1. Financial Management Zdenek Linhart Linhart.zdenek@gmail.com

3. Ownership Law of Romans res communis (light and air) res publicae (government-run navigable rivers, highways, territorial seas) res nullius (objects/spaces with no property rights attached either because they are abandoned, like stray cats, or because they are not yet acquired, like whales) res privatae (any res nullius object that is taken into possession by one or more individuals or corporations) res divini juris – things or spaces belonging to the god

4. + cash

5. Roles: … +? Creditors, owners, managers, and partners

6. DELPHI METHOD My partial but proven plan - SCENARIO Expert with exceptional results - DATA Partners with partial results - DATA COMPARISONSNew process changing source HEURISTICS BetrayersRapistsLawyersRepresentativesStakeholdersNormsAuthorities BRAINSTORMINGS ASG=f(Aad+AG)*(HS + SS) DATA My old general and new instrumental and institutional attitudes - DATA Client I try to understand and follow I try to innovate, lead and sell Roles: Developmental and Competing

8. Functions and Activities: - Alibi

9. Is property problem or advantage?

10. Partial budgeting of Change – business restructuring Cost Income Income lost New income gained New cost incured Former cost saved More at: https://www.extension.iastate.edu/agdm/wholef arm/html/c1-50.html https://www.extension.iastate.edu/agdm/wholef arm/html/c1-50.html www.aae.wisc.edu/aae320/Budgets/Partial_Bud geting.ppt‎

11. Partial Budget: Define the change analyzed BenefitsCosts Additional Revenues What will be the new or added revenues? Additional Costs What will be the new or added costs? Costs Reduced What costs will be reduced or eliminated? Revenues Reduced What revenues will be reduced or lost? Total Benefits Total Costs Net Benefit

12. Buy planter vs. custom hire for planting 1000 acres (500 each) corn-soybean 1000 acres (500 each) corn-soybean Additional Revenues 3 bu corn x $4.00/bu x 500 ac = $6,000 = $6,000 1 bu soybeans x $10/bu x 500 ac = $5,000 = $5,000 Additional Costs corn $19.11/ac x 500 ac = $9,555 = $9,555 soybeans $20.38/ac x 500 ac = $10,190 = $10,190 Costs Reduced Custom corn planting = $15/ac x 500 ac = $7,500 Custom soybean planting = $16/ac x 500 ac = $8,000 Revenues Reduced none Total Benefits $26,500 Total Costs $19,745 Net Benefit $6,755

13. Enterprise budgets – starting new business How to start busieness having no assets neither property? Rent land, services and sell products!!! http://aede.osu.edu/research/osu-farm- management/enterprise-budgets