About this episode
Preparing for Loan Renewal Season Introduction Like, Rate, Review, Share Submit ideas to farm4profitllc@gmail.com What’s happening Nearing the end of harvest – great stretch of weather Partnership with Granular. They have been enjoying our podcasts and wanted to show their support for our show. I think it demonstrates a commonality with a lot of producers and we appreciate the support from everyone, the listeners and granular. What’s working for Ag – listener or farmer feedback www.granular.ag Granular Introduce Guest - Dallas Welp - CO 1) Accurate record keeping 2) seamless transfer from my John Deere 3) Helps the relationship with the banker VISIONBANK COMMERCIAL www.visionbank.com Are you ready for the next conversation with your banker? Draw nervous comparisons to the meeting with the banker……dentist, wedding day, etc… Start by lightly introducing the format with recording and Jeff Plagge as the superintendent of banking.(Clip @ 5 seconds) Clip @ 2 minute mark – talking about reflecting on the price rallies now and being careful of how we put information on the balance sheet. How can government payments like CFAP2 help in a cash flow projection? Communicate early and often so there aren’t any surprises for either party. Learn more about what your banker is looking for. If you learn how to provide the information your banker needs more timely, more organized, and more accurate it should provide a more favorable response. Faster answers because it’s easier and probably gets moved to the top of the list. Better rates because each loan gets a factor for how good of a manager you are. (Clip at 5:35 about restructuring) Is now the right time to look at restructuring? What does that even mean? Work with them to make sure your information is accurate. The more you learn about reading a balance sheet or putting a projected cash flow together the better you can spot mistakes. They do happen, don’t let them cost your farm time or money. Should we be refinancing now? What should we be looking at when refinancing? Where are rates going? (Clip at 11:20) Ok, what if I get to cash in this fall….? Perfect storm, wind and hail policy in place, possibly unaffected by weather and have the rally to sell into, etc… what should I do with my extra cash that I wasn’t planning on? (Clip @ 13:40) Keep them honest. Unfortunately, repetitive relationships get into a rut for pricing, structure, and more. It doesn’t cost anything to have a relationship with another banker. Be open and set honest expectations, but those conversations can lead to interest savings, proper structure or new ideas. Summarize Challenge Conference Update Submit questions and topic suggestions Want Farm4Profit Merch? Custom order your favorite items today! https://farmfocused.com/farm-4profit/ Don’t forget to like the podcast on all platforms and leave a review where ever you listen! Website: www.Farm4Profit.com Shareable episode link: https://intro-to-farm4profit.simplecast.com Email address: Farm4profitllc@gmail.com Call/Text: 515.207.9640 Subscribe to YouTube: https://www.youtube.com/channel/UCSR8c1BrCjNDDI_Acku5Xqw Follow us on TikTok: https://www.tiktok.com/@farm4profitllc Connect with us on Facebook: https://www.facebook.com/Farm4ProfitLLC/ Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.