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Young farmers embracing management practices to weather down economy
An agricultural economist says young farmers are embracing new ideas to weather the down economy.
Dr. David Kohl, professor emeritus at Virginia Tech University, says many of today’s young farmers are adapting their business and financial practices.
“I’m also finding a very entrepreneurial mindset.” He says, “Many of them will have their farms and ranches, but then they’ll have outside gig income, and they find it’s not only the income they generate, but it’s also the networking opportunities.”
He tells Brownfield the most successful are managing cash flows.
“Someone in that business knows the numbers.” He says, “One of the things that I think is very important is knowing that cost of production, knowing those break evens. Very, very critical.”
Kohl says they’re also adapting technologies to improve efficiency, as well as seeking educational opportunities.
“They’ll have a deliberate educational program.” He says, “They will identify certain events and educational programs to increase their financial mindset. Or it could be their production mindset.”
Kohl says the enthusiasm and adaptability he sees in many of today’s young farmers offers optimism for the future of the industry.
AUDIO: Dr. David Kohl – professor emeritus at Virginia Tech University