Some of the problems the BTO's are facing were created by financial experts. They have been telling these guys to run on operating loans because they cannot only write the operational cost off but also the interest. Same thing with equipment. They have been told to lease so they have the write off. Been told on buying to take the loans for the interest write offs too. Then add in when times are really good they have a tendency to buy more land on credit and that requires more equipment and bigger operating loans. Or they add onto barns and put in more livestock. Then when prices tank as they always will, either through over production or political action (embargos), these guys find themselves in far to deep to ever get out.
I attended a dairy farm bankruptcy auction a few years ago. Everyone was trying to figure out why this guy failed. He was farming land that belonged to his parents rent free. His parents had signed over the farmstead to this guy so he had no debt there. His folks had paid for most of his machinery and livestock too. The cows looked half starved and the machinery was all tore up. Guy was just a poor operator who had not only been using operating loans but took loans out to put in a small parlor system and to enlarge the barn. So the little guy can fail too. Surviving is going to boil down to debt management for some.
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Today's Featured Article - New Life for an Old Allis - by Tyler Woods. My friend Jon, has an old '39 Allis Chalmers B. He thought it a marginal tractor that had long since served its time. She smoked terribly and never had much power but he couldn't afford another so he was limping along with what he had. Jon's Allis has a small front loader and though it doesn't carry much, it serves his needs. It was the hard starting and low power that made him think it was time to replace the old girl. Jon called me to help him discover why his tractor wouldn't start
... [Read Article]
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