Potential land decisions are looming

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Decisions on whether or not to take up more land for your operation sometimes come up quickly, and a farm leader is put into a position where the choice must be expeditious. It helps a lot to know where your farm is financially, because knowing how--or even if--the new acres will fit financially is one of the most important things to consider.

Many of the farmers we work with find it very helpful to have a feasibility study done on potential new acres. This gives them a picture of what the farm will look like with the added impact of those additional acres. It also prepares them for any questions they will encounter at the lender level. Being prepared for those inquiries shows the lender they've done their homework on whether this new land acquisition is the right fit for the operation.

In his latest Finance First blog post, Water Street CEO Darren Frye explores this topic in full. You can read it over at FarmFutures.com.