front and rear flow gates.
  • The Mother Bin will allow you to keep up if you are not keeping up in your current harvest situation or if you are keeping up it will allow you to reduce your machines, trucks and labor.
• What’s working for Ag – GRANULAR (20 minutes)
  • Profitability is the primary goal of all business ventures. Without profitability the business will not survive in the long run. So measuring current and past profitability and projecting future profitability is very important.
  • Whether you are recording profitability for the past period or projecting profitability for the coming period, measuring profitability is the most important measure of the success of the business. A business that is not profitable cannot survive. “ If you aren’t farming for profit, then you won’t be farming for long”
    • To Guest: What ways do you know of farmers monitoring and recordings their profitability and break-even?

1. (1)What could our listeners accomplish by having good detailed records?
   • Making a profitable crop choice
   • Saving on inputs
   • Compare and or Benchmark
   • Have speed in decision making
2. Derecho
3. Purchases
4. Opportunity 
5. Control
   • Clear goals
   • Task oriented
   • Making changes on the fly
6. (2) Increasing profitability is one of the most important tasks of business managers. Managers constantly look for ways to change the business to improve profitability.
   • What changes have you seen farmers making to increase their profitability?
     • Variable rate technology/field scripts
     • Analyzing delivery locations, dates, basis
     • Watching expenses and invoices
   • Can Granular’s programs help with this?
     • What are some examples of how Granular can help monitor break even and profit margins?
7. Farm by farm – acre by acre levels
8. Tracking harvest
9. Talks with Deere and others
10. Schedule tasks for employees
11. Others
12. (3) Who should be paying attention or monitoring?
    • Farms of all sizes
      • Owners and employees, who else?
    • Who off the farm?
      • Accountant
      • Banker
      • Advisors?
    • Can monitoring be used to create incentive packages?
      • If you can track effectively how well your farm is doing.  Could employees be rewarded for doing a good job?
        • Give ownership and develop responsibility
        • Have any users of Granular used the program for this?
    • Our topic for today is tax preparation.  Is Granular a program that can help with this process?
    • Remind our listeners we have a partnership in place for 10% off up to $1000

• Taxes ….they still matter A LOT (Kyle Woiwood)
  •  Introduce the guest.  
    • Kyle is a Tax Director at LWBJ focusing on tax compliance & consulting. He is a CPA, graduated from UNI in 2011, & has lived in Ames since 2015. He works with many different types of clients & industries, including technology, real estate, ag, & bio-science. He enjoys visiting family and friends, golfing, all whiskey’s, and trying new craft breweries.