Knowledge Center Blog

Welcome to the Farm Credit Knowledge Center Blog!  This blog is a combination of posts from industry experts, Knowledge Center staff and guest contributors covering all aspects of agriculture and life in the country.  We want you to participate in this blog, sharing your thoughts and comments about the topics posted here.

Posts

Cash Flows, Budgets, Income Statements - Oh My!

Has a lender or investor ever asked you for your financial sheets and made you pause, search your memory, and really wished you had paid better attention in your business or finance class in college or high school, because you have no recollection on how to get those together? Or have you ever looked through your receipts from the last year, quarter or few months and wonder why you’re not making more money but struggle to correctly fill out a cash flow statement or balance sheet (or may not even be sure what those are)?
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Congratulations Graduates!

Countless hours.
Dozens of pages and multiple versions of a business plan.
10 Modules.
5 Months.
2 days.
1 major accomplishment.
 
These sum up the activities of our most recent Ag Biz Planner Program graduates in a nutshell, but do not touch the actual value and accomplishments of this program. 
 
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Tying Up Loose Ends

As New Year’s Day approaches, hopefully you are facing a slow-down in your typical hectic work schedule on the farm.  There’s not as much work to do with your crops; you’re probably between breeding and calving/lambing seasons; and, okay, you dairy farmers just keep on keeping on.  Bless all of you for providing the rest of us with food, fiber, energy, and entertainment!

While there’s no argument that you deserve a break this time of year, I would like to give you a few pieces of advice that will make your life easier (and hopefully better) in the upcoming year:
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Transition Planning - Using the Team Approach

Do you have a “go-to person” for advice?  Children often rely on their parents or grandparents for advice.  Adults often rely on certain friends.  My students, well, they rely on Wikipedia, Google, or YouTube.  Farmers often rely on their accountant for advice – about everything related to the business. 
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Uncle Al's Big Picture Transition Plannng Process

Last month I made a bunch of sarcastic (and not so sarcastic) comments to get you thinking about your future and your family’s future.  Hopefully you’ve started thinking that transition planning might be worth the effort.  A little bit of planning might help preserve your family farm or business, and more importantly, it might keep your family together.  So what’s the next step?
 
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