Fall 2010
FINANCIALPARTNER Business Insights for Higher Yields Let us know if you’d prefer to receive Financial Partner magazine electronically. Write to: SpecialOffers@FarmCreditEast.com. Please include your full name, business name and business location.
Farm Credit
Coffee Shop: Four top producers represent true American business success stories
INSIDE: Cover Story
3
Association News
2, 6-7
Washington Update
10-11
AgEnhancement Grants FarmCreditEast.com
12
CEO’s Message
Listening to Our Customers is Key Bill Lipinski, CEO, Farm Credit East Recently, I was part of a discussion with Farm per year, and the first topic is to discuss local issues Credit representatives from across the country impacting agriculture and matters relating to Farm when someone asked a question that all businesses Credit East. confront. “How do we better serve our customers?” Grassroots feedback is important for any successful My reply was simple. “Great service starts with operation, and it is particularly critical to Farm Credit listening to our customers and understanding what’s East. I appreciate the efforts that our CSC members on their minds.” make and their willingness to help us serve you. Listening is critical. Farmers who Those who know me know that I recently stopped by the Farm Credit can be blunt. I prefer to think of it as Coffee Shop agree (see this issue of straightforward, and there is nothing Financial Partner). During a roundwrong with it! I have high expectations, “Great service starts table discussion about their business and those are shared by the staff. When with listening to our strategies, they highlighted the imporwe execute our business plan, we need tance of listening to both customers to do it right. customers and underand employees. For example, New Our customers run great businesses, standing what’s on York dairy producer Skip Hardie and they expect us to run a great busitheir minds.” reaches out to his employees for ness as well. That’s why we continue to suggestions on next year’s capital listen, plan and execute. expenditures. And Washington State wheat grower Fred Fleming listens to consumers to better understand his marketing opportunities. In August, our Directors toured farms in our Batavia and Geneva office regions. It was a great day, because our customers have interesting farms and because they shared what’s on their minds with us. Their topics ranged from the implications of food safety regulations and the availability of farm labor to advancements in farm technologies and the importance of a stable Farm Credit East staff and commitment to stay with farms during economic downturns. As the Board develops our 2011 business plan, we will apply ideas from the tour as well as suggestions from our staff. Ultimately, the Board will approve our plan and we will focus on its execution. Customer service councils (CSCs), a unique aspect of Farm Credit East, give us ongoing customer input. All 19 branch office councils have 8-to-14 individuals who represent a cross-section of farm businesses. The councils meet at least three times
2 Financial Partner • Fall 2010
Cover Story
Farm Credit
Coffee Shop: Four top producers represent true American business success stories
On a recent fall morning, four of the nation’s leading agricultural producers called into the Farm Credit Coffee Shop to compare notes on one another’s business challenges, management strategies and goals for 2011. 3 Financial Partner • Fall 2010
continued from page 3
Several of us at Farm Credit had the privilege of sitting in on their conversation as we enjoyed a morning cup of coffee. Listening to this distinguished group of business owners, we couldn’t help but think how the farm economy holds answers to many of the nation’s economic woes. In fact, recent articles in business journals agree. For example, on Forbes.com, Joel Kotkin wrote, “… no sector in America is better positioned for the future than agriculture.” And a Fortune article titled “4 Surprise Bright Spots in the Economy” put agriculture at the top of its list. In spite of facing daily challenges — from volatile commodity prices and high input costs to ever-increasing environmental regulations and ever-demanding consumer trends — American agriculture excels at productivity and efficiency. Ag producers strive for continuous business improvement and go all out to stay one step ahead of the next curve in the road. In addition, agricultural producers, just like the four at today’s Coffee Shop, find opportunities to grow their businesses for future generations. Perhaps other parts of the economy could learn from agriculture’s example. Stopping by the Coffee Shop were Farm Credit members Fred Fleming, a fourth-generation dry land wheat producer from Reardan, Wash.; David “Skip” Hardie, a second-generation progressive dairy producer from Lansing, N.Y.; Chuck Nichols, a second-generation pistachio and almond grower from Hanford, Calif.; and Terri Wolf-King, who owns and operates a diversified chicken, grain, cucumber and strawberry operation in Hurlock, Md.
