Despite the tough ag economy we face today, new opportunities do still present themselves now and again. When a business opportunity does come up, you might find it's going to take too long to gather all the financial data you'll need to evaluate the feasibility of taking on new land, equipment or whatever the case may be. By the time you have your ducks in a row, you've found the opportunity has passed you by.
The best practice is to get a current overall financial picture of your operation now. Work with a financial specialist in the ag industry to determine your financial health, so that when an opportunity arises you don't have to scramble for data - all you need to do is apply the information you've already gathered with your advisor.
Tim Brhel has some ideas to get you started on this path, and he shares them in this week's interview with KRVN's Dewey Nelson.