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While farm management has seen many adaptations throughout the years, I don’t think anyone could argue that the biggest game-changer of the 21st Century stems from farmers’ and ranchers’ increasing power yielded from today’s capability to collect big data.

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If the idea of handing over your farm or ranch to the next generation makes you nervous, you’re not alone. Most producers walk through a range of emotions, including anxiety and excitement, when planning for generational transition.

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I recall a case of a farm maintenance manager who created a fraudulent company to bill his employer for repair work. The scheme was to have the employees in his department actually repair the equipment and then his fake company would bill the farm for the work done.

top story
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Lenders are keeping a close eye on the eroding profit margins in many agricultural sectors. That means nearly everyone can expect tough year-end loan renewals.

  • 0

Typically, we think of the importance of tax planning when things are going very well for the industry because taxable income runs higher and managing the taxation of that income is an important consideration.

  • 0

Changes in the new tax law should spur you to take a closer look at the C corporation you may have set up years ago for your farm or ranch.

  • 0

Maybe one day you’ll tear your Achilles tendon, or break a leg or fall off a ladder. You’ll need surgery, or crutches or a long hospital stay. You could get sick for an extended period, leaving you unable to handle your farm or ranch responsibilities.

  • 0

Cutting costs is a no-brainer for 2018. In fact, you’ve already found ways to do it. You’re not purchasing that big new piece of machinery or you’re buying a used piece. You’ve found better deals on seed, chemical or fertilizer. You’ve tightened up expenditures for fuel and insurance.

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Are you a member of your local school or co-op board? Do you participate in a national commodity or livestock organization? Have you attended professional seminars or conferences to improve your farm management skills?

  • 0

I recently learned of a family farm where the father had passed away, leaving multiple children as his heirs. No one had done any business projections or scenario analyses about the farm’s financial position. No one had looked closely at which business pieces could stand alone to generate on…

  • 0

Most farms and ranches use the cash method of accounting for their tax returns. But cash accounting does not follow the production cycle. Expenses are often incurred prior to the start of a fiscal year and sales made after the end of the fiscal year. The result is a net income figure that co…

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Palmer amaranth (Amaranthus Palmeri) is a plant that is spreading rapidly throughout the Midwest and Plains of the United States. Palmer amaranth is also called Palmer pigweed, palmer, dioeciousl amaranth and careless weed.

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Much has been written about taking the emotion out of the business of farming. While it’s true emotion has no place in spending, crop-mix and marketing decisions, there is no substitute for the passion and enthusiasm producers bring to the business of farming. Consider farmers’ optimism in t…

  • 0

When you’re just starting out farming, the process can be overwhelming. There are a great many details to keep track of and staying on top of everything can be tough. Here are a few tips for managing your operation and becoming more effective.

  • 0

A balance sheet is one of your operation’s most important financial statements. It’s a once-a-year snapshot of your financial position, showing your assets, liabilities and equity. Your balance sheet not only helps a lender determine your financial fundamentals and whether to give you a loan…

  • 0

It’s an election year. Crop yields are up and prices are down. Cattle prices are anybody’s guess. Sure there’s a lot of uncertainty out there, but in times like this you need to make sure your eyes are wide open and you’re not missing an opportunity. This could come in the form of expanding …

  • 0

Land availability is consistently ranked highest on the list of challenges for young farmers. In fact, nearly a third of young farmers identified it as the top concern in the American Farm Bureau Federation’s annual survey. Intergenerational communication is the key to being proactive about …

  • 0

Complete farm health requires employing precision financial and management practices in the same way you manage the health of your crop. What you do with the information about your farm or ranch business will determine your level of success. Your end goal should be to become an information p…

  • 0

What’s happening with your farm’s credit situation?  According to the Federal Reserve Bank of Kansas City, Missouri, farm sector credit conditions continue to deteriorate. The bankers stated poor cash flow prevented many borrowers from paying off loans from the previous year, causing them to…

  • 0

Over the past several months, we’ve talked about the components of the K·Coe Isom AgScore and how each of them impacts your overall farm business. The final installment of our series focuses on enterprise management.

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This time of year pasture management and planting top the list of things to do around the farm or ranch, but there is always time to take a good long look at your employment practices. Here’s a checklist of things you can do to make your place a more pleasant and more productive place to work.

  • 0

Getting to work with top producers is a privilege. And what I can tell you is the best producers I work with are also some of the most prodigious record-keepers I’ve seen in any professional environment.

  • 0

Last month we talked about how it is crucial to understand and predict working capital. As we saw with burn rate, cash flow is king when it comes to preserving working capital and a strong balance sheet. It can be your best defense when you have losses and your best friend when you want to expand.

  • 0

In the past two columns, I’ve shown you how establishing a baseline for the financial and operational health of your farm business gets you started down the right path. We’ve also seen how a hands-off mentality and lack of insight into your numbers leaves you open to risk and missed opportunities.

