Note: This is part one of a two-part blog series on buying or selling a farm. You want to buy or sell a farm. Before you push a “For Sale” sign into the ground or negotiate with the owner, make sure you’re doing it for the right reasons. We’ve advised many clients on how to […]
Financial
Death and Taxes is How We Lose It: The Importance of Succession Planning for American Agriculture
The hit TV show “Yellowstone” has achieved popularity with agricultural and non-agricultural audiences alike. Along with dramatized glimpses of ranching life, it also provides nuggets of truth with real world application. In a recent episode, while facilitating the sale of a family farm where one sibling couldn’t afford to buy the other out to retain […]
Collection of Lawsuit Attorney Fees in Iowa
Attorneys’ fees can be significantly expensive for a party in a lawsuit, and often those fees cannot be recovered by the plaintiff even after winning a judgment. Many parties to a transaction will wisely include a provision in their contract stating that if a judgment is recovered with respect to the agreement then the prevailing […]
Looking to 2022: Can You Weather the Financial Storm?
Few things capture the attention of agricultural producers like the weather. Farmers and ranchers often check the forecast multiple times a day in an attempt to stay ahead of any chances of inclement conditions. Wind, precipitation, and extreme temperatures can have significant effects on the health of animals and crops alike, so it is important […]
Creditor Attorney Fees in Bankruptcy
In bankruptcy, parties fight over a limited pool of assets while fees diminish what remains in the estate. While most creditors are responsible for paying their own attorneys’ fees, oversecured creditors are entitled to attorney fees from the debtor pursuant to 11 U.S.C. § 506(b) which states: To the extent that an allowed secured claim is […]
Joe Peiffer on The Big Show 9/17/2021
Attorney Joseph Peiffer recently chatted with Andy Petersen from The Big Show about how to plan ahead looking forward from the beginning of harvest. Listen below and feel free to read along! Andy Petersen: Well, let’s talk a little agricultural business here with a good Big Show buddy, and a business expert, Joe Peiffer, Ag […]
Joe Peiffer on the Big Show 5/27/2021
Shareholder Joseph Peiffer got to chat with Andy Petersen last month on The Big Show. Listen and read below: Andy Petersen: We’re going to talk the business of agriculture here for a little bit on The Big Show today. Joe Peiffer, good Big Show buddy. Ag and Business Legal Strategies is the name of the […]
Joe Talks Farm Business on The Big Show
Joe Peiffer appeared on The Big Show yesterday, 3/17/2021, to talk with Andy Peterson about farm business. You can listen to the interview and read the transcript below. Andy Petersen: Let’s talk a little ag business on The Big Show today with Joe Peiffer, Ag & Business Legal Strategies. Good friend of The Big Show […]
Economic Relief and Incentives for Small Employers: Three Loans, Two Credits
Congress has given small employers several options to help them weather the economic effects of the COVID-19 pandemic: 1. Immediate SBA Emergency EIDL Grants. These $10,000 grants that will be available through your local bank (if an SBA authorized lender). Once they get their heads around the program, you should be able to get the money […]
Joe Peiffer Quoted in Debtwire Article
31 December 2019 | 12:27 EST Farm bankruptcies hit nine-year high; impact of higher debt cap remains unclear Chapter 12 family farm bankruptcy filings soared in 2019 to their highest level since 2010 as unusually brutal weather heaped more stress on an agriculture sector already reeling from the trade war with China and multiple years […]
Farmers In Crisis
Joe Peiffer was recently quoted in the Wall Street Journal in an article entitled “Farmers in Crisis Turn to High-Interest Loans as Banks Pull Back.” You can read the full article here: WSJ 11/10/2019 or read the highlights below: “Some bankruptcy attorneys said costlier terms from nonbank lenders can make it hard for farmers to […]
Farms on the Margins: Debt Figures Raise Questions of Whether Farm Debt is on Cruise Control
Joe Peiffer recently chatted with Chris Clayton of Progressive Farmer/DTN regarding the current farm situation. Article: https://www.dtnpf.com/agriculture/web/Ag/news/business-inputs/article/2019/03/19/debt-figures-raise-questions-whether Excerpts: “Right now, we’re having many people find out shortly before they have to pay rent that they aren’t going to have financing,” said Peiffer, who works with farmers in Iowa and Illinois. Some of these farmers needed millions […]
Joe Peiffer on the Big Show – Cash Flows
Joe Peiffer had the opportunity this week to talk with Doug Cooper on The Big Show regarding cash flows. Listen below! DC: There was some concern going into this year’s planting season that some farmers may have some cash flow issues with their bankers. Joe Peiffer is a bankruptcy lawyer with Ag & Business Legal […]
Joe Peiffer on the Big Show
Joe Peiffer recently chatted with Doug Cooper, one of the hosts of the Big Show on WMT and other midwest radio stations, about the changes in Chapter 12 bankruptcy laws and the current farm economy. Here are the first two segments of that interview (We will update this post when more segments have aired). If […]
Tough Financial Times in Agriculture and Lending Clauses – Peril for the Unwary
Overview The farm economy continues to struggle. Of course, certain parts of the country are experiencing more financial trauma than are other parts of the country, but recent years have been particularly difficult in the Corn Belt and Great Plains. Aggregate U.S. net farm income has dropped by approximately 50 percent from its peak in […]