The Business Side of Farming: Lessons from The Farmer’s Office
with Julia Shanks
About this episode
In this episode, we sit down with Julia Shanks, consultant, teacher, and author of The Farmer’s Office, to talk about the crucial role of business acumen in small-scale farming. We dive deep into financial management practices, routine bookkeeping, using QuickBooks, and how to properly deal with debt as a small farm business owner. Julia stresses that farmers are entrepreneurs who must understand their numbers, especially profit, not just revenue, to create sustainable, fulfilling farms. You’ll get loads of actionable advice, relatable stories, and examples of small farm owners who are financially successful and happy.
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Links Julia mentioned:
[2:47] Contrast of business savvy farmers vs. those who ignore their numbers
[6:00] Why frequent financial tracking and setting profit goals are essential.
[19:38] Julia’s journey from aviation and culinary arts to farm financial consultant.
[28:10] Advice for new farmers: starting with a clear desired take-home income.
[32:14] Navigating cyclical cash flow and the challenge of building a financial runway.
[44:28] Deciding what to grow: prioritizing personal goals over sheer lucrativeness.
[1:05:15] Strategies for managing debt stress and scenario planning for investments.
[1:10:00] The business pivot: how frequent financial checks enable rapid course correction. [1:26:14] Calculating cost of production (e.g., for a tomato) and factoring in labor.
[1:43:23] Rapid Fire Q&A
Mentioned Links & Resources
Julia Shanks
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