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NY FarmNet’s Comprehensive Risk Management Approach

A. Edward Staehr

Summary

Farm business success depends on managing numerous sources of risk by developing a plan for future business operations. Plan implementation often involves managing financial, human resource, legal, production, and marketing risk. NY FarmNet employs a consultant network located throughout the state to work individually with farm families. Program consultants meet with farmers individually to assist them develop and implement a plan for future success. Managing risk via evaluating business options and planning for the future is a cornerstone of NY FarmNet’s program activities.

Farmers contact NY FarmNet via an 800 helpline that is accessible 24 hours a day. Once a call is placed, it is returned by a consultant within one day. Over the years, needs in the farming community have changed and NY FarmNet has evolved to meet such needs. Farm families who are in the process of making critical changes are now a key program customer. Examples of reasons why farms call are: transfer questions, getting started in farming, farm business and finances, family communication, and intergenerational conflict. Major producer audiences accessing NY FarmNet’s free and confidential services are beginning farmers, producers who are preparing to retire and interested in helping the next generation get started, and farmers who would like to find new markets for their crops. Each farm has specific needs and requires a customized plan for the future. NY FarmNet’s approach to risk management on farms has proven to be effective. Over 90 percent of farms receiving assistance either improve or expand, and program consultants work with over 800 farm families annually.

Details

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