I spent a number of years in retail agricultural business. That was also a number of years ago. Your post motivated me to share some of my own insight and experiences. When I was in high school, the nation's farm economy was in the depth of that crisis (1980's). I cannot pick out the exact year, but sometime after 1985, we starting hearing about the financial restructurings that were going on back then. Our family farming operation was not in the position to get big and then go through debt restructuring, but in those years, certain large banking firms wanted out of the agricultural sector. The most prominent one in our area was FirstBank system. It was the talk of the area as to who went through this. The end result? I had been told those BTO's of that time had to declare the "write-down" as income. It was rather obvious when this happened, because most of them bought a new line up of equipment and a new pickup truck for a business deduction to help offset that income. In the retail agricultural business I was in, I got to do business with many of these people. Every one of them I knew of, who went through debt restructuring, operated under a corporate business name, rather than a sole proprietor. Some were rather humble and cautious after this. Others weren't, and went through the same thing again. My uncle, a metro banker, when I had asked him about what might be the outcome of these same people who were subject to debt write-offs, as I was curious about how my company could be "stuck" with an outstanding bill. He responded by telling me these same operators could go through it all over again after another 7 years. Some of these same BTO's did it all over again, and again. I had one customer, who set up no less than 7 corporate entities for his farming business, so he could conceivably file bankruptcy every year. I knew of some who placed land into their kids' names before declaring bankruptcy and could minimize the land they would lose, which they were overextended or over collateralized on. I have also seen where one files bankruptcy and is able to come back and buy the assets for pennies on the dollar, as a way of getting rid of debt. All I am going to offer, is if you are "large" enough, the same set of standards DO NOT apply. Below a certain threshold.................you get sold out. Above a certain threshold, there are debt restructuring tools and legal procedures that can be used, and from what I have seen, "mis-used" in order to get bigger and squash out competition. We saw this after the fallout of 2008 with "too big to fail," which is a crock of BS! Thus far, I have paid all my debts and the interest associated with that debt. I intend to continue to do so. I have wondered, though, what I could have done if I didn't have to pay all that back AND got to keep the assets! Sorry for my rant.
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Today's Featured Article - Tuning-Up Your Tractor: Oil, Oil Filter and Air Breather - by Curtis Von Fange. In the preceding articles we discussed some of the various aspects of doing a comprehensive tune up. Hopefully some light was shed on why we do or don't do certain things pertaining to inspections and order of events when doing a tune up. Perhaps some useful reasons were given for why parts fail and what to do about preventing part failure in the future. All these tips will help us think and reason out a problem in order to make our tune up last and, hopefully, keep us from spending extra mone
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