Farming is never the same from year to year - sometimes prices are good, net farm income is high, and other times margins are tight. Planning ahead, or contingency planning for financial hardship is important for any farm operation. In this final episode in the Farm Risk Management series, Purdue's Michael Langemeier and Ed Farris join Brady Brewer to discuss financial risk management. How to evaluate farm financials, update financial statements, analyze performance, and when borrowing makes sense.

This series is based on the Six Pillars of Farm Risk Management course, funded by the North Central Extension Risk Management Education Center.

Podcast provided by Purdue University's Center for Commercial Agriculture. Find the rest of this farm risk management series and resources at https://purdue.ag/farmriskmgmt. More information on contingency planning is on the Purdue Institute for Family Business' website https://purdue.ag/fambiz.