Illinois Farm Business Farm Management

What Illinois Farm Business Farm Management does

Illinois Farm Business Farm Management (FBFM), legally the Illinois Farm Business Farm Management Association, is a non-profit, membership-based cooperative agricultural service organization founded in 1924 and headquartered on the University of Illinois campus in Urbana, Illinois. FBFM serves approximately 5,000 farm operator "cooperators" across Illinois and Indiana through a network of 35+ local offices, with more than 75 dedicated Farm Business Consultants providing year-round, on-farm consultation alongside Staff Accountants and Accounting Specialists.

The organization's core offering is an Annual Membership Package centered on farm financial record keeping and analysis. Members maintain complete production and financial records (receipts, expenses, inventories, capital accounts, crop and livestock production data) that are entered into FBFM's proprietary software to generate accrual Income Statements, Cash Flow Statements, Net Worth (balance sheet) Statements, Comparative/Benchmarking Analyses, and Projected Farm Income Statements. The benchmarking service compares each cooperator against peer groups drawn from over 5,000 member farms, with all figures verified by consultants. Adjacent professional services include income tax planning and preparation, managed accounting with payroll processing, and strategic consulting covering cash flow planning, land and machinery acquisition analysis, succession planning, retirement planning, and estate planning.

FBFM is governed by a nine-member cooperator-elected Board of Directors and is closely affiliated with the University of Illinois Department of Agricultural and Consumer Economics, the University of Illinois Extension, and the farmoc program, which supply research-based content and educational resources. Revenue is generated primarily through recurring annual membership fees for the core package, supplemented by fees for tax, managed accounting, and strategic consulting services; the organization reports a membership renewal rate consistently above 95%. Leadership transitioned in August 2024 when Scott Newport, a 35-year FBFM veteran, succeeded as CEO, coinciding with FBFM's centennial and its first operational expansion into Indiana via offices in Indianapolis (2024) and West Lafayette (2025).

Name

Illinois Farm Business Farm Management

Legal name

Illinois Farm Business Farm Management Association

Website

https://fbfm.org

Company type

Private

Founded year

1924

Operating status

Operating

Headcount range

51–100 employees

Short description

Illinois Farm Business Farm Management (FBFM) is a non-profit cooperative founded in 1924 that provides farm financial record-keeping, benchmarking, tax, and consulting services to approximately 5,000 farm operator members across Illinois and Indiana through more than 35 local offices.

Ownership category

akta.pro rank

Product category

Agricultural Financial Management Services

NAICS

Farm Management Services (115116), Support Activities for Animal Production (115210)

SIC

Finance Services (6199)

akta.pro primary industry

Farm Financial Management & Recordkeeping Services (AFACAJAC)

akta.pro secondary industries

Whole-Farm Business Management & Budgeting Advisory (AFACAJAA), Capital Projects & Farm Expansion Advisory (Feasibility, Site Planning, ROI) (AFACAJAN), Management Accounting & FP&A (EDABAJAC)

Keywords

• Farm business management
• Agricultural financial analysis
• Farm record keeping
• Farm tax preparation
• Agricultural benchmarking services

Headquarters

HQ city

Urbana

HQ country

United States

HQ region

North America

Offices40 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Annual Membership Fees: FBFM operates as an annual membership-based service organization where farm operators (cooperators) pay for comprehensive farm business management services. The membership includes financial and production trend analysis, farm business record keeping, year-round business consultation, business management reports, income tax planning, and family living cost comparisons.
2. Additional Professional Services: Income tax planning and preparation services are available upon request as additional services beyond the core membership package. Also includes strategic business management consulting, estate planning, retirement planning, and cash flow projections.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels8 records

Core offering

FBFM provides farm business management services through an Annual Membership Package that includes detailed record keeping, accrual income statements, balance sheets, cash flow statements, capital debt repayment capacity analysis, and benchmarking against peer farms. Cooperators receive year-round consultation from Farm Business Consultants, tax planning and preparation, managed accounting, and strategic guidance on succession, retirement, and estate planning.

Product overview

FBFM offers a comprehensive farm business management platform built around an Annual Membership Package that includes farm business record-keeping, detailed financial reporting (balance sheets, income statements, cash flow statements), benchmarking analysis, and year-round consultation. Additional services include tax preparation, managed accounting, and strategic business management consulting covering succession planning, estate planning, and retirement planning. The organization serves approximately 5,000 farm operators through a network of 35+ office locations across Illinois and Indiana, combining personalized consulting with detailed farm financial analysis.