All of us who work with these and thousands of other producers from coast to coast enjoy witnessing their true American business success stories every day. Let’s listen in as these producers talk about their operations over a cup of joe. Maintaining a competitive edge In spite of the miles between each producer’s operation and the diversity among their industries, all four touched on similar themes. They agreed that agriculture has been on a wild ride since 2007 and that following yesterday’s practices is no longer an effective business strategy. Instead, agriculture must chart new opportunities while still confronting some of the same obstacles to profitability. Clearly, growing costs challenge each producer’s ability to be competitive. Regulatory requirements are ramping up in environmental guidelines and food safety, as is consumer interest in day-to-day farming practices. Some states are not business-friendly environments in which to run successful operations. Farmers are often left wondering how government actions will impact their future. And the high cost to rent or purchase land, the competition for productive land and the need to keep up with the most effective technology in equipment, chemicals and seed all work together to keep a tight squeeze on farm profitability. To not only survive but prosper, these business owners will tell you that they place controlling costs at the top of their list of management strategies and they also look for and take advantage of opportunities to maintain their competitive edge.
Chuck Nichols (Farm Credit West member) Businesses: Nichols Farms and its sister company, Nichols Pistachio Location: Hanford, Calif., situated in the fertile land of southern San Joaquin Valley Production: 6 million pounds of pistachios as well as almonds, corn and wheat silage on 4,200 acres Operations: Two generations grow, process, package and market pistachios. Nichols Pistachio hulls, processes and markets pistachios and almonds produced by Nichols Farms and other farms.
4 Financial Partner • Fall 2010
Terri Wolf-King (MidAtlantic Farm Credit member) Business: Cornerstone Farm Location: Hurlock, Md., in the heart of Chesapeake County Production: 200,000 chickens; 600 acres of grain; 30 acres of cucumbers; 35,000 pounds of strawberries; pumpkins Operations: Terri and her husband, Jeff King, are contract growers for Perdue Farms. They also grow corn, soybeans, wheat and barley for chicken feed; cucumbers for pickling; and strawberries and pumpkins for sale at their retail market.
According to Maryland poultry producer Terri Wolf-King, “Non-farm use has driven up the price of productive farm land in our area to the point where it won’t cash flow to raise crops on it. It’s difficult to buy land and still be profitable. As a result, we make our land more profitable by growing higher value-crops like strawberries and pumpkins using the same plastic drip tape and double cropping. In addition, we are working with Extension to find a third crop for that same land. “We also look for specialized markets that allow us to increase income from the same acres. For us, the New York Jewish community pays a premium for high-quality wheat to make matzo bread. Plus we are researching higher-income satellite locations to sell our strawberries, such as Washington D.C. or Baltimore restaurants.” California pistachio grower and marketer Chuck Nichols and New York dairy producer Skip Hardie see today’s global economy as a golden opportunity for American agriculture. According to Chuck, as world populations grow and diets improve, U.S. agriculture has the production capability to sell to the global marketplace and increase its profitability significantly. Thinking long term about the future of the U.S. dairy industry, Skip agrees. “I embrace the United States as a significant exporter of dairy products. Many in the dairy industry have always felt that exporting to the rest of the world was not as important a market as the American family, but that’s changing dramatically. Some industry experts agree that the U.S. dairy industry has less than 10 years to succeed in the worldwide marketplace. Otherwise, countries
with much lower cost structures will step in and undercut U.S. dairy products.” Chuck Nichols has witnessed considerable growth in his industry’s export market. He says, “California exported about 15 percent of its pistachio crop just 10 years ago, and today we export up to 65 percent. In addition, California has seen remarkable growth in general over the past 35 years, with gross pistachio sales rising from $2 million in farmgate value to more than $1 billion in 2010.” Of course, tremendous industry growth comes with its own set of management challenges. An integral aspect of Chuck’s response is to attract the best and the brightest people and to provide quality training for his team. Chuck looks for educated, capable professionals to manage complex issues in his multifaceted business, from changes in food safety standards to customer demands at both the processing and farm levels. continued on page 8
“Non-farm use has driven up the price of productive farm land in our area to the point where it won’t cash flow to raise crops on it. It’s difficult to buy land and still be profitable.” — Terri Wolf-King Cornerstone Farm
5 Financial Partner • Fall 2010
