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Thinking About Succession Planning with Mike Krause

If you're a young farmer who is currently involved with the family business – or hoping to be in the future - you might be aware that succession planning will play a big part in your future on the farm. It also might be something that you avoid thinking about too much, let alone actively work towards. This is understandable as succession planning can be an uncomfortable topic. It isn't only about business planning - family relationships and emotional connections to the land and the lifestyle are also major factors. As the younger generation, it can be easy to assume [...]

Expand your farm business or invest off-farm? Compare for profitability

There is no substitute for undertaking a professional approach to farm business analysis. There are positive options when deciding whether to expand your farm business through land purchase, land leasing and share farming, or instead investing off-farm. The key is, however, to undertake the correct analysis so the whole farm performance of liquidity, efficiency and wealth is understood. This will ensure sound decision making and improved risk management. Good, sound farm business analysis isn’t always easy, but it can be done using improved analytic technology, and is worth doing. Do this for yourself or use a professional farm business management [...]

Using Target Price & Target Yield to Help Determine Target Profit

Analysis of your tactical Target Yield and Target Price this season can help drive your farm business profitability goals. Our family enjoy a good game of cards when we get together on holidays. One of our favourites is 500. Most times it is played with fun and reasonably light-hearted joshing. Occasionally, it can become a little more intense! For those who are familiar with the game, you will know the exhilaration of picking up a good hand and then trying to win the bid and get your hands on the kitty! But no matter how good [...]

Securing Farm Finance: What the Banking Royal Commission Means for You

Now is the time to sharpen your farm business tools for securing farm finance as credit may be more difficult to access as a result of the Banking Royal Commission. With the dust beginning to settle on the Banking Royal Commission report, now is the time for farm businesses to be proactive! Just like seasons have their cycles, the finance industry has its cycles and we could be heading into a ‘finance drought’. In other words, credit may be harder to get! To ensure credit is always available to your farm business, we need to understand what banks want, [...]

By |2022-11-28T01:08:10+00:00February 14th, 2019|Farm Business Risk Management, Farm Finances|0 Comments
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