Professional Farm Management
Professional Farm Management has only been around since the turn of the last century, but in that time, professional farm management has played a vital role in American Agriculture.
During World War I, demand (and prices) for American agricultural products grew, causing American farmers to scramble to produce more crops. Many borrowed heavily to buy land and modern industrial equipment.
In 1920, many European nations imposed tariffs on imported agricultural goods to support their farm industries. Prices dropped resulting in depressed land markets. Farmers were unable to pay back borrowed money. Faced with taking a loss selling land in a depressed market or becoming landlords of foreclosed property, many banks opted for the latter with professional farm management, hoping that land values would return.
The first farm management employees were loan officers who themselves grew up on a farm. They brought their business management skills to farm management at a time when many farmers had too many responsibilities on the family farm to further their education beyond high school.
Professional farm management led the way to bring innovative technology and business practices to farm production. From the management of high yielding hybrid crops, to adopting risk-lowering crop rotations, to use of new fertilizer and herbicide technologies, Professional Farm Management has and continues to make American agriculture the world class industry it is today.
