John Deere has announced the acquisition of Harvest Profit, a farm profitability software company based in Fargo, North Dakota. The company, which has focused on helping farmers understand their crop production costs and revenue, was founded by Nick Horob in 2015. "Harvest Profit software helps farmers forecast and measure profitability on a field-by-field basis," notes... Read More
Category: Finance
The Bank of Canada has announced it will hold firm at a 0.25 per cent interest rate for now; and, given the commentary around the announcement, likely for some time. According to J.P. Gervais, chief economist with Farm Credit Canada, it's not an unexpected outcome. "When you comb through the [Bank of Canada] statement, what... Read More
Creating an advisory board for your farm business can be an effective way to bring outside experience, perspective, and expertise on to the farm, without adding to the management team. As some farms are learning, the overall size and complexity of the farm business has grown far beyond what just one, or a few people... Read More
The federal government has announced a last-minute extension to the application deadline for its Canada Emergency Business Account (CEBA) loan program, as well as hinted at future changes that could help more businesses — including farms — qualify for the small business loan. Deputy Prime Minister and Minister of Finance, the Honourable Chrystia Freeland, on... Read More
Yield maps aren't the only data points to collect and analyze. Farms generate all sorts of information that could be useful in determining profit, wasted time or resources, or identifying opportunity. The trouble is, some farms are either generating data with no clear means of using it, or are missing out on capturing simple data... Read More
Emotion, money, and legacy are three factors that can potentially contribute to a very bumpy farm business succession. A farm transition doesn't have to end badly, but too often farm families ignore best practices for a succession, based on the illusion that your farm is different from everyone else's. While every farm is unique in... Read More
Farming today is challenging on many levels, and that includes management of the entire farm. With the added complexities of volatile markets, increasing uncertainty, and the traditional risk of making a living off the weather, farmers and ranchers need to act as multi-talented CEOs on a daily basis. The challenge is that it is incredibly... Read More
Is a profitable farm the most successful farm? Or is it the largest land base, the one with the newest equipment? Or is it the one whose operator takes a vacation every year or has the lowest debt? Earlier this week, we talked to Dr. Greg Ibendahl, of Kansas State University, and we talked about... Read More
When it comes to farm profitability and land base, bigger isn't better; better is better. That's one of the findings of a recent study led by Dr. Gregg Ibendahl, associate professor with Kansas State University. The study looked at 10 years of data for a range of farm sizes, from about 500 acres to several... Read More
In an era of "cheap" money, farms could take advantage to solve working capital shortages, set aside savings, or plan for a business transition. But debt restructuring, or taking on more debt even at low rates, is not without its pitfalls. For this episode of the Mind Your Farm Business podcast, Terry Betker, president, and... Read More