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The Risk Concepts series offers information on each of the most common forms of business organization.

THERE ARE MANY ASPECTS to consider when establishing a new agricultural business: ownership, taxes, liability, and estate planning concerns should all be carefully studied when deciding on a business structure. Putting in considerable time to plan and consult with trusted advisors will go a long way towards achieving long term goals and stability. There are many alternative forms of business structure to think about.

Risk Concepts is a series of publications compiled by the RightRisk team and made available at: RightRisk.org. The series offers a separate, 4-page bulletin covering each of the most common forms of business organization. A summary chart compares and contrasts the alternatives to provide an overview of the choices involved.

#RightRisk #RiskInAg #AgRiskMgt

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Negotiation is an often-overlooked aspect of production agriculture.

MANY PRODUCERS may not realize just how much time and effort goes into negotiating the various relationships in their businesses. Negotiation is part of just about any aspect of working with people on a farm or ranch. We often tend to shy away from thinking much about negotiation, especially if conflict is involved. Commercial agriculture producers, whether new/beginning, those switching from another business, or armed service veterans looking for a new start in a farm or ranch, should be aware of just how important negotiation skills are to their business.

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Coverage offered by RI-PRF can form part of an effective drought risk management strategy.

PASTURE, RANGELAND, FORAGE – RAINFALL INDEX (RI-PRF) insurance is a group insurance plan designed to protect against forage loss due to reduced rainfall. RI-PRF is the most widely used crop insurance in Wyoming, both in total acres (6,978,110) and total liability ($70,304,347). Coverage offered by RI-PRF can form part of an effective drought risk management strategy. The challenge is how to evaluate that strategy, especially on a long term basis. Will a strategy using RI-PRF generate a positive return over time? How do we account for the time value of money when making comparisons between alternatives?

The Multi-Temporal Risk Analyzer (MTRA) from RightRisk.org is an excellent tool designed to help in answering these questions. MTRA was created to provide long term partial budgeting analytics and is effective for examining insurance coverage like RI-PRF.