John I have no problem with good management and hard work growing any business. The trouble with many BTO type of farmers they have skated the edge of financial profitability. So every time there is any kind of down turn in crop prices they bleed money like crazy. Then the majority run and file some form of bankruptcy to stop the fall out from their bad business practices.
The largest farm in my area has filed chapter 11 twice in the last 30 years. So while I paid my debts off they got hundreds of thousands, may be millions, wrote off. I talked to one of the boys of the BTO a few years ago at ADM while in the corn line. When corn was $5-7 they where renting ground with rents so high they may only be clearing $30-50 an acre on a gross of over $1300-1500 an acre. I know of two different farms that they front paid $550 dollars an acre per year for a three year contract. Meaning they paid $1650 on March 1st. of the first contract year to farm the land the next three years. Currently they are behind on several of their rental contracts. I have talked to three fellows that did not get their March 1st. payment yet. Yet to hear the old man talk they are going strong with no problems. In Dec. he ran up a piece of ground that was selling next to a friend of mine. The auction clearly stated you had to have 10% of the purchase amount in certified funds the day of the auction. The BTO got the high bid but could not produce a certified check. He wanted them to hold a personal check until the next week. The backup bidder got the farm. He had his money with him.
This is not limited to this one fellow. I could list you 10-20 of them off the top of my head in the 30 miles around me.. What really POes me is the bank and Farm Credit guys that fawn all over these guys like their are special. They all have had debt written off in the past.
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Today's Featured Article - Timing Your Magneto Ignition Tractor - by Chris Pratt. If you have done major engine work or restored your tractor, chances are you removed the magneto and spark plug wires and eventually reached the point where you had to put it all back together and make it run. On our first cosmetic restoration, not having a manual, we carefully marked the wires, taped the magneto in the position it came off, and were careful not to turn the engine over while we had these components off. We thought we could get by with this since the engine ran perfectly and would not need any internal work. After the cleanup and painting was done, we began reassembly and finally came to t
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