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Episode 112: “Strategic Borrowing” w/Terry Betker
In this week’s episode, Tracy speaks to Terry Betker from Backswath Management about “Strategic Borrowing”.
Terry is recognized for his visionary and leading-edge contribution to farm management, and we are thrilled to have Terry joining us on the show once again.
In this episode, Tracy and Terry chat about:
- How farmers can be very traditional, if not a little passive, when it comes to borrowing money for their farm.
- How has the lending industry changed from then to now? Terry’s career spans over 40 years of working with farmers, so he draws on his years in the business and shares the changes he has seen and why it is important.
- They discuss how competitive the current market is amongst lenders, and the opportunity it holds for farmers.
- Terry shares what a farmer should look for in a financial institution and touches on the essential relationships farmers need to form with key individuals.
- Are you interested in learning the biggest mistakes that farmers make when seeking loans? He shares those as well and the often-unknown consequences that arise from these mistakes.
- Strategic borrowing…so what does that really mean? Please tune in to find out and hear Terry share some game-changing tips and strategies to prepare for and seek financing for our farming operations.
Are you looking to hone your farm business acumen? This episode holds the keys to help farmers become more strategic in their lending transactions.
Did you catch last week’s episode? If not, you will want to watch that one as well where Tracy chats with Terry about all things farm debt in an episode titled “Till Debt Do We Part.” These two episodes complement each other well.
See it here: Episode 111: "Till Debt Do We Part" w/Terry Betker
* 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.
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:
eKonomics™ Making Sense of Today's Crop Nutrition Research
eKonomics is dedicated to busy, business-minded growers like you. In today’s fast-paced growing environment, we know it’s hard to find time to decipher the endless stream of soil fertility information available, so we do it for you.
Learn more HERE.
President & CEO of Backswath Management Inc.
Terry is President and CEO of Backswath Management Inc., a company that provides business management expertise to farm families across Canada on strategic and business planning, transition planning, financial analysis, benchmarking and human resource management.
Terry has delivered presentations on farm business management throughout Canada, the U.S., Mexico, Chile, New Zealand, Poland, Tasmania and the Netherlands. He teaches at the University of Manitoba. Terry is a professional agrologist, a certified agricultural consultant and a certified management consultant. He is the 2015 recipient of Farm Management Canada’s Wilson Loree award, recognizing his contribution to developing and promoting new and positive change in agricultural business management practices and expertise in Canada.
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.