David Kohl, Ph.D., is professor emeritus of agricultural finance and small business management and entrepreneurship at Virginia Tech, Blacksburg. Dr. Kohl has traveled more than eight million miles in his professional career and conducted over 6,000 workshops and seminars for a variety of agricultural audiences.
The playing field of agriculture is interconnected with the complexities of the global and domestic economies that are impacting business, family and personal lives. What will be the game changers for 2013 and beyond?
Despite recent misconceptions on social media about future opportunities in the agriculture industry, there are many reasons to be optimistic.
To ensure that this younger generation of produces is ready for the challenges of the next decade, the Farm Credit System and others have made a concerted effort to provide educational venues covering a wide range of subjects for a diverse set of business models.
Here are some pointers to help you build confidence in your business financial decision making, which can increase your lender’s confidence in loaning you money.
The volatility of 2011 and beyond will create many opportunities, but more chances to fail as well.
Many agricultural producers who have sought loans have overheard loan officers discuss that you will be evaluated on the “Five C’s of Credit." Whether you are a lifestyle agricultural producer, traditional farmer or rancher, or operate a large complex business, the sixth C, cranium, will become more important not only for the sustainability of your business but for a balanced lifestyle.
The following is a set of well-thought-out questions from a former student, which can be applied to anyone planning to be involved in the agricultural industry.
It is not getting any easier to make a buck in farming. Rising input costs, volatility in prices, global trade issues, the value of the dollar and issues with the domestic and global economy will divide the economic winners and losers in the next decade.
Let’s explore some of the changes coming to the agriculture industry and rural America in the next decade.
Whether it is a young farmer or rancher starting from scratch, a growing and expanding business, a business in transition, or a business that is scaling down or exiting, a team approach between the borrower and lender is a vital element for success.
A convergence of events including the slowing of the emerging nations’ economic growth, an easing of ethanol and biofuel mandates, and favorable weather patterns in the southern hemisphere are resulting in increased crop inventories which in turn are reducing prices of commodities.