Three Questions You Should Ask Your Banker

February 15, 2019 11:04 AM

It’s a tough year. While farm bankruptcies might not be soaring as the Wall Street Journal suggested in a recent article, they are on the rise in certain areas.

“[There have been] some in heavy dairy areas but not in crop production as much,” says Alan Hoskins, CEO and President of American Farm Mortgage. Still, he notes there will be opportunities for farmers to improve their operations and potentially find profit despite the downturn.

Your banker can be one of the most important relationships on your farm. This advisor can help guide you through difficult decisions and help you find opportunities for profitability—but you have to ask the right questions first. Hoskins says farmers need to ask their bankers these three questions:

  • What are other farmers doing that is helping them find success?
  • What are the operation’s strengths and weaknesses?
  • What seminars or other meetings should farmers attend to learn more and get better?

Knowing this information can help you identify opportunities, he says. Those opportunities can pave a way for profitability, even in tough years like 2019.

In addition, this information can help you make a plan for success this season.

“The biggest risk I see in 2019 is not having a strategic selling plan and missing profit opportunities when they present themselves,” Hoskins says. “A great opportunity is partnering with a good firm to create marking opportunities.”

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Spell Check

bad axe, MI
2/16/2019 07:16 AM

  The FEDs plan is to have FHA throw more money at it. Raised hard asset borrowing limits by $350,000.00 for 2019 and lines of credit limit by $100,000.00 for 2019. There theory is you can borrow your way to prosperity . But this is coming from the bunch that printed 72 trillion of unserviceable debt in this country, let alone can't even get a wall built.

Sd, SD
2/16/2019 02:02 PM

  All I got to say to CK is you got what you deserve and wanted with your crazy Dems, oh one more thing for CK , F off !!! CK


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