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 - Talk of the Town: The Saga of Grandpa's Tractor - by The following saga is from the Tractor Talk Discussion Forum. Someone. The saga starts with the following message: Hey guys I have a decision to make. I know what you all will probably suggest and it will probably agree with me way down inside, but here it is. I have a picture blown up and framed in my "tractor room" of a Farmall M. It was my Grandpa's tractor, of which whom I never got to meet. He froze to death getting this tractor out of the barn to pull a truck out of the ditch before I was born. Anyway my dad and aunt had to sell it at the auction,
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