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Scrutinize cash flow and ensure you're ready for changing rates in the future.
 
How do low rates impact your farm business plan?
 
As Craig Macfie meets with his farm clients to discuss their business plans this winter, interest rates won’t be an immediate concern. The Bank of Canada, after all, has made it clear that today’s low rates will likely continue through 2023 to support Canada’s post-COVID economic recovery.
 
Macfie, an accountant and farm business advisor with Stark & Marsh in Swift Current, Sask., will urge his clients to prepare for what might happen after 2023. Here’s his thought process – one he also applies on his own family’s farm in the Crystal Springs, Sask. region.
 
“Grain farming in this area is coming out of a commodity boom and ethanol boom,” says Macfie, “so producers have had a lot of years of good profitability and it’s been relatively easy to access credit. Even if rates stay low for a while, producers still need to do their planning and due diligence.”
 
He recommends that farm producers step back and look at their business and its finances holistically. Consider where you are today, where you’d like to go tomorrow and what could get in your way.
 
While recent years’ commodity prices and rising farmland values have boosted many producers’ net worth, that’s not the figure he’d be focusing on.
 
“I have farm loans myself, and I’d advise farmers to focus on cash flow in their business planning,” he says. “At the end of the day, cash – not net worth – is what services debt.”
 
Listen Now
 
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Episode 55: Training the Next Generation of Farm Leaders
 
 
Farm Business Planning Guide
 
 
 
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Tell us where you want to take your operation and we’ll help you get there.
 
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