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| I should add a couple things.....
I'm 31. My banker told me over lunch last summer that he wishes he could clone me. He has an easier time with a guy who's young and doesn't have a lot but knows his numbers and is prepared than with a 50 year old guy with 3 million in equity that doesn't know his numbers.
My first 2 trips to a bank didn't go well. The first visit I ever had was with my Dad's lender at that time. He was in his late 50s and was running a small lending office without any support help or a fully staffed bank. He asked me if I really wanted to farm and if I had pushed a pencil against anything I was wanting. I had. Sorta. Hadn't done a very good job. He told me he wasn't interested in taking me on until I got it together. I was embarrassed but Dad was upset at the banker. That's when I figured out that I couldn't do business the way the old man did. Everything changed that day, and I haven't looked back since. My second bank was a well known ag lender in my town. I set up a checking account for the farm, and then talked to a lender. I had put numbers together and done a good job. The lender told me he wouldn't touch anything without 35% equity because that's what his board wanted. I asked him how a young guy was supposed to get started, and he said (man I get salty even remembering this now) "That's not my problem. My problem is making my board happy." Another gut check. I went home and started pushing the pencil harder. Made those numbers look good and set them in concrete. He called me a couple days later and told me I should call Farm Credit. He also apologized for not being able to take me on. I walked into Farm Credit and everything came together. I know they have their faults, but honestly I'm of the thought that I will always have some of my business because they got me started. | |
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