Farms: Risk Management Strategies
The agriculture sector faces several risks stemming from ever-changing weather, yields, prices, government policies and global markets. In general, the following are five types of risks the agriculture sector must mitigate: Since risk is an integral part of agriculture, producers must take precautions to minimize its impact on business. There are a number of strategies […]
Direct Marketing and Product Liability for Farmers
Direct marketing is an efficient way for farmers to interact with consumers and capture the full value of their harvests without depending on a third party. Examples of direct marketing opportunities include farmers markets, roadside stands, pick-your-own, agricultural tourism and direct sales to restaurants and stores. While both consumers and growers profit from these increasingly […]
Succession Planning for the Future of Your Farm
The process of maintaining family ownership of a farm can be difficult to navigate when the current owner or operator considers retirement. Studies show that less than 33% of family-owned businesses—farms included—survive the transition from the first generation to the second. Furthermore, only half of those surviving businesses make it through to the third generation. […]
