We all have the assumption that when we move back to work on the family operation that one day we’ll take it over or at the least buy them out of the operation. This assumption holds true until we find out that the family member that we want to take over for or buy out is in massive, crushing debt. Until you see their numbers and cashflow, you know nothing about your family’s operation.    Check out the Impact Legacy Farmer is having on the American Farmer here:  www.legacyfarmer.org

E100 | Faulty Assumptions

Join your host, Jace D. Young, as he leads you through the truth about being a Modern Day Farmer, Rancher, Entrepreneur, Married Spouse, and Parent.

Business

Investing

Careers

Management & Marketing

Business News

Shopping

All business owners go through pits and peaks when starting and growing a business. It’s very important to be able to recognize when you are in a bit and to not let yourself get stuck there. Our lives can be broken up into the 4 categories of body, being, balance, and business. Many times when the business is struggling it is one, or multiple, of the other categories pulling it down. Focusing on those other areas first can solve a lot of your problems without even touching the business. Taking action is key. Check out the Impact Legacy Farmer is having on the American Farmer here:  www.legacyfarmer.org

E128 | The Pits and the Peaks of Business

We all get into what we are doing to build something better for the next generation. We all have a vision on how we get to that point, and if things don’t go exactly as planned, we can start to feel like a failure. Sometimes, we also have to reevaluate the path we are taking to make sure it’s the most sustainable. Holding the goal of handing down a legacy is the most important, but you have to be flexible on how you get there. You also might have to be flexible on how exactly you hand down the legacy. What you have in mind might not be the best solution. If you know there are problems in the business, just take actions and get them fixed.   Check out the Impact Legacy Farmer is having on the American Farmer here:  www.legacyfarmer.org 

E127 | Stubborn on the Vision - Flexible on the Details

A lot of people like to tell themselves that once they fix their financial problems, everything will come together in their life. The issue is, once you fix the financial problems, all you are left with is the real problems. When it comes to solving financial problems, for some people it’s quick, for others, it can take years. When you are trying to build something great with your life, it will come at the expense of those you hold closest. Be it your time, or energy spent with those people. It is a heavy price to pay. You are constantly sacrificing time WITH the people you love most, FOR the people you love most, even though it can feel wrong in the moment. As a father and husband, this will weigh on you. You should recognize the pain on both sides and understand what your family is going through as well.    Check out the Impact Legacy Farmer is having on the American Farmer here:  www.legacyfarmer.org

E126 | Financial Problems Lead to Real Problems

On the farm there is usually a massive disconnect between leadership, and just telling people what to do. When you are telling people what to do you are just managing them, you aren’t teaching, building them, or growing them, like you would if you were leading. Leadership means leading people to become better versions of themselves. It’s important to lead your team members because they will come up against things they weren’t trained for and that you, yourself may not have come up against. Without your leadership, and helping them grow, they’ll just come to you for every issue rather than coming up with a solution themselves. You don’t want every small decision going through you.   Check out the Impact Legacy Farmer is having on the American Farmer here:  www.legacyfarmer.org 

E125 | Leadership & Psychology

There are times in our lives where we do take risks, but on the flip side, we must understand when to hold fast and protect what we have. Seekers take on unmanaged risk and always swing for the fences. Which is fine as long as you are considering all the 1st, 2nd, and 3rd order consequences that come with failure. Hiders are risk averse and avoid it at all costs. This is also fine as long as it’s managed and not all consuming. When you are the one that has built up the assets, you are much less likely to risk them. Risk is much more a young man's game, and with age comes the hiding and preservation. Balance is key.   Check out the Impact Legacy Farmer is having on the American Farmer here:  www.legacyfarmer.org 

E100 | Faulty Assumptions

Download our free app to listen on your phone