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Most farmers and ranchers—and, particularly beginning farmers and ranchers—do not have the financial capacity to hire financial managers to manage their finances for them. The onus is therefore placed on the farmer to assume the multiple roles of accountant, business manager, and farmer at the same time. The tried-and-true approaches to addressing financial risk begin with the development of a whole-farm risk-management plan. We provide best management practices to manage and mitigate the whole-farm, and whole-family risks associated with finances, production, marketing, legal issues, and human interaction (Nickel, 2020). With this reality, we present our recommendations to help farmers navigate the difficult task related to farm financial management.
Virginia Cooperative Extension materials are available for public use, reprint, or citation without further permission, provided the use includes credit to the author and to Virginia Cooperative Extension, Virginia Tech, and Virginia State University.
Issued in furtherance of Cooperative Extension work, Virginia Polytechnic Institute and State University, Virginia State University, and the U.S. Department of Agriculture cooperating. Edwin J. Jones, Director, Virginia Cooperative Extension, Virginia Tech, Blacksburg; M. Ray McKinnie, Administrator, 1890 Extension Program, Virginia State University, Petersburg.
September 2, 2020