Association News Is Estate Planning Important to You? Then why are you still putting it off? For many, the mere thought of estate planning makes their head spin. We all know that we aren’t going to live forever, but none of us likes to consider our own mortality. Farm estate planning means addressing some tough questions, which is why many farm families sweep the topic under the carpet far too long and why they are unprepared for the unexpected. The bottom line is that estate planning can help you protect the assets that you worked so hard to build. In addition, it protects your family from potentially difficult, costly or even heartbreaking situations by ensuring that your assets will be used to benefit the people whom you choose. A Farm Credit East consultant can help you and your family find answers to tough questions, such as: • How do you want your hard-earned assets to be distributed? We can help you work out a plan to ensure that settling your estate will be as simple and efficient as possible for your heirs while minimizing potential estate taxes after you’re gone. • How are your assets owned? We can talk through various consequences of the ownership of your assets. That is, if you are in a partnership with a brother, are your brother and spouse prepared to farm together after your death? Or, if your partner suddenly passes away, are you prepared to farm with his spouse? • Is your estate plan fair? That is, have you protected both your farming and non-farming children? For example, without a will, a farming child could end up co-owning the operation with non-farming siblings. In that case, the farming child may be forced to buy out his siblings, which may not be affordable for him or her. A Farm Credit East consultant can guide you through these and other estate planning questions as you work out a plan that makes the best business sense while protecting your family. Don’t put your estate planning off another day. We’re ready to help.
Thinking ahead is important to this Long Island farmer “When both our daughters opted to come back to the farm, my wife, Evelyn, and I started a program of moving as much of the farm’s assets as possible to them. “We have about 70 acres of land, which is a small farm. But since land value in Suffolk County, N.Y., is extremely high, we realized that our daughters would face a severe tax consequence unless we started gifting our farm early through the tax planning system. When farm assets far exceed the exemption of the estate tax law, it is difficult to live long enough to gift an entire estate to the next generation in one’s lifetime. “In our case, our assets exceed the estate tax exemption. So without estate planning, our children would be saddled with a huge tax bill within nine months of our death, which generally means the younger generation would need to sell the farm to raise the money. “Of course, estate planning has to fit each family situation, and every family situation is different based on the value of its estate and how the family wants to leave it to the next generation. “I’m glad that we started early and that we have been working with Farm Credit and our attorney throughout our estate planning process. It has been a very good experience.”
6 Financial Partner • Fall 2010
John Halsey Whitecap Farm Water Mill, N.Y.
More Tax Law Changes for 2011 Consult a tax specialist before December 31 to reap a better 2010 return When it comes to taxes, the December 31 deadline can be almost as important as your business’s filing deadline. Here are a few changes that may impact your business return along with questions for you to consider: •
The current preferential rate of tax on capital gains is scheduled to expire at the end of this year. Are you wondering if you should take advantage of current tax law in case the tax rate increases for 2011?
•
Regular income tax rates may increase from the rates that have been in place for the last 10 years. This should affect only those individuals with taxable income in excess of $195,550 ($237,300 if filing a joint return).
•
You may be wondering how to plan your capital purchases for 2010 as a result of recent legislation. Today’s tax law allows taxpayers to expense up to $500,000 of qualifying capital expenditures in the year of purchase for 2010 and 2011. An additional 50 percent of the cost of new qualifying property is allowed in excess of this amount. But this 50 percent provision is set to expire at the end of this year, and the $500,000 amount is set to return to $25,000 in addition to regular depreciation after 2011. Would a lease help you to obtain larger tax deductions?
•
Does your business qualify for the small business employer credit enacted in 2010 for providing health insurance to your employees? Will you be able to reduce your self-employment tax (in addition to reducing your income tax) for health insurance paid for you and your family?
•
Have you hired employees who will allow you to receive an additional business credit on your 2011 tax return? Or to reduce the amount of payroll tax you will pay on your Form 943?
Farm Credit East specialists stay current with tax law changes so we can help you plow through year-end decisions with the best tax management strategies in mind for your business. Don’t delay. Contact your Farm Credit East tax specialist today! These questions were relevant at the time of mailing. However, year end is the season of rapid tax law change, which is another reason to visit with one of our tax specialists to get your business affairs in order.
