The federal government has announced a last-minute extension to the application deadline for its Canada Emergency Business Account (CEBA) loan program, as well as hinted at future changes that could help more businesses — including farms — qualify for the small business loan. Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, on… Read More
Category: Finance
Yield maps aren’t the only data points to collect and analyze. Farms generate all sorts of information that could be useful in determining profit, wasted time or resources, or identifying opportunity. The trouble is, some farms are either generating data with no clear means of using it, or are missing out on capturing simple data… Read More
Emotion, money, and legacy are three factors that can potentially contribute to a very bumpy farm business succession. A farm transition doesn’t have to end badly, but too often farm families ignore best practices for a succession, based on the illusion that your farm is different from everyone else’s. While every farm is unique in… Read More
Farming today is challenging on many levels, and that includes management of the entire farm. With the added complexities of volatile markets, increasing uncertainty, and the traditional risk of making a living off the weather, farmers and ranchers need to act as multi-talented CEOs on a daily basis. The challenge is that it is incredibly… Read More
Is a profitable farm the most successful farm? Or is it the largest land base, the one with the newest equipment? Or is it the one whose operator takes a vacation every year or has the lowest debt? Earlier this week, we talked to Dr. Greg Ibendahl, of Kansas State University, and we talked about… Read More
When it comes to farm profitability and land base, bigger isn’t better; better is better. That’s one of the findings of a recent study led by Dr. Gregg Ibendahl, associate professor with Kansas State University. The study looked at 10 years of data for a range of farm sizes, from about 500 acres to several… Read More
In an era of “cheap” money, farms could take advantage to solve working capital shortages, set aside savings, or plan for a business transition. But debt restructuring, or taking on more debt even at low rates, is not without its pitfalls. For this episode of the Mind Your Farm Business podcast, Terry Betker, president, and… Read More
Farm Management Canada, in conjunction with the Wilton Consulting Group, has released a comprehensive report looking at not only stress and mental wellness within the farming sector, but also the impact mental health has on the business side of farming. In the report entitled Healthy Minds Healthy Farms, most farmers reported “undesirable coping mechanisms that… Read More
The federal government is providing $100 million to Farm Credit Canada (FCC) to administer an Agriculture and Food Business Solutions Fund. The fund is targeted at “proven, viable companies through unexpected business disruptions, such as the COVID-19 pandemic,” and will support enterprises in the agribusiness and agri-food sector, including companies involved in primary production, agri-tech,… Read More
As we enter the second month of physical distancing and economic shut down during the COVID-19 pandemic, discussions have begun on easing restrictions and potentially allowing some people to get back to work. But we don’t know how long that might take, or when it will happen, or what the economic recovery will look like… Read More