Chief Financial Officer
Following high school graduation in 1970, spent the next two years working on family 2,000 acres, leased wheat farm. located on Fort Belknap Reservation; a farm which had begun from my Grandmother’s 240-acre land allotment on Fort Belknap Reservation. Following the 1972 credit crisis at our local bank, became CFO negotiated and structured a private placement line of credit, from a local investor, to finance the production of the 1973 wheat crop. The price of wheat rose from $1.25 per bushel to $5.00 per bushel by harvest 1973 and produced substantial profits for not only our farm, but all agriculture. Thus began Stuart Farm’s expansion from an original 240 acres in 1964 to 70,000 acres by 1984; 30,000 acres on Fort Belknap Reservation including 20,000 leased, and 10,000 purchased on Contract for Deed, and another 40,000-acre farm/ranch purchased northeast of Billings in 1984. Stuart Farm’s creatively financed and built 450,000 bushel of grain storage, including a private 100,000-bushel elevator, with rail access and loading of leased grain cars, initiating a strategy of vertical integration for the farm. Wheat was marketed to west coast flour mills. The 1984-85 farm credit crisis was brought on by drought combined with an historic change in federal agriculture policy, that included lowered cash prices for commodities and subsidy payment limitations, both of which targeted large farm operation. Land values collapsed; banks collapsed. Stuart Farms structured a private placement $1,000,000 line of credit to continue in operation and began a multi-year restructure including the sale of the 40,000 farm/ranch, reduction in leased farmland, with a focus on the retention of the 10,000 acres of land purchased under contract for deed. The final stages of the restructure were completed in 1993, by filing a 1990, preplanned $6,500,000 Chapter 11 Reorganization. The family retired from farming in 1995, retaining the original 240 acres from which it started.