How Does Your Business Grow?
Many agricultural producers grow their business through the control of assets rather than the ownership of assets. Landlord management is very critical. A large majority of these landlords are elderly females over 65 years of age. They will be passing the business to the next generation who may be sons, daughters and grandchildren who live away from the farm or live in urban areas. Below are some factors to consider when renting and leasing assets with the current and future generation. Do you have any to add to the list? Drop me an e-mail!
Current Generation
Take time to cut the hedge row
Keep fences in good repair
Take time to visit with them
Ask about desires of children & grandchildren
Take time in negotiations
Understand who they network with
Future Generation
Get contracts in writing
Document fertilization and various cropping methods
Share production data
Be flexible because they may sell the assets at a moment’s notice
They will expect a return in line with other investments, stocks, bonds, etc.
Down on the Farm
Our number two son wants a new cell phone. Have you seen these things lately? Technology is amazing. I won’t buy one until I can get it to call the cows in for me.
Sports Perspective
I guess Miami really is No. 1. I missed my prediction that no team would go undefeated this season - but I was close. An Oregon vs. Miami match-up would have been interesting.
Virginia Tech is thinking that they will get to keep Frank Beamer for awhile. He is building a huge, really nice house. Of course, that is what they said when Dave Braine was the athletic director. A few months after the house was done, he headed for Georgia Tech!
Where in the World Will I Be Next?
Well, I am heading to Canada, North Dakota, and Missouri. So I will be reporting to you from there. In the mean time, our area of Virginia got just a dusting of snow. And parts of Canada say they have record low snowfall.
My e-mail address is:sullylab@vt.edu
Editors' note: Dave Kohl, Soybean Digest Trends Editor, is an ag economist at Virginia Tech. He recently completed a sabbatical working with the Royal Bank of Canada. He is now back at Virginia Tech with his academic appointment, which is teaching, extension, and applied research.
To see Dave Kohl's previous road warrior adventures type Dave Kohl in the Search blank at the top of the page.
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