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Episode 79: Farming Is Risky Business
In this episode, “Farming Is Risky Business,” Tracy speaks with Peter Manness from MNP about the various risk management tools available to protect your farming operation.
In this three-part episode, we begin with an outlook of today’s farming economy. In the second part, Tracy and Peter explore each of the tools available and complete the segment with a discussion on how the tools can complement each other. In the third and final part, they explore the question ‘What’s Right for My Farming Operation?” They discuss the adoption rate of the most common programs, why farmers might not use these tools, being over insured/under insured, and Peter provides some final considerations to help you determine how much coverage is correct for your farming operation.
Now more than ever, farming is definitely a risky business, and we owe it to ourselves, our farm, and our future farming generations to do the best job of protecting our farm and farm assets. Do yourself a favor a tune into this episode.
If you enjoy this episode, make sure to stay tuned for additional March and April episodes of The Impact Farming Show, where we will dive into each one of these tools with a dedicated episode and program expert.
In this episode,
Part #1: Farming Is Risky Business - Farming Outlook
• We explore farm financial trends from 2013 to 2018. We then take a look at 2019 and chat about what 2020 has in store for farmers.
• We dive into yield trends over the last five years and the implications that increasing yield has on the markets and our farm insurance coverage.
• With financial and yield trends explored, we discuss rising farm expenses and the effect that this has on the farming operation.
• Having explored where we are heading for financial trends, yield, and costs, Peter shares some words of wisdom on what financially savvy farmers should be doing right now.
Protect Your Income. Protect Your Farm. ~ Risk Management Tools To Protect Your Farming Operation
In this valuable resource, we provide you with a list of the top risk management tools that you can explore as a means of protecting your farming operation.
Your Farm. Your Legacy. Build It to Last.
DOWNLOAD HERE or click the image below
* Disclaimer - As always, this information is not intended to provide business or medical advice. To ensure that your own circumstances have been properly considered and that action is taken based on the latest information available, you should obtain professional advice from qualified business or medical professionals before acting on any of the information in this post.
Farm Management Consultant with MNP
Peter Manness, PAg, is a Business Advisor in MNP’s Farm Management Consulting group. Working throughout Manitoba, Peter delivers management consulting services and helps implement solutions on a wide range of issues for primary agricultural producers, agricultural industry organizations and producer groups including Hutterite Colonies.
With over 10 years of industry experience, Peter has firsthand knowledge of agricultural production; he understands the challenges the agriculture sector faces today and can quickly identify opportunities. His services include business and strategic planning, farm financial planning, operational and production reviews, feasibility analysis, farm transition planning and cost of production analysis.
Peter works closely with clients to deliver solutions tailored to help them meet their business and personal goals. He takes pride in helping clients solve their operational problems so they can become stronger farm managers and stay competitive and profitable.
Peter was designated a Professional Agrologist (P. Ag) in 2004 after completing a Bachelor of Science in Agribusiness at the University of Manitoba. Peter grew up on a mixed farm near Domain, Manitoba.
Thank You To Our Show Sponsor
Here at The Impact Farming Show, our goal is to bring our audience the people and ideas that will IMPACT their farming operation. We couldn't do it without the continued support of our sponsors that are committed to supporting our show and our shared vision of helping farmers succeed.
Please take a moment to check out this week's show sponsor:
Nachurs Alpine Solutions®
For over 70 years, Nachurs Alpine Solutions® has been the industry leader in NPK liquid fertilizer technology. We are proud to continue that tradition by introducing a new potassium-based fertilizer technology that is unique to both the ALPINE brand as well as the agriculture industry in general, and that is K-Tech ™
Learn more about Nachurs Alpine Solutions here.
The Impact Farming Show
Welcome to Impact Farming, Farm Marketer's video and audio show dedicated to helping Canadian farmers excel in the business of farming. Our goal with this show is to introduce our audience to the people and ideas that are going to make an IMPACT on their farming operation.
Show Host - Tracy Brunet
CEO of Farm Marketer
Tracy and her husband are cattle ranchers in South East, Manitoba. As host of the show, primary producer and agvocate, Tracy is passionate about helping farmers succeed in the business of farming.
In each episode, Tracy chats with today's most successful farm advisors and industry leaders to bring our audience the best and most important ideas.