Project Summary

Economic success of any aquaculture business depends on a farmer’s ability to raise fish and monitor financial performance, control cash flow, understand economic indices, and adapt to changing market trends. For example, knowing when to upgrade equipment or expand and when to save can be the difference between business succeess or failure. Enterprise bottom lines such as net farm income, net worth, cash balance, and amortization schedules are virtually non-existent for many producers in the aquaculture sector. The primary focus of this project is to develop and deliver new opportunities for professional development, financial management tools, one-on-one support and to build on pre-existing marketing-focused programming. This extension project is geared toward providing extension and outreach programming and services to aquaculture businesses in the North Central Regional (NCR) utilizing existing research, input from farmers and the experiences of topical experts who have worked extensively with farmers in the Southern and Eastern regions. The goal of this outreach and extension project is to provide practical instruction and interactive experiences in the subject areas of business, economics, and marketing. Producer training focused on practical business management skill development can lead to stronger aquaculture businesses and stabilization or significant increases in farm revenue.

Objectives

1. Provide financial training to aquaculture producers emphasizing the importance of monitoring indicators of profitability, net worth, and available cash for economic success.
2. Create easy-to-use pro forma financial statement templates such as enterprise budgets, income statements, balance sheets, cash flow, and amortization schedules for aquaculture producers.
3. Expand producer-facing marketing programming by building on Illinois-Indiana Sea Grant’s pre-existing aquaculture marketing webinar series.

Duration:  2 Years (January 1, 2024-December 31, 2025)

Participants

PI:  Kwamena Quagrainie-Purdue University

Co-PI:  Amy Shambach-Purdue University

Co-PI:  Nicole Wright-The Ohio State University

Co-PI:  Matt Parker-University of Maryland

Project Outline

Proposal

Award Amount

$92,468

Award Number

2022-38500-38103 (Year 1), $37,566

2023-38500-40773 (Year 2), $54,902