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Roanoke, IN | Stay away from the bank as much as possible. Go find a good paying job and work all the overtime possible. It takes $ to farm. You can get by on a few hours of sleep during the busy times. While your buddies are playing beer pong in college, you need to be building your working capital and your only going to do that by working, not going into debt for a piece of paper.
What you would have learned in college in important. You need to get that knowledge on your own. Go buy some used accounting, finance, and agronomy textbooks for $20 and read them cover to cover. Find an old banker that made it through the 80's and ask him any questions you have. Attend agronomy meetings and field days. Drill the speaker's with questions.
Be sure everyone in your family is on board with you. Get a long term lease in writing signed by all owners. You need to be prepared if Aunt Betsy decides she wants out or uncle Harrold kicks the bucket and all of the sudden your farm is on the auction block. Then you are done. Family can be the best or worst arrangement. | |
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Young farmer starting out looking for advice
