Tales From a Grey- Haired Ag Banker
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1 Tales From a Grey- Haired Ag Banker Curt Covington Sr. Vice President Farmer Mac Top Producer Annual Conference January, 2016 Chicago, Illinois
2 My Background Grew up in farming 37 years in agricultural banking Farm Credit Rabobank Bank of the West Farmer Mac Training and Education Agricultural Lending Institute FFIEC Fresno State University
3 Tale of Two Stories The Wild Stallion Depicts Unregulated Commerce The Strong Viral Man Represents the Government s Attempt to Subdue Unregulated Commerce Man Controlling Trade by Michael Lantz, c Federal Trade Commission Bldg - Washington D.C
4 Tale of Two Stories Ag Banker Along For The Ride by Curt Covington, c. 2016
5 Almost Everything I ve Learned About the Best Producers Fits into For Example.
6 The Best Producers Understand Working Capital 1 st Defense Against Price Volatility Quality of Working Capital as Important and Quantity Real Estate Equity Does Not Pay the Bills Cash Biggest Enemies: Tax Law Mega Retailers Receivable Crop Inventory
7 Basic Management Skills are Well Executed Planning Change or Refine Meaningful Planning and Enterprise Accounting Tools Decision Making Control Monitor the implementation of the plan and to make corrective actions whenever required
8 Time Appropriately Spent Decision Making Decision Making Negotiating Negotiating Doing the Doing Doing Bad Good
9 Crisis Management Top Producers recognize the need for plans outside the ordinary Financial Crisis Natural Disaster Technology Political /Social
10 Volatility Leads to Vulnerability Who is at Risk? If Agriculture is headed into a period of economic volatility, top producers will want to prepare for it. The most vulnerable producers are: The youngest The most highly leveraged and under capitalized Those with weak working capital positions Those without a solid marketing and risk management plan Those that are highly dependent on others to make decisions The uninformed
11 A Vulnerable Borrower Can Turn into a Distressed Borrower! Who is a Distressed Borrower? One who cannot repay their loan as agreed for whatever the reason. Often times that is dictated by a credit or loan agreement. What is the borrower feeling? Denial and fear. I don t have a problem I have a problem. It wasn t my fault. I don t want to own or deal with it. I have a problem. I own it BUT, I am want you to fix it. I have a problem. I have no choice but to take action to fix it.
12 A Top Producer Distressed Borrower s Handbook Establish and maintain communication with the Bank and other creditors. Conflict creates stress. Many borrowers (and some bankers) would rather avoid the discussion altogether. Be pro-active. Take the lead in seeking a solution. Enlist the help of experts at the front end. Frame the situation from many perspectives: - Financial - Legal - Social - Emotional - Personal - Family
13 A Distressed Borrower s Handbook Explore Options Explore at least two options but throw as much mud against the wall as you can. Keep all options open and on the table. Consequences List the favorable and unfavorable aspects of each option. Select the best option for both you and the bank/creditors. Take action. You are responsible for making the plan work -You are in control of the plan s success. Don t look back!
14 Elements of a Successful Fix It Plan To be acceptable to the bank, a restructure plan must be in writing, and: Achievable in light of current economic conditions. Executable by current management. Returns the borrower to Viability. Popular Myths 1) Despite what you or others might think, foreclosure is usually the last option available to the bank. It is time consuming, costly and not without reputation risk to the bank 2) Bankers are not heartless. Many of us are or have been in the farming business. We have fears too! Good bankers will always work towards a win-win result.
15 The Next Top Producer Generation Is more highly educated Has developed a global economic perspective Has never seen difficult times. Has a work ethic BUT is second to building personal relationships. Intrigued by technology and how it can benefit the farm but does not always understand the financial burden. Will be bombarded with social welfare, ecological sustainability and animal welfare propaganda. Searching for the truth will be the dividing factor. Is thinking more about succession management than their parents. ( I m your FATHER, you can t fire me! ) Expects the ladder of success to be an escalator
16 Credit Availability and Credit Structure The Future Equity requirements will increase Working capital must be restored to more traditional levels. Bankers and Farmers became far too dependent on real estate equities as a backstop. The cost of renting money is going up. For many years middle market lending has been priced well below the associated risk. Covenants and loan structure will be more meaningful and much tighter. Better financial reporting requirements in terms of quality and timing will be basic to virtually all borrowing relationships.
17 Thank you! Questions?
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