Some farms are big, some are small. And just because a guy is a farmer, it doesn't instantly mean he's good at it or good at business/finances. My best friends are farmers and I know a ton of others.
Some types of farmers I know:
1. My one friend farms about 600 acres(half family owned ground) and that's a small farm around here. He operates all paid for equipment and has a low/no debt model. He's extremely in tune with his books. He works another job and runs the farm on the side, generally hitting it hard for a few weeks in the spring and fall. He'll be the first to tell you that a lot of farmers are bad at accounting. He was also offered PPP money when he's the only full time employee. He actually turned it down to the surprise of his accountant. This friend of mine would low to grow his farm but he doesn't play the game like the larger ones will so growth may be slow or not at all. He's ok with that.
2. An acquaintance of mine farms about 1200 acres. Family ground is maybe half of it if I recall correctly. This farmer has ZERO problem with debt and creative accounting. He actually had a negative personal income a few years ago but has a brand new $80,000 truck and is building a house. He's very intelligent and knows the game inside and out. Any tax advantage or program he can get his hands on he'll use.
3. Another good friend farms 2800 acres, half family owned ground. Has some paid for equipment but will play the game on new equipment to get deals on depreciation and such. He too is very in tune with any accounting advantages or goverment programs that are out there. I love him to death but when I'm there after work having a beer there's plenty of bitching about the politicians and big government.
4. There's a few mega operations that are very different from the ones above. One particular farmer that for a short while I leased a hunting spot from farms 16,000 acres. Lots of generational wealth. This guy basically started on 3rd base but acts like he hit a home run when he scores. They farm ground that's hours apart. When you go by the farm there's 5 of the newest biggest green tractors on tracks, or in the fall 5 brand new combines. These guys will always win the bid to custom farm, play all the games on equipment purchases, get every tax break and subsidy, whine and complain, but then act like they're gods gift to farming. These are the types of operations that will jack land prices and not think twice about it.
I guess all that typing was to say that not farms are created equal. Like any business or in the population as whole, you've got smart and dumb, honest and dishonest, good and bad. Farming is no different. It is an interesting industry in that it's largely rural conservative folks that are highly intertwined with government subsidies and programs. It's entertaining to watch at the very least.
