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The Farm CPA

Paul is now part of the fourth generation in America that is involved in farming and hopes the next generation will be involved also. Through his blog he provides analysis and insight to farmer tax questions.

Tomorrow Top Producer Part 3

Jan 29, 2013

 The next session involved three active farmers, Chris Barron from Iowa, Dick Wittman from Idaho and Michael Daniels from Wisconsin. 

First question was how their growth strategy has changed?  Chris responded with what is the definition of growth?  Is it profits, acres, etc.

Dick asked how many farmers have a defined growth strategy and not many farmers raised their hands. It is important to clearly define it and write it down.  Their acreage base is averaging about 7% a year to keep up with the technology and other changes.

Mike indicates he wants to grow with dignity. Not the biggest but more the best. Look for opportunities that may not be strictly farm related. Can you add other operations to your farm such as construction, trucking, custom farming, etc.

Employees are needed to become "owners".  How can you work toward that goal.