Observations on Ways to Make Farm Profitable for the Next Generation
In last month’s article we discussed whether or not the next generation can afford to take over the farming operation. I received a lot of feedback on the article and one response stuck with me. The question was posed, if the farm is not making ends meet now, how can it then be profitable to the next generation, especially being profitable enough for to bring in the next generation? It was a very good question and had me thinking on a response for quite some time. I will first lay out a disclaimer (we attorneys are good at doing such) and say that I am not a farm economist. Nor am I versed in financial advising. In addition, not every farm is going to be helped by what I write in this article, nor is what I write about a good fit for everyone. I am merely going of off 14 years of law experience and having worked with hundreds and hundreds of farmers running just about every type of farm oper...