At Farm Credit East, we are often asked about equipment purchases: What constitutes a “major” equipment purchase? How to plan for them? Whether to buy new or used? Tax expert Paul VanDenburgh provides his insight on some of these frequently asked questions.
Farms today are collaborating in ways that would have been unthinkable a generation ago, and collaboration can transform a business for the better. But what are the three most common areas where differing values may lead to conflict in the business relationship and how can you proactively address them to prevent pitfalls?
In the midst of an industry downturn, it’s important to have your financial and credit management plan in place to ensure continued success – waiting for a highly profitable year to recover finances is not a viable strategy. Learn eight tips that can help you plan for difficult market conditions before a “normal” cycle becomes a changed reality.
As a business owner, it can be easy to hope things will soon return to “normal” when it comes to agricultural cycles. It is tempting to assume a downturn will end and that markets will improve, but that approach doesn’t prepare your business for an ‘abnormal’ situation.