Tips for wise agricultural decision making
Perseverance is an admirable trait. There are plenty of wise words to encourage us not to give up. Vince Lombardi told us, “Winners never quit and quitters never win.” Norman Vincent Peale said, “It’s always too early to quit.”
These are tough economic times right now for many in agriculture, especially dairy producers. Last week my colleague Chris Zoller in Tuscarawas County posted an excellent article on the Ohio Ag Manager website titled, “Should I Continue Farming?” You can find this and many other farm management resources at ohioagmanager.osu.edu. Here are some of the highlights from Zoller.
Making a decision to sell part or your entire farm is not easy and brings with it a great deal of emotions. Farmers may worry about being seen as a failure or about the impact a sale will have on family and employees. Sometimes difficult business decisions must be made to preserve what is still left and plan for the future.
A good place to start is to find someone you trust, who has good listening skills, and with whom you are comfortable discussing the details of your business, finances, goals, and options. A single person is not going to have all the answers for you, but sometimes just talking through your situation out loud can allow you to start making progress away toward action and away from worry and indecision.
Some possibilities of people to consider include family or close friends, clergy, licensed counselors, Ohio State University Extension professionals, the National Alliance on Mental Illness, Ohio Workforce Training, or Ohio Job & Family Services Office of Workforce Development.
It is best to take inventory of where you are, where you want to be, and where you could be in the future. Here are three key areas to discuss:
Your financial situation – What is the total amount of all debt obligations, to whom do you owe money, and how much is owed to each creditor? What is your net worth? Knowing the answers to these basic questions is important, regardless of your business or performance, and necessary to evaluate what and how many assets will need to sell.
Goals/Needs – Do you need to sell all or part of your assets? Can you retain assets to farm part-time? Is there another enterprise worth investigating? Does it make sense to relocate and start a new business? Are you at a stage in life where it’s best to retire and enjoy time with family, travel, or enjoy a hobby?
Life after farming – What skills do you possess? You are more than ‘just a farmer’ – you probably have skills and/or education as a mechanic, electrician, carpenter, mason, nutritionist, agronomist, etc. You have worked with livestock and machinery. You certainly have a great deal of practical, hands-on experience. Your experiences, training, education, and skills will help you focus on finding your next career. Maybe now is a time to take classes to increase your skills to enter a new career.
Today I’ll leave you with this quote from Brendan Francis: “Some persons are very decisive when it comes to avoiding decisions.”
Emily Buxton Adams is the OSU Extension educator for Coshocton County. She can be reached at 740-622-2265 or adams.661@osu.edu.