I need to: add additional Income
- I can soundly and securely provide for myself and my family with my existing operation, but I am looking for ways to bring the next generation back to the farm, or find opportunities to move my off-farm income back to on-farm income, or maybe I want to provide additional opportunities for current employees.
I need to: diversify my risk
- I can soundly and securely provide for myself and my family with my existing operation, but I am looking to minimize my risk exposure due to extreme weather, disaster, or other unforeseen events.
I need to: stabilize income
- I can soundly and securely provide for myself and my family with my existing operation, but I am looking to smooth out my annual cash flow.
I need to: better meet my cash flows
- Be honest with yourself – are you financially secure in your operation today? Now may not be the best time to try something new.
- You may need to sit down with your family, banker, or attorney to discuss what the root causes are that make it difficult for you to meet your cash flow demands.
- Until you deal with these root causes directly it will be immensely challenging to maintain or grow your operation through livestock or any other diversification option.
Once you have determined which scenario best describes your situation, it is time to consider which livestock industry is the best fit for you. Think about why you need to make a change. Write down some of your thoughts that come to mind as to why you think you need to make a change. These will be the foundation for starting those first conversations with your spouse, family, business partners, etc.