First Time Farm Buyer's Checklist

If your barn looks like this, you might need some insurance... 
First time farm buying? We are. Heck, it’s pretty much the first time we’ve bought anything. We bought one car and a couple college educations, but that’s about it in terms of valuable assets, and only one of those is tangible. We don’t even have the car anymore. So buying a house and bunch of land was quite an experience. We won’t officially close until the end of next week, but everything is all lined up and now we just gotta show up and sign the dotted lines.

This type of stuff might be old-hat for many of our readers, but for all you out there wanting to buy a farm one day, here’s a few little nuances that might help: 
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What If Farming Isn't For Us?

It's a stark question, but before making a life-altering decision such as starting a farm it needs to be taken into account. We have never farmed, so we cannot be sure that it's really the end-all, be-all for us. We think it is. We hope it is. Our hearts believe it is. But nothing is guaranteed. So what are the exit strategies if it doesn't work out?

Exit Strategies for the Small Farm: “Exit strategy” is a term for the process by which a business is sold. Eventually every business goes through an ownership transition. With family farms the situation is highly unique and if you’re thinking of starting a farm it’s worth some thought before devoting your life (and your savings) to it.

Continue Reading at Beginningfarmers.org

Leasing vs. Owning for the Small Farmstead - Personal Considerations

 

One of our readers asked if we’d considered leasing land instead of owning it. I posted some thoughts about the financial considerations last week. Here's some thoughts on the personal considerations we're taking into account.

Personal Considerations

 

Flexibility

It’s amazing how much land out there is being farmed on a hand-shake lease agreement. We know of a couple that had to move after a year because the landlord up and decided to sell the property after he had sat on that land his whole life! I'm sure them getting on it and turning it around had nothing to do with it... yeah. Other people have had great outcomes though, so it's really hit or miss, but it's a real risk. 
 
How flexible can you be with your business?
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