Although farm management has changed over the years, one thing has remained constant: It takes money to run a successful agricultural business. Whether it’s buying new land or purchasing different equipment, things can really add up. That’s where Agriculture loans (ag loans) come in handy. This type of financial help gives farmers the capacity to…
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What if you lost an integral employee because they leave their position unexpectedly or pass away. That’s where business life insurance steps in. Key Person Life Insurance and Buy-Sell Agreements will support this transition so you can focus on the next generation of your business.
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Whether you own a family-run business or a growing enterprise that deliberates in a fancy boardroom, you need a succession plan for your business.
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The modern farmer is required to know much more than just harvesting produce and raising animals. Here is everything you need to know about managing your farm well.
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In recent months, the U.S. Federal Reserve increased the benchmark interest rate for lenders, the highest hike since the 1980s, to combat rising inflation for everyday Americans. Here’s what you need to know about managing your farming operation with higher interest rates.
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Succession and estate planning can be difficult and emotional for many American farms. However, they are necessary for the health of the farm and the future of the family members involved. Lack of direction in transferring the farm can make moving forward difficult for everyone involved.
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Instinct and experience can go a long way toward managing a successful farm. But there’s no substitute for a methodical, well-recorded operating budget. Financial tidiness can help farmers have a better grasp on what they can and cannot afford, but also what they should spend money on when they have change to spare. An operating budget can…
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Scaling a small business is a delicate balancing act that demands careful planning. The goal should be to increase revenue faster than you increase spending to sustain that new revenue. Simple, right? Well, not exactly. When your business starts showing signs of growth, consider these tips for scaling responsibly.
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Lean on Your Ag Lender as Your “Financial Mentor” Recent years have brought many challenges to farmers in the Midwest. Although production has been high, commodity prices have remained low. Trade negotiations with China have added more strain on an already struggling industry. Agricultural lenders are familiar with all of these issues and can help…
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One of the keys to success for today’s agricultural producers is a strong marketing plan which includes knowing break-even costs, having a solid action plan and keeping emotions out of it, according to tips released by the American Bankers Association at the ABA National Agricultural Bankers conference in Omaha, Neb. Members of the ABA Agricultural…
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