Low commodity prices and high input costs have placed increased pressure on farmers and agribusiness practitioners to innovate and adapt. A clear understanding of agricultural practices and processes that add value and differentiate commodity products—and can improve farmers financial success— is more imperative than ever before. Consumers preferences and demographics are changing in the U.S. and abroad, and farmers understanding on what opportunities might this present is imperative.

Virginia Cooperative Extension agents have reached out to us to assist farmers, agribusiness practitioners and small business owners to acquire the necessary skills to start, grow and adapt an agricultural business. Stakeholders in the agricultural lending space have also communicated with us the need for farmers, especially small farmers, to have a better grasp on financial statements and forecasting. Relatedly, a clear understanding and articulation of a farmer/small business owners’ business model is key for the long-term viability of a successful agricultural enterprise.

Mario Ortez

• Collegiate Assistant Professor of Agribusiness and Entrepreneurship, Agricultural and Applied Economics at Virginia Tech 
• James A. and Renae C. Pearson Collegiate Faculty Fellow, The Kohl Centre at Virginia Tech
  
• omario@vt.edu

John Bovay

• Associate Professor, Agricultural and Applied Economics at Virginia Tech
• David M. Kohl Junior Faculty Fellow, The Kohl Centre at Virginia Tech
  
• bovay@vt.edu

Le Wang

• Professor, Agricultural and Applied Economics at Virginia Tech 
  
• David M. Kohl Chair and Director, The Kohl Centre at Virginia Tech
  
• lewangecon@vt.edu

Project Collaborators

Edeoba Edobor

• Assistant teaching professor of Agribusiness, Agricultural and Resource Economics Department, North Carolina State University
• eedobor@ncsu.edu

Pratyoosh Kashyap

• Postdoctoral Associate
• Virginia Tech Center for Food Systems and Community Transformation
• pratyoosh@vt.edu

Ana Claudia Sant’Anna

• West Virginia University
• anaclaudia.santanna@mail.wvu.edu

Patrick Kayser

• Virginia Land Use Value Analyst
• patrickk@vt.edu

Mario Ortez will draw from his private sector and academic experience to develop a business-oriented, practical curriculum for small farmers and agribusiness operators. This curriculum will also draw from the academic and Extension expertise of John Bovay and Le Wang, the project’s co-directors. The broad combined expertise of the project collaborators will also be essential in the design and delivery of tailored and efficient material that will unlock true economic potential for its audience.

The proposed “Financial Tools for Today’s Agribusinesses: Empowering Opportunities” training is structured in two main phases.

1. Phase 1 (Fall 2025) consists of an “Economics of Value Added and Product Differentiation” workshop. This workshop is to be delivered in person at four strategic locations across the Commonwealth of Virginia. VCE agents have suggested that this is a suitable breakdown that accounts for the different crops and agribusiness operations in different geographies (fruits, row crops, viniculture, animal protein). This workshop will contain foundational content that is consistent across the four delivery locations, but the team will make efforts to adapt the examples to the agricultural and agribusiness environment of the specific region. Successful farmers and agribusiness operators will be invited to participate in panels and peer-to-peer opportunities for participants.
   
   
2. Phase 2 (Spring 2026) consists of a “Financial Planning/Business Plan/AI tools” workshop. The workshop will offer participants a hands-on opportunity to understand and practice partial budgeting, annual budgeting, financial package building (income statement, balance sheet, and cash flow statement), and cash flow forecasting, all at an introductory, practical level. Artificial Intelligence (AI)-powered tools for financial analysis and industry analysis will also be demonstrated. It is important to note that these tools are already available free of charge for all, so a basic understanding of how they can be useful is desirable.
   
   This second phase workshop will culminate with its participants combining the learnings from the workshop with the creation of a opportunity to understand and practice partial budgeting, annual budgeting, financial package building (income statement, balance sheet, and cash flow statement), and cash flow forecasting, all at an introductory, practical level. Artificial Intelligence (AI)-powered tools for financial analysis and industry analysis will also be demonstrated. It is important to note that these tools are already available free of charge for all, so a basic understanding of how they can be useful is desirable. This second phase workshop will culminate with its participants combining the learnings from the workshop with the creation of a business plan (reflecting industry and financial analysis). Successful farmers and agribusiness operators will be invited to participate in panels and peer-to-peer opportunities for participants.