Ag Informer – What to Ask When Thinking of Expansion

More than 50% of farmers intend to grow their operation, based on responses in Purdue’s February 2023 Ag Economy Barometer.

If you’re thinking about scaling your farm, Michael Langemeier, Purdue ag economist, says it’s important to first ask these questions.

1. Why should I grow my operation?

2. What ways I can grow my farm?

3. What should my growth approach look like?

4. How do I evaluate my farm’s growth ventures?

5. What skills are needed to grow, especially in people returning to the farm?

6. How do I finance?

7. What business models do I use to grow?

8. How would an expansion impact my current operation?

9. What challenges would an expansion create?

10. What is my sustainable growth rate?

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