Farm Business - General
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.
In your will or trust documents, you name a power of appointment. This means you grant power to an individual to name recipients of all or a portion of your money and property in the future.
With higher interest rates the new norm, it’s time to assess your debt structure and interest rate risk.
How do you set your farm on a profitable and exciting trajectory? Surround yourself with smart people, and then give and take.
“You can begin at any point in the year, but the power of this is that by improving yourself first, others follow,” says Mark Faust, president of Echelon Management.
Control production costs through mindful input spending this year.
Consumer preferences can totter between fads and trends. For farmers to capitalize on consumer demands, they must be able to sort out which market opportunities to pursue, says Rob Dongoski with Ernst & Young.