#RightRisk #RiskInAg #AgRiskMgt
THOSE WHO ARE NEW to production agriculture or just getting started, may not have considered the many ways risk and uncertainty make their appearance in an operation.
Risk management encompasses a wide variety of topics and issues when applied to commercial agriculture. Any time a large portion of your income depends on factors outside your control, such as weather and market forces, the potential for success hinges on your ability to manage these and other risks. Agricultural producers frequently overlook the importance of strategic thinking and fail to formulate a comprehensive risk management strategy. This oversight leaves them vulnerable to the uncertainties associated with fluctuating prices, poor yields, and rising expenses.
#RightRisk #RiskInAg #AgRiskMgt
LEGACY, TRANSITION, AND ESTATE PLANNING can be difficult subjects to address, especially in agriculture.
If you are new to agriculture or just getting started, this topic is probably the last thing on your mind. Our recommendation is: Do not neglect it, however difficult it may be to address. Farming and ranching are dangerous businesses and the last thing you want to do is leave your family scrambling should the unthinkable happen. Owning a farm or ranch is often a lifetime proposition; passing it on to the next generation takes effective planning and forethought.
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