scrabble pieces spelling the word vision

Develop a Vision for Yourself and Your Farm

A few questions may help get the discussion started: What are some ideas you are considering for your farm? What are your plans or goals for the near future?  What are more long term goals? Who else have you shared your plans with? Have you shared your plans with family members? Have you shared your […]

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Is It Time To Exit?

A statement often made with professional athletes is that they stayed in the game beyond the years of their peak performance. Of course, the couple million they made for their time, helped ease the transition! However, we may ask the same question of a farm business, when is it time to gracefully exit, when are we trying to stay in the business too long beyond peak performance?

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Financial Troubleshooting

Knowing where to start with financial analysis can be overwhelming. It may be helpful to remember this just one step in the Farm Financial Model: Records → Management Reports → Decision Making Cash vs. Accrual Accounting Records It’s important to know if your records are on a cash or accrual basis.  Most farm records are […]

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Stressed? Take Stock, Take Care, and Gain Control

Stress is common in farming. The long hours can sometimes lead to fatigue, especially if there is not enough help. A feeling of a lack of control during changing times and conditions can compound the feeling of uncertainty. Other things that can cause stress are issues related to your kids, relationships, markets, the weather and other things you are not able to control.

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Determining Your Family Living Needs

Calculating family living needs is an important part of a financial checkup. Putting pen to paper regarding your actual expenses over the past couple of months, can be eye opening for anyone.

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Ten Things to Consider for Succession Planning

Business succession planning just doesn’t happen. Producers must intentionally focus on the planning and work with a team of professionals such as a tax specialist, attorney, financial planner, and lender. Farmers can make this time with professionals more worthwhile and lead to better outcomes by doing homework.

Here are 10 things farmers can do as they prepare for succession planning. A facilitator can help keep everyone on track and accountable when working through these steps.

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Working with Your Lender

A lender’s primary interest is in whether you’re likely to fulfill the requirements of a credit agreement. When a creditor lends you money, he or she does it with the expectation of earning a profit, which is unlikely to happen if there’s a good possibility that you’ll default on the loan. The lender will be […]

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The Importance of a Good Set of Financial Records

Regardless of the time of year, it is important for farm operators to spend some time in their office completing their least favorite activity – paperwork. Most farmers enjoy getting their hands dirty, from digging in the soil, repairing machinery, or working with livestock. They will reluctantly compile the necessary information for income tax preparation, […]

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Put Your Values and Skills to Work as You Transition Careers

The thought of leaving a business or career that one has always known can be uneasy and downright scary, but along with those thoughts, there are many positives that can come along with making a change. As business owners, farmers develop all types of skills. By evaluating their best skills and matching them with their own personal core values can be a usual exercise to plot a course for the future.

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