Changes in Crop Insurance Policies Help to Reduce Risk • Combo Policy. New for 2011 is that yield protection and revenue protection will be combined under a single crop policy for corn, soybeans and wheat. The price per bushel for both plans will be determined by the Chicago Board of Trade. Yield protection covers a production loss, while the revenue plan protects against a production loss, price decline or a combination of both. As crop prices fluctuate, it will be even more important to protect your investment. • Livestock Gross Margin - Dairy. When finalized, the following two changes to existing policy will make purchasing protection against shrinking margins more affordable. 1) Premiums will be due at the end of the insurance period rather than at the beginning. 2) The government will begin to subsidize the farmer premium. This policy pays when the actual gross margin of milk income over feed costs is less than the amount projected by the Chicago Board of Trade prices for milk, corn and soybeans. Protect your margin from declining milk prices or from rising feed costs ... or both! Talk with a Crop Growers agent to learn more about how these and other changes can help you reduce risk on your farm … and at an affordable price.
7 Financial Partner • Fall 2010
Cover Story David “Skip” Hardie (Farm Credit East member) Businesses: Hardie Farms, Inc., and Walnut Ridge LLC Location: Lansing, N.Y., just 10 minutes from Ithaca, home of Cornell University Production: A progressive, 1,100-cow dairy farm with 900 young stock and 1,550 acres of crops Operations: Skip owns and manages Hardie Farms with partners Steve Palladino and John Fleming.
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Consumer-driven business strategies These producers are each in tune with increased consumer interest in learning where one’s food comes from. Always proactive, they’re listening to consumers, learning their language and taking action. They realize that their business growth depends on how well they position and communicate about their products in a language that consumers understand and want to hear. According to Terri, “Today’s consumer wants to hear code words, such as ‘all natural,’ so we adjust our business practices and strategies accordingly.” Proud to show off their practices, they invite neighbors and community and business groups to tour their operations. Their goals are twofold: to deliver a positive message about how farmers employ best management practices for their land, livestock and water and to ask that their message be taken back to the community. Terri invites Leadership Maryland, a group of top statewide business-people, to her farm, and Skip offers individual tours for each neighbor to see first-hand how his farm produces fresh, wholesome milk for their families. During tours of his operation, Washington State dry-land wheat producer and processor Fred Fleming challenges visitors to inform others of agriculture’s role in protecting society, the environment and the land. “At less than 1 percent of the population,” Fred says, “agriculture needs advocates to champion our message.”
8 Financial Partner • Fall 2010
In addition, the farmers support consumer interest in their day-to-day operations in other ways. For example, Skip’s farm passed certification in a national dairy farm program, which verifies that the welfare of its animals is high. And Fred features farmers on his flour bags so customers know where their purchase originated and connect to a real person who is proud to have produced a quality product. Creating value for the next generation These owners dream of passing a farm legacy to the next generation. They are visionaries with a clear goal: to ensure that the next generation (as well as future generations) has a reasonable chance to operate a profitable business. According to Northwestern wheat grower Fred Fleming, “Since I have no family members returning to the farm, my challenge is to set up a system that attracts two of my young employees to buy me out one day. I hope to help them grow the farm for themselves as well as for future generations. My challenge in dryland agriculture is to work within our marketplace to turn a crop into value that creates wealth from the land rather than just income.” Maintaining profitability At the top of each producer’s business plan for 2011 is maintaining profitability.
• To control costs, Terri may join forces with other local farmers to get volume discounts from seed corn and soybean suppliers; irrigate more acres for increased production; and explore wind and solar energy to stay ahead of the huge power demands of running a chicken house, particularly in the summer. • Skip will focus on managing input costs, such as seed, fuel and fertilizer, and possibly taking on a long-term lease on land that is seven miles from the farm. “We’ve tried to have a contiguous land base so this is a switch in our philosophy. We’ll run the road, which I’m not excited about, but it’s necessary.” • For Chuck, continued profitability requires cost reduction and efficiency. He plans to install a solar energy unit to reduce utility costs and to increase automation in the packing facility to stay ahead of the curve in case prices fall as supply grows for pistachios and almonds. • Each producer looks forward to working with Farm Credit as he or she adjusts business strategy for 2011 and beyond. As Fred Fleming says, “We’ve counted on Farm Credit since day one. Without Farm Credit, I could not have accomplished close to what I have. I appreciate their continued understanding of agriculture and willingness to help.” Saying goodbye, for now These top producers enjoyed their hour at the Farm Credit Coffee Shop, and, like every proud producer, ended by inviting the others to stop by their operations if they are ever in the area.
