1. Setting Your Goals

2. Setting the Guideposts Goal Setting is: Identification of Values Creating a Vision Establishing a Mission By translating Values, Vision and Mission into GOALS

3. Do yourself a F A V O R when writing goals Family and/or Business oriented Aimed at a specific measurable action Value centered reflecting Personal, family, and business values Ordered by priority What is needed What is required What brings the greatest reward Realistic and achievable

4. Setting the Guideposts Major Areas of Disagreement Business Goals Personal Goals Acceptable levels of risk Definition of success

5. Setting the Guideposts Areas of Key Importance  Adequate communication  Adequate records  Adequate planning  Adequate profit potential  Manageable debt

6. Setting the Guideposts The resources available to your farm business have a direct effect upon the identification and development of realistic goals and objectives.

7. Setting the Guideposts Three major parts: à Personal resource inventory à Physical resource inventory àFiscal resource inventory Resource Inventory

8. Setting the Guideposts Set goals for the  Individual  Family  Business

9. Setting the Guideposts Goals  Should be written  Should be specific  Should be measurable  Should have a timetable

10. Setting the Guideposts Written Goals  Allow everyone involved to work from the same list  Provide a memorandum of understanding  Provide a written record for review

11. Setting the Guideposts Setting Priorities Which goals:  are most important to you?  are most important to your family?  are most important to your business?

12. Conclusion: Educators, business consultants, professional advisors or other producers can show you how to set goals, tell you why goals are important, tell why goals need to be prioritized and tell you why family and business goals must be mutually agreed upon, HOWEVER... NO ONE can tell you what goals are right for you, your family, or your business. When you set your goals you set your direction for your future, your family’s future and your business’s future.

13. Presented by: John R. Baker Attorney at Law jrbaker@iastate.edu 1-800-447-1985 Beginning Farmer Center www.extension.iastate.e du/bfc/ 877.BFC.1999