Read a good article http://www.agcanada.com/Article.aspx?ID=20070
And it proves again, any one who owns a small business can relate, that an accountant should look after your taxes and some planning but none of them would ever last as a owner of a business.
Example getting custom operators to do your work. Yea largest farmer in our area did that rent all land and get 80% custom worked. Its a real life lesson how to get into farming run with the big dogs and then disappear. You have nothing to sell at the end. Yes in theory putting excess cash into other investments works. Hell I made more money off real estate then any time farming but what accountants don't understand that even if its a farm company its yours, the share holders you answer to is your family not general public. Maybe the accounts could cut their fees back from where they are and guy would have the extra cash for his equipment costs. I am not saying Iron disease is good hell its killed lots of farmers but into days age in Western Canada where you have only 3 to 4 weeks to seed and maybe Sept to harvest and Oct and Nov is maybe, you have to be able to get in and out in quickest possible time. Last year prime example had harvesters booked in spring for fall, I finished two days before them. Plans are great every one should have one and write it down and change on the go, But sitting in Down town Regina and Telling the world how you once farmed with family is not reality in today's world.
And it proves again, any one who owns a small business can relate, that an accountant should look after your taxes and some planning but none of them would ever last as a owner of a business.
Example getting custom operators to do your work. Yea largest farmer in our area did that rent all land and get 80% custom worked. Its a real life lesson how to get into farming run with the big dogs and then disappear. You have nothing to sell at the end. Yes in theory putting excess cash into other investments works. Hell I made more money off real estate then any time farming but what accountants don't understand that even if its a farm company its yours, the share holders you answer to is your family not general public. Maybe the accounts could cut their fees back from where they are and guy would have the extra cash for his equipment costs. I am not saying Iron disease is good hell its killed lots of farmers but into days age in Western Canada where you have only 3 to 4 weeks to seed and maybe Sept to harvest and Oct and Nov is maybe, you have to be able to get in and out in quickest possible time. Last year prime example had harvesters booked in spring for fall, I finished two days before them. Plans are great every one should have one and write it down and change on the go, But sitting in Down town Regina and Telling the world how you once farmed with family is not reality in today's world.
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