39: The Business Side of Farming: Lessons from The Farmer’s Office | Julia Shanks

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.

Learn more about Julia’s books, courses, and more at The Farmer’s Office

Timestamps

[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

Links Julia mentioned

How to track POS sales in QuickBooks: https://youtu.be/lZKEdZSXHSA?si=piT11k_9jCbF_7ae

Upcoming Excel Templates workshop:

www.thefarmersoffice.com/excel

Free webinar: How to Grow Your Farm Business: More Profits (Not More Production).

https://thefarmersoffice.com/freewebinar/

Quickbooks 7-Day Challenge: https://thefarmersoffice.com/qbo-7day/

Sponsors

Real Organic Project: Get Involved. Get Certified. Join the movement to fight the co-opting of organic.

New Society Publishing: Use code market25 for 25% off all books

Links/Resources

Market Gardener Institute: https://themarketgardener.com

Masterclass: https://themarketgardener.com/courses/the-market-gardener-masterclass

Newsletter: https://themarketgardener.com/newsletter

Blog: https://themarketgardener.com/blog

Books: https://themarketgardener.com/books

Growers & Co: https://growers.co

Heirloom: https://heirloom.ag/

The Old Mill: https://www.espaceoldmill.com/en/

Follow Us

Website: http://themarketgardener.com

Facebook: http://facebook.com/marketgardenerinstitute

Instagram: http://instagram.com/themarketgardeners

Guest Social Media Links

Julia Shanks:

Website: https://thefarmersoffice.com/

Book: https://newsociety.com/book/the-farmers-office-second-edition

Instagram: https://instagram.com/TheFarmersOffice

Facebook: https://www.facebook.com/TheFarmersOffice

JM:

Instagram: https://www.instagram.com/jeanmartinfortier

Facebook: https://www.facebook.com/jeanmartinfortier