Feed Lot

NOV 2017

Feedlots and cow/calf operations in the beef industry who feed 500 or more has annually on grains and concentrates; maintain 500 or more beef cows; backgrounder, stocker/grower, preconditioner; veterinarian, nutritionist, consultant

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One of the most important as- pects of working with a lender is getting needed capital in the right form. Revolving lines of credit and installment notes are standard p roducts built to the demands of c ustomers, and sometimes come with creative options. "Your busi- ness plan should drive you to the right capital products, not the oth- er way around," says Horne. It's also important to examine the tools the lending institution of- fers. If you do your banking via smartphone, you will want features like FCSAmerica's AgriPoint, ® which offers remote account ac- cess from any device. Through the app you can scan checks for pay- ment; manage profits by tracking cash contracts, crop insurance pay- ments and break-evens; and provid- ing direct access to financial state- ments and performance trends. Horne says such tools address the age diversity found in ag today, only one of the ways the landscape is changing. "We're seeing rooftop farming in cities, community sup- ported agriculture programs, immi- grant farmers and more women i nvolved in farming operations." A c c o r d i n g t o t h e U S D A 2 0 1 2 Ag Census, 30 percent of U.S. farms were owned by women, with 14 percent being principally oper- ated by women. The number has nearly tripled over the past three decades. The number of Hispanic farmers in the U.S. has increased more than 20 percent in the last decade. Asian farmers have seen a similar increase. All that means businesses and lenders have to streamline delivery of products designed to meet the needs of special market segments. FCSAmerica offers an annual young business conference called "Side by Side" to engage both members of a farm couple. New immigrants can require specialized education programs. Diversity in agriculture goes be- yond demographics. Different mar- ket segments have different needs and potential. Horne cautions y oung farmers to "not get tunnel v ision." "Don't settle on only one commodity or practice, such as cow/calf," he says. "Be open to the diverse options where you can best leverage your strengths." Horne adds one more bright spot in the picture for the young producer: "There has never been a better time to be in agriculture. The next 20-40 years are going to be fas- cinating. There will be great chal- lenges. And there will be astound- ing new technological advances. But every day, more and more, it's a business of pennies, nickels and dimes. Management is critical. Find good business partners. Keep trying to grow. And be deliberate about your planning." FL FEED•LOT  November 2017 23

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