Some one smarter than me explain the BTO!

[farmaholic]

Bigzee, he doesn't come across that way to me at all. He is pragmatic and I like that. He tells it like it is. SF3 has a healthy fun life along with lots of hard work. I came from a family like that. Even though my dad was doom and gloom all the time, he bought his wife diamonds and fur coats, new cars, the best in machinery, holidays all the time and retirement at 56, Mesa 1/2 the year. He died a happy man and can't say any of us suffered. Some guys just got a plan Stan.

Incorporation is a trap in my books too. Corps are ok but keep your land out of corps - that's how I feel, even put the land in the wife's name. I have been around long enough to see "banks" call loans for no other reason than cold feet. Anyone remember Robinsons Machinery in Regina? Seven businesses were auctioned at the Sherwood Coop blg. on Albert that fine day back about 1980. Owners were standing there telling everyone that they had no clue til the semi drove up to their business and cleaned them out. Totally believable because they almost cleaned out our company but I had a back-up plan. No younguns, listen to all sides and use your noodles, there are good lessons. If you only listen to bankers and number pencillers you only get a small part of the story - just my opinion. Be sharper than them.

........Also don't begrudge another man his success but don't mourn his failures either.

.......Not everyone starts at the same position on the starting line... some are on it, some ahead of it, and some behind it.

.......If you think SF3 holidays too much... follow him around during the busy season. If I "want" more I will have to risk more and work harder!

.......generational wealth and newly created wealth. blah blah blah.....

[SASKFARMER3]

Guys it’s not a ego builder he’ll if your happy at 1000 acres or 50000 just pointing out if your following the above plan a down turn isn’t fun.

They always win.

I have fun most days and again it’s not about me but a lesson on how things under the grand plan

[SASKFARMER3]

Also am I on with my assessment or off?

[Klause]

Good post, SF3.


A lot of people don't know how the FDMS and FSB operate and the rules behind them.



Pyramid scheme...

[SASKFARMER3]

That’s the only reason I posted the banks we’re not going to screw up again the next down turn and created a great system.

It all works in a up trend.

[sk_wheatking]

Banks review loans every year whether your incorporated or not. They can call your loans if you are a sole proprietor or an incorporated business. If you go into your review and it's not looking good or if they just don't like the outlook your done, incorporated or not.

[Richard5]

Also am I on with my assessment or off?

I have been portraying this for years, maybe not in this detail, but this exact thing on one of last weeks posts.

But i do not agree that its a poor accountant or lawyers fault for the increase in debt and constant reborrowing on land as it increases in value - this is all the result of the farmer not being good at managing a business. Many farmers are good managers and that is why they are successful. Outside looking in no one knows the truth (unless you pull PPSA reports off of ISC’s website)

Maybe S3 is successful, maybe he is a windbag and complainer. Regardless, his rants are always about something negative and he conveniently slides in a brag about ha situation.

[SASKFARMER3]

It’s showing what’s happening and I don’t believe that all farmers know what’s at risk Fcc or the banks won’t give corporations deals on a down turn.


But I do believe the banks learnt from the last down turn and are prepaired this time.

Am I not correct with that observation?

[farmaholic]

Lenders don't want your land when they can't recover the amount of money borrowed against it. And in some cases when Banks and FCC conduct a land sale on repossed land no one wants to pay them fair value....

Hard to sympathize with the lenders who extended too much credit. In essence they are even somewhat to blame for hyper inflated land values.

[brs]

I listened to some higher up people from fcc a few years ago,they had said if you are running into trouble just have to talk to us and we will do what we can to help. After the seminar I asked one of them if they r the reason land seems to be taking off in value. It seems to be no worries in how deep a person gets into just pay interest they said for a few years. Here in Saskatchewan one crop a year does not justify the value of land. When things take a turn for the worse and they will, look out the dollars invested to farm these days if ridiculous.

[sumdumguy]

If in fact FCC packages up and resells its loan accounts, why would FCC care if I make my payments?

[brs]

Looking like more a d more of a pyramid scheme, last one to the party gets left with the hot potato.