The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
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.
Believe or not, more farmers go broke when prices are high than when they are low. They try to leverage up to get those additional acres and lose out when the margins they built into their assumptions evaporate. Be careful in your assumptions.
I am a CPA in Connecticut and have advised many businesses-farm, service and the like over the years. A critical thing that your CPA can do is prepare a series of scenarios that are sensitive to price changes and other cost changes. This would allow a farmer to "stress test" the business plan and the acreage opportunities over a multiyear timeframe.
In the end, be conservative. Trees don't grow to the sky. Hedge where wise and maintain a sensible working capital position. Greed is not good.
No more s***. All posts of this qluatiy from now on
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