Differentiator

Problem solved

Functional benefit

Products and services

• Annual Membership Package
• Farm Business Record Book

Quantifiable outcome

• FBFM maintains a membership renewal rate consistently exceeding 95 percent, demonstrating strong customer satisfaction and value delivery.
• +1 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered core and supporting.

• University of Illinois Department of Agricultural and Consumer EconomicscoreStrategic or Co-development PartnerFBFM operates in collaboration with the University of Illinois Department of Agricultural and Consumer Economics. This partnership enables FBFM to leverage research-based insights and educational resources, providing farmers with access to agricultural economics expertise and academic rigor in financial analysis. Newsletters featuring timely management insights and updates on state and federal tax regulations are provided through this collaboration.
• University of Illinois ExtensioncoreStrategic or Co-development PartnerFBFM works closely with the University of Illinois Extension within the College of Agricultural, Consumer, and Environmental Sciences. This relationship supports FBFM's educational mission and enables delivery of practical farm planning information and management insights to farm families.
• farmdoc ProgramsupportingStrategic or Co-development PartnerFBFM collaborates with the University of Illinois farmdoc program to provide comprehensive and accurate farm-level information for educational purposes. The farmdoc program provides research-based agricultural economic analysis that complements FBFM's farm business management services.
• National Association of Farm Business Analysis Specialists (NAFBAS)supportingStrategic or Co-development PartnerFBFM works closely with NAFBAS, a national organization that supports farm business management professionals. While FBFM focuses on direct, local services to farmers, NAFBAS serves as an umbrella organization that promotes collaboration, professional development, and excellence in farm business analysis nationwide.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Trimble Ag: Trimble Ag offers a broad portfolio of precision agriculture and farm management software tools for financial and operational planning. It overlaps with FBFM on farm financial analysis and benchmarking, though it serves a wider customer set including large commercial operations.
• John Deere Operations Center: John Deere Operations Center is a broad incumbent farm management platform tying together agronomic, financial, and equipment data for growers. It is a long-term competitive threat to consultant-led farm business management models, especially among digitally native next-generation farmers.

Emerging players

• Granular (Corteva): Granular is a farm management software platform acquired by Corteva that helps growers manage financials, crop plans, and field operations. While software-first rather than consultant-led, it competes for the same farm business management decision workflow that FBFM supports.
• AgWorld: AgWorld is a farm management platform focused on planning, record-keeping, and agronomic collaboration across cropping enterprises. It overlaps with FBFM's farm business record-keeping and benchmarking workflow, particularly among digitally adopting commercial growers.
• Conservis (Rabobank): Conservis is a farm management software platform owned by Rabobank that delivers operational and financial record-keeping for row-crop farms. It targets the same accrual record-keeping and benchmarking workflow that FBFM provides through its consultant-led service model.

Others

• Farm Credit Illinois: Farm Credit Illinois is a cooperatively structured agricultural lender serving farmers across Illinois. It is comparable because it shares the cooperative structure, geography, and farmer customer base, and increasingly bundles advisory services that compete with FBFM's strategic business management offerings.

Direct peers

• AgriSolutions / K·Coe: AgriSolutions and the broader K·Coe (now Pinion) network deliver farm financial benchmarking, tax, and consulting services to row-crop farmers nationally. They compete with FBFM on tax planning, financial analysis, and succession services for the same farmer profile.
• Pinion (formerly KCoe Isom): Pinion is a national ag-focused advisory and accounting firm providing farm business management, tax planning, and financial consulting to row-crop and livestock producers. It directly competes with FBFM on tax, succession, and farm financial consulting for the same mid-market farmer customer.

Regional players

• Kansas Farm Management Association: The Kansas Farm Management Association is a university-extension-affiliated farm business analysis program serving Kansas producers. It mirrors FBFM's consultant-led, extension-linked farm financial record-keeping and benchmarking model, but in a different Midwestern geography.
• Iowa Farm Business Association: Iowa Farm Business Association is a state-level FBFM-analog organization providing farm financial analysis, benchmarking, and consulting to Iowa producers. It is a structural peer in terms of service model and member value proposition, but serves Iowa instead of Illinois/Indiana.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/ILFBFM
• Facebookfacebook.com/farmbusinesfarmmanagement
• LinkedInlinkedin.com/company/illinois-farm-business-farm-management

Revenue estimate

Valuation estimate

Number of profiles

Profiles21 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Illinois Farm Business Farm Management