Authors as Published

Nicole Nunoo, Graduate Research Assistant, Department of Agricultural Leadership and Community Education, Virginia Tech; Garland Mason, AgrAbility Program Coordinator, Department of Agricultural, Leadership, and Community Education, Virginia Tech; Kim Niewolny, Associate Professor and AgrAbility Program Director, Agricultural, Leadership, and Community Education, Virginia Tech; and Kim Morgan, Associate Professor, Department of Agricultural and Applied Economics, Virginia Tech.

This publication is available in a PDF file format only.

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.

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Virginia Cooperative Extension is a partnership of Virginia Tech, Virginia State University, the U.S. Department of Agriculture, and local governments. Its programs and employment are open to all, regardless of age, color, disability, gender, gender identity, gender expression, national origin, political affiliation, race, religion, sexual orientation, genetic information, military status, or any other basis protected by law.

Publication Date

September 2, 2020