Farm Business - General
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Profitable farmers create financial habits that separate them from others. These habits, consistently applied through the years, add up, and the results are evident.
You wear many hats throughout the year. What happens if you or one of the key decision makers is away from the farm for a few weeks or months? Will everyone know exactly what to do when?
Todd and Louise Malecha have one mission: Keep everyone on the same page. For their operation, that “same page” is a 587-page business plan.
Farm Bill discussions and debates don’t pack as much drama for producers. According to JohnPhipps, there’s an unspoken realization that the Farm Bill doesn’t have the same influence on the farm economy it once did.
“Most farms don’t have the time, capabilities, perspectives, resources or desire to do all the tasks it takes to run an operation,” says Steve Kluemper, AgriStrategies LLC founder. “A lot of growers hire to fill gaps.”
In just a few years the farm financial pendulum swung from shaky to stable, according to the 2022 Agricultural Lender Survey report by the American Bankers Association and Farmer Mac.
Managers tend to focus on two groups: the overachievers and the underachievers. As a result, he says, you neglect the employees who could become high performers — aka the B players.
You’ve done the hard part. You’ve set up a trust and allocated assets. Now, who will oversee it after you’re gone? Choosing a trustee is a major financial and personal decision.
At Seven Springs Farm in Cadiz, Ky., the calculator drives decisions. With acute focus on ROI, Joe Nichols has expanded and contracted his farm’s size and scope through the years.