February 19, 2014
Dr. Gordon Groover, Extension Economist Farm Management, Department of Agricultural & Applied Economics, Virginia Tech
When someone thinks of a farm lease, the first thought usually is, “how much will I pay or get paid?” This often occurs before the tenant or landlord have even meet or discussed any terms. However, the main thought process should quickly shift to, “how can we reach a fair and beneficial arrangement for farmland and improvements?” Focusing on price does ground the process on financial terms yet it “short-circuits" the process of systematically discussing the contributions each is providing to ensure a viable arrangement. For example, what kind of land and improvements can be offered by the land owner? What kind of experience, skills, management, machinery, and/or livestock can be offered by the land seeker? These types of questions are a sample of what needs to be analyzed to achieve a fair lease arrangement. This webinar will focus on basic economic considerations of leasing, establishing a negotiation range, and valuation of assets and other inputs supplied by the leaseholder and/or landlord--- together designed to help farmers address those important farm leasing questions.
The Virginia Beginning Farmer & Rancher Coalition is a state-wide and coalition-based Extension program, housed in Virginia Tech’s Department of Agricultural, Leadership, and Community Education. Funding was sponsored by the Beginning Farmer and Rancher Development Program (BFRDP) of the USDA National Institute of Food and Agriculture (NIFA) Award #2017-70011-26861, and the Southern Risk Management Education Center Grant #545015. For more information about the program or funding, contact Kim Niewolny, Program Director and Extension Specialist, at firstname.lastname@example.org or 540-231-5784.
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