Having a business plan that tells your farm’s story increases your chance of success with lenders
In the first article in this series, I introduced several options available to farmers experiencing financial difficulties. I advised farmers to address financial issues sooner rather than later and not to lay blame on anyone or anything (like the weather). In the second article, I presented an example of using debt restructuring and asset sales […] Read more
If you’re in financial trouble, address the problem without abandoning your goals
Farmers facing financial issues should address these issues as soon as they occur. In this case, Joe and Sally saw a potential problem and took steps to find a way forward. Although this example is a small farm, the issues and options are equally applicable to larger operations. A farm couple that we will call […] Read more
Bad harvest weather. Low prices. If things look grim, it’s time to get to work
When there are financial concerns on the farm, it’s important to address them sooner rather than later, and find a way forward. Financial issues can occur in any business. Reasons for financial distress on farms can be as varied as harvest issues, crop failures, decreased market prices, cash-flow challenges or excessive debt loads. It is […] Read more
Many farmers do not have a business plan. Here are five reasons to make one for your farm
Actually doing a business plan for your farm can be a real chore for many farmers since they are “hands-on” people that prefer the actual day-to-day work (which is always necessary) rather than “desk work.” However, as operations become larger, more complex and involve more people the reasons for business plans become more important. Here […] Read more
In the first article of this series (see February 28 issue), we stated that farms are unique business entities in that the needs and wants of the farm family are closely interwoven with the needs and wants for the business. We stated that, ideally, farms should be fulfilling (i. e. meeting the needs and some […] Read more
Farms are unique entities in that they combine a rural lifestyle and a business enterprise at the same location and at the same time. That has its advantages and disadvantages. Family members are always close to the business but the business and all its challenges is always right there also. Both of those parts (the […] Read more