Terri said goodbye with, “I enjoyed hearing about everyone’s operations, their area of the country and commodities. I took lots of notes, and thank you for all that you taught me today.” Perhaps we should share this article with non-farm businesses so they can learn from these producers and the lessons that American agriculture has to offer on running efficient, productive businesses that create a proud, sustainable legacy for future generations.
A little side humor Skip closed the call by asking, “I’ve always wondered, Chuck: How do you milk all those almonds to get almond milk? I have never been able to figure that out.” Chuck responded, without missing a beat, “From the back.”
Hot topics around the Coffee Shop Market volatility New market opportunities • Non-farm public view of agricultural practices • Input costs • Working with Farm Credit on capital expenditures • Leaving a profitable, sustainable legacy for the next and future generations • •
Fred Fleming (Northwest Farm Credit Services member) Businesses: Reardan Seed Company and Columbia Plateau Producers Location: Reardan, Wash., just 25 miles west of Spokane Production: 3,600 acres of dry land wheat Operations: Reardan Seed Company provides wheat and barley seed to area growers. Columbia Plateau Producers produces flour marketed as Shepherd’s Grain.
9 Financial Partner • Fall 2010
e t a d p U Washington Addressing the Farm Labor Issue Means Job Creation Robert A. Smith, senior vice president for public affairs It appears that another session of Congress will end without providing an adequate guest worker program for American agriculture. In addition, the administration continues to create hardships for employers by making our failed H-2A program more difficult to use and by expanding immigration enforcement actions. At the same time, Washington is making a lot of noise about job creation and retention. Maybe it’s time for Congress to realize that addressing the farm labor issue and ensuring a stable and legally authorized farm workforce is a job creation and retention issue. The legal authorization of farm workers has a lot less to do with border security and citizenship concerns than with growing jobs in the United States food sector and promoting economic activity in rural and urban communities. As the departments of Labor and Homeland Security squeeze farm employers, they create a situation whereby
fewer farms want to grow high-value, labor-intensive farm products. They almost seem like they are trying to discourage American farmers from producing fruits, vegetables, nursery and milk and that they are trying to send more U.S. dollars to foreign countries so we can import more farm products grown in conditions that we know little about. We are importing more food while providing job opportunities to foreign countries. With a mix of dairy, nursery, vegetable, greenhouse and fruit, Northeast agriculture is especially vulnerable to farm labor shortages. Just look at the percentage of labor cost to total farm sales for proof. Generally, Northeast farmers spend substantially more on labor in comparison to farm sales than the national average. Our production of labor-intensive crops, such as fruits, vegetables, berries, nursery, greenhouse and dairy make us much different from states that primarily produce grains and beef cattle.
Farm Labor Cost Per $100 of Total Farm Sales (Northeast and Selected States) Dollars Per $100
National Ranking
Connecticut Massachusetts New Jersey Rhode Island New Hampshire Maine New York Vermont California Illinois Iowa
$27 $26 $26 $26 $20 $16 $14 $12 $22 $4 $3
3 4 5 6 10 12 14 17 8 46 50
National Average
$9
10 Financial Partner • Fall 2010
“The legal authorization of farm workers … [means] … jobs in the United States food sector and … economic activity in rural and urban communities.”
