Items by Michael Forsythe | KFBM Area Extension Specialist
Decision-Making in a Declining Economy
By Michael Forsythe | KFBM Area Extension Specialist
Published on Oct. 31, 2024
As the farming economy enters a period of decline, farmers are facing issues many of them have not had to deal with in recent years. Net Farm Incomes are low or even negative in many cases. Cash flows are becoming extremely tight. Some farmers are having difficulty renewing operating loans.
What to Consider When Renting Out Your Farm
By Michael Forsythe | KFBM Area Extension Specialist
Published on Oct. 30, 2023
According to 2022 KFBM data, only 27% of land farmed by Kentucky farmers is owned by the farmer. The remaining 73% is typically comprised of landowners that may or may not have a background in farming.
I Have This Farm, Now What?
By Michael Forsythe | KFBM Area Extension Specialist
Published on Jul. 29, 2022
What do I do with the farm I just bought? Although this sounds like a question that should be asked before you buy the farm, there may be circumstances that cause you to acquire a farm before deciding what to do with it. You may decide you want to move your family out of the city to a rural area so you buy a house and a small farm.&n
The Importance of Including Non-Cash Expenses
By Michael Forsythe | KFBM Area Extension Specialist
Published on Jul. 27, 2021
When farmers are evaluating their farm profitability, many times, they will only include their cash expenses and they will ignore a very important component of their true profitability. It is very important to include non-cash expenses when determining farm profitability. In this article, we will look at some of these non-cash expens
Payroll Requirements for Farm Employers
By Michael Forsythe | KFBM Area Extension Specialist
Published on Sep. 22, 2020
Farming operations come in all different shapes and sizes. This means their need for employees is also different. A small farm may not need to hire any employees, but a bigger farm may need to hire full-time and/or part-time employees. When a farmer decides to hire an employee, there are several steps they need to take to make