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Have a Team, Have a Plan
Who do you go to for your Agricultural, financial and planning advice? Do you have a strong team of advisors that you trust?
I have discussed in past columns what a great leasing product we have, and how it can fit in to your situation. What I have failed to mention is how our equipment experts and in-house financing fit in to your team and your strategy. Here are a few things to discuss with your trusted advisors before heading out to one of our great 21st Century dealerships to speak with one of our equipment specialists.
- What does my operation need to be more efficient
- What do I want for my operation to make it better
- What does my cash flow situation look like….what is my purchasing power
- Have I discussed my cash flow with my banker and my forecast
- My tax situation…leasing as an alternative to Section 179, how does my CPA feel about it
Most of these conversations can occur in less than a day. I was an Agricultural Banker for 16 years and will say that my best and most efficient producers started making a plan with their banker in July before Harvest. Most of your expenses have been realized, your crop is out of the ground and it’s a great time to project yields. You have a marketing plan that you established and can forecast both the cash and futures market in your projection. (On a side note, if you don’t have a projection tool that allows you to manipulate the price of your future crop and predict your income, call me.) You have a pretty good idea of what your income will look like and you have also had time to sit in the saddle and think about what is going to make your operation better. The only thing I found that was typically left out: the pencil never hit the paper.
Do yourself a favor and write down or verbally record your ideas on your smartphone. Discuss the future of your operation, your equipment/technology needs, and your wants and desires both today and in the future with your 21st Century equipment specialist. They not only understand equipment, but they are a great resource to bounce ideas off of, as they are involved with what your neighbors and other great producers are doing.
21st Century Equipment and 21st Century Leasing have a great thing going. With over 200 units out on lease, there will always be a great mix of inventory coming back off lease. We have had many situations where a producer is looking for an exact piece of equipment that we have coming off lease. When your equipment specialist is part of your team and your plan, and knows your wants and needs, he will be able to utilize all of the many resources that we have to find you that exact right piece. So from my seat, do your operation a favor and have a team….have a plan!!