Farms & Farms with Hired Employees (Northeast States, 2007 and 1997 Agricultural Census Data) Number of Farms with Hired Employees
Number of Farms
% Change in Farms with Hired Employees
2007
1997
2007
1997
Connecticut Massachusetts New Jersey Rhode Island New Hampshire Maine New York Vermont
4,916 7,691 10,327 1,219 4,166 8,136 36,352 6,984
3,687 5,574 9,101 735 2,937 5,810 31,757 5,828
1,140 1,972 2,415 324 860 1,886 9,273 1,884
1,587 2,637 3,216 344 1,109 2,885 13,140 2,783
-28.1% -25.2% -24.9% -5.8% -22.4% -34.6% -29.4% -32.3%
TOTAL
79,791
65,429
19,754
27,701
-28.6%
Declining number of farms with employees It is not easy to be a farm employer. It is hard to find employees and the morass of regulatory requirements is daunting and not getting easier. Furthermore farms need to compete, but higher-than-average labor costs can make a farm noncompetitive. Federal and state policy makers need to be concerned about difficulties that confront farm employers. This challenge is clear in looking at the numbers between 1997 and 2007. While the number of Northeast farms increased during this period, the number of farms that hired employees declined by an amazing 29 percent in 10 years. Not Getting Easier As I spoke with farmers over the past year, it became clear that, even with 9 percent unemployment, local, native-born American workers do not seek nor stay in farm jobs. Some opponents to agricultural guest worker legislation say that a better guest worker program takes jobs from Americans. They are wrong. Just the opposite is true! As I said above: Addressing the farm labor issue head-on with guest worker/legal authorization legislation is about job creation and farm retention.
Allowing for an adequate workforce on our farms enables farm owners to stay in business and produce high-quality, safe, local farm products. Further, it allows businesses that serve farms — those involved with farm inputs, services and processing — to keep jobs in the United States. Just look at the employment numbers. On average, every farm owner and farm employee results in the creation of three jobs directly related to agriculture. If there is no production on U.S. farms, most of those jobs are lost or shipped overseas. Make no mistake, farm businesses want a properly authorized work force. For the past 15 years, many in the Northeast farm community have tried to obtain a practical guest worker program and a process for on-farm workers to obtain legal status so they could continue as productive members of American agriculture. If policymakers are concerned about keeping jobs in the United States, they need to quit the games, find political courage and address the farm labor issue. This will keep jobs in the United States, allow productive use of American farmland, ensure a safe food supply and stimulate economic development.
Northeast States Farm and Closely-Related Employment (2002 Census: Data Not Available for 2007) Farm Owners/Employees Connecticut Maine Massachusetts New Hampshire New Jersey New York Rhode Island Vermont Northeast
10,064 10,533 10,929 4,956 9,148 59,514 1,328 9,432 115,904
Ag Services/Inputs/Processing 20,810 19,851 52,062 11,092 65,515 150,294 8,607 8,861 337,092
11 Financial Partner • Fall 2010
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HOW TO REACH US: Whether you want to praise us, complain, ask our advice or just let us know what’s on your mind, we’d like to hear from you. WRITE: Karen Murphy, Editor, Farm Credit, 240 South Road, Enfield, CT 06082-4451. CALL: 860.741.4380. E-MAIL: karen.murphy@farmcrediteast.com Copyright © 2010 by Farm Credit East, ACA. All rights reserved. Farm Credit is an affirmative action, equal opportunity employer.
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AgEnhancement
Grants
Learning Where Good Food Starts The Northeast Farm Credit associations and CoBank recently awarded $37,800 to 14 creative nonprofit organizations as part of the Farm Credit Northeast AgEnhancement Program. Here’s a look at two of those organizations, both of which are making a real impact on connecting farmers with the nonfarm public to improve the public’s understanding of where good food comes from.
In this photo, Julie Berry, of NYAAC, tests the multisensory kiosk at the New York State Fair in August.
• Keeping New York green. New York Animal Agriculture Coalition (NYAAC) used its $5,000 grant to buy a multisensory kiosk that features graphics, public service announcements and interactive games all geared to increase consumer understanding of and support for animal agriculture. NYAAC launched the kiosk at the New York State Fair in August and offers it to the agricultural community for events where farmers interact with consumers, such as county fairs, farm tours and open houses.
Here, a group of food professionals learn where good food comes from during their weekend camp experience.
• Increasing appreciation for locally produced farm products. Flying Pigs Farm will use its $1,000 grant to support Farm Camp, which owners Jen Small and Mike Yezzi created to educate urban-based food professionals about the realities and challenges of producing food. Participants leave the camp with a better understanding of and increased support for what it takes to get food from field to plate.
AgEnhancement Grants since 1996 AgEnhancement Grant details Bob Smith: 800.327.6588 AgEnhancement@FarmCreditEast.com Proposal submission deadlines: April 1, August 1, December 1.
Total grant dollars: Total projects supported:
$1,150,456 432