As farmers grapple with plummeting farm economy, Mykel Taylor and other Kansas State University economists are hitting the road to offer advice to worried farmers trying to survive through tougher financial times.
K-State's one-day program "Top 10 Considerations to Navigate a Struggling Farm Economy," is slated for several communities across the state, said Taylor.
This program focuses on a variety of farm financial topics aimed at helping farmers think critically about how the farm operation might withstand these hard times.
"Really, what these meetings are geared for is to give producers a big picture of what is going on," said Taylor, assistant professor and extension farm management specialist. "If they can come away with one or two ideas to make better management decisions, that is great."
Other speakers include K-State's agricultural economics department head Allen Featherstone, as well as state ag economist Art Barnaby and assistant director of K-State Research and Extension Gregg Hadley.
Among the program topics are restructuring debt, managing machinery expenses, utilizing government loan programs, cost of production, safety net and income tax management, family living expenses and "is it time to retire?".
Another question the economists will answer: "How Long Can I Afford to Lose Money on Rented Ground?"
With farmers making financial plans during these fiscal times, everything should be on the table.
"Hopefully they have good records of everything they are doing so they can make informed decisions going forward," she said.
She added communication with lenders and bankers is important, too.
"Most bankers, it is not in their best interest to see farmers go under," she said, adding all parties need to keep the lines of communication open.
That includes with family members, she said. Producers need to be honest about the family living expenses.
Registration at each location begins at 8:30 a.m. The program starts at 9 a.m. Lunch is included. Registration is requested at least eight days prior to the date you are attending.
Upcoming dates are:
• Jan. 18: Salina – Ambassador Hotel, 1616 W. Crawford; (785) 392-2147
• Jan. 19: Topeka – Shawnee County Farm Bureau, 3801 S.W. Wanamaker; (785) 232-0062
• Feb. 6: Hays – K-State Agricultural Research Center, 1232 240th Ave.; (785) 628-9430
• Feb. 7: Dodge City – Knights of Columbus Hall, 800 Frontview; (620) 227-4542
• Feb. 8: Colby – City Limits Convention Center, 2227 S. Range; (785) 460-4582
• Feb. 15: El Dorado – Butler County Community 4-H Building; (316) 321-9660