John I have no problem with good management and hard work growing any business. The trouble with many BTO type of farmers they have skated the edge of financial profitability. So every time there is any kind of down turn in crop prices they bleed money like crazy. Then the majority run and file some form of bankruptcy to stop the fall out from their bad business practices.
The largest farm in my area has filed chapter 11 twice in the last 30 years. So while I paid my debts off they got hundreds of thousands, may be millions, wrote off. I talked to one of the boys of the BTO a few years ago at ADM while in the corn line. When corn was $5-7 they where renting ground with rents so high they may only be clearing $30-50 an acre on a gross of over $1300-1500 an acre. I know of two different farms that they front paid $550 dollars an acre per year for a three year contract. Meaning they paid $1650 on March 1st. of the first contract year to farm the land the next three years. Currently they are behind on several of their rental contracts. I have talked to three fellows that did not get their March 1st. payment yet. Yet to hear the old man talk they are going strong with no problems. In Dec. he ran up a piece of ground that was selling next to a friend of mine. The auction clearly stated you had to have 10% of the purchase amount in certified funds the day of the auction. The BTO got the high bid but could not produce a certified check. He wanted them to hold a personal check until the next week. The backup bidder got the farm. He had his money with him.
This is not limited to this one fellow. I could list you 10-20 of them off the top of my head in the 30 miles around me.. What really POes me is the bank and Farm Credit guys that fawn all over these guys like their are special. They all have had debt written off in the past.
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Today's Featured Article - History of the Nuffield Tractor - by Anthony West. The Nuffield tractor story started in early 1945. The British government still reeling from the effects of the war on the economy, approached the Nuffield organization to see if they would design and build an "ALL NEW" British built wheeled tractor, suitable for both British and world farming.
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