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January can be a financially tough on the farm as the post-holiday crunch is a time of high expenses and tight income.
When it comes to budgeting for farm businesses, financial advisors say greater adaptability in managing variable income, carefully consideration of what constitutes a true farm expense and financial clarity can all go a long way.
Understanding the farm business value is useful for more than just sale situations. Financial experts say both general assessments and more in-depth business valuations are practical in multiple ways, including developing tax and transition plans.
Taking on debt, when understood and used properly, can be an effective way to help you reach your business goals.