  • 0

While farm management has seen many adaptations throughout the years, I don’t think anyone could argue that the biggest game-changer of the 21st Century stems from farmers’ and ranchers’ increasing power yielded from today’s capability to collect big data.

  • 0

If the idea of handing over your farm or ranch to the next generation makes you nervous, you’re not alone. Most producers walk through a range of emotions, including anxiety and excitement, when planning for generational transition.

  • 0

I recall a case of a farm maintenance manager who created a fraudulent company to bill his employer for repair work. The scheme was to have the employees in his department actually repair the equipment and then his fake company would bill the farm for the work done.

top story
  • 0

Lenders are keeping a close eye on the eroding profit margins in many agricultural sectors. That means nearly everyone can expect tough year-end loan renewals.

  • 0

Typically, we think of the importance of tax planning when things are going very well for the industry because taxable income runs higher and managing the taxation of that income is an important consideration.

  • 0

Changes in the new tax law should spur you to take a closer look at the C corporation you may have set up years ago for your farm or ranch.

  • 0

Maybe one day you’ll tear your Achilles tendon, or break a leg or fall off a ladder. You’ll need surgery, or crutches or a long hospital stay. You could get sick for an extended period, leaving you unable to handle your farm or ranch responsibilities.

  • 0

Cutting costs is a no-brainer for 2018. In fact, you’ve already found ways to do it. You’re not purchasing that big new piece of machinery or you’re buying a used piece. You’ve found better deals on seed, chemical or fertilizer. You’ve tightened up expenditures for fuel and insurance.

  • 0

Are you a member of your local school or co-op board? Do you participate in a national commodity or livestock organization? Have you attended professional seminars or conferences to improve your farm management skills?

  • 0

I recently learned of a family farm where the father had passed away, leaving multiple children as his heirs. No one had done any business projections or scenario analyses about the farm’s financial position. No one had looked closely at which business pieces could stand alone to generate on…

  • 0

Most farms and ranches use the cash method of accounting for their tax returns. But cash accounting does not follow the production cycle. Expenses are often incurred prior to the start of a fiscal year and sales made after the end of the fiscal year. The result is a net income figure that co…

  • 0

Palmer amaranth (Amaranthus Palmeri) is a plant that is spreading rapidly throughout the Midwest and Plains of the United States. Palmer amaranth is also called Palmer pigweed, palmer, dioeciousl amaranth and careless weed.

  • 0

Much has been written about taking the emotion out of the business of farming. While it’s true emotion has no place in spending, crop-mix and marketing decisions, there is no substitute for the passion and enthusiasm producers bring to the business of farming. Consider farmers’ optimism in t…

  • 0

When you’re just starting out farming, the process can be overwhelming. There are a great many details to keep track of and staying on top of everything can be tough. Here are a few tips for managing your operation and becoming more effective.

  • 0

A balance sheet is one of your operation’s most important financial statements. It’s a once-a-year snapshot of your financial position, showing your assets, liabilities and equity. Your balance sheet not only helps a lender determine your financial fundamentals and whether to give you a loan…

  • 0

It’s an election year. Crop yields are up and prices are down. Cattle prices are anybody’s guess. Sure there’s a lot of uncertainty out there, but in times like this you need to make sure your eyes are wide open and you’re not missing an opportunity. This could come in the form of expanding …

  • 0

Land availability is consistently ranked highest on the list of challenges for young farmers. In fact, nearly a third of young farmers identified it as the top concern in the American Farm Bureau Federation’s annual survey. Intergenerational communication is the key to being proactive about …

  • 0

Complete farm health requires employing precision financial and management practices in the same way you manage the health of your crop. What you do with the information about your farm or ranch business will determine your level of success. Your end goal should be to become an information p…

  • 0

What’s happening with your farm’s credit situation?  According to the Federal Reserve Bank of Kansas City, Missouri, farm sector credit conditions continue to deteriorate. The bankers stated poor cash flow prevented many borrowers from paying off loans from the previous year, causing them to…

  • 0

Over the past several months, we’ve talked about the components of the K·Coe Isom AgScore and how each of them impacts your overall farm business. The final installment of our series focuses on enterprise management.

  • 0

This time of year pasture management and planting top the list of things to do around the farm or ranch, but there is always time to take a good long look at your employment practices. Here’s a checklist of things you can do to make your place a more pleasant and more productive place to work.

  • 0

Getting to work with top producers is a privilege. And what I can tell you is the best producers I work with are also some of the most prodigious record-keepers I’ve seen in any professional environment.

  • 0

Last month we talked about how it is crucial to understand and predict working capital. As we saw with burn rate, cash flow is king when it comes to preserving working capital and a strong balance sheet. It can be your best defense when you have losses and your best friend when you want to expand.

  • 0

In the past two columns, I’ve shown you how establishing a baseline for the financial and operational health of your farm business gets you started down the right path. We’ve also seen how a hands-off mentality and lack of insight into your numbers leaves you open to risk and missed opportunities.