When you're a farmer, there's a lot of emotion tied up in the topic of land. You might be farming some ground that was passed down several generations through the family--it's very close to your heart and you treat it with the utmost respect as sort of a family heirloom. You might also have some rented land you've been working that you've grown emotionally attached to; you give it special care and stewardship because it's been entrusted to you by the landlord. Then there's the greatly emotional and anxiety-ridden topic of "future land," or land you've been wanting to get hold of, but haven't yet had the chance.
This week Water Street Solutions CEO Darren Frye shares a way to help eliminate some of the anxiety around the idea of acquiring new land. It all lies in making sure your farm's numbers are up to date. Accurate and updated farm financials take the worry out of making new land decisions because you and your ag finance specialist can run real analyses and forward-looking projections to help determine whether a new land acquisition is feasible or would even prove beneficial to the operation in the long run.
Read more in Darren's Finance First column at FarmFutures.com.