Impact Farming

In this week's episode, Tracy speaks to Tom Field, Professor at The University Nebraska-Lincoln, about a paradigm-shifting concept called "Re-Imagine Going Back to The Farm". Have you heard of the Engler Agribusiness Entrepreneurship Program? It is an innovative program at UNL that teaches agriculture students entrepreneurial skills and mindset. Through this program, many great entrepreneurs and businesses are born. In the end, many of these students go back to the farm; however, they tend to do it a little differently and with a more entrepreneurial mindset. Many go back with a side hustle or create one shortly after returning to the farm. This is how Tom's concept of "Re-Imagine Going Back to The Farm" was born. The World is no longer the same place that it was when our parents and grandparents started farming. High investment, the farm's ability to support another wage, and numerous other factors can make it challenging for the next generation to return to the farm. However, with the technology available in today's World, going back to the farm no longer needs to be such an all-or-nothing approach. In this episode, Tracy and Tom explore exactly that. They chat about:

• Tom's observations on the way kids go back to the farm, the biggest mistakes made, and how he would like to see this dynamic change.
• Tom introduces us to the powerful concept of re-imaging going back to the farm and why he feels that this is a critical conversation that farm families should be having.
• He shares how "different is the new normal" and provides examples of side hustles that the next generation, non-farming spouse, or non-farming children can create to complement the farming operation. A side hustle, or new enterprise, provides additional off-farm income and can be a great avenue for non-farming family members to thrive as well.
• They chat about a few of Tom's favorite powerful questions that should be asked to prevent founders and the next generation from falling prey to mixed expectations and assumptions. These questions will ensure each generation is aligned before starting on the journey.
• In true Tom fashion, he wraps the episode up with powerful and encouraging words of wisdom for our audience.

This episode is great for farm founders, the next generation, non-farming spouses, and even non-farming children. In this episode, Tom truly does share some game-changing ideas and information to help us "Re-imagine Going Back To The Farm". Join us for this exciting and invigorating look at going back to the farm.

............................... Don't forget to sign up as an Impact Farming Insider so that you are first to know about all-new episodes, fantastic contests, and new promotions https://www.farmmarketer.com/impact_farming_show/sign-up ………………………….

In this week's episode, we speak to Michael Langemeier, Purdue University Professor, about the "Feasibility of Going Back to The Farm". In business, it is a commonplace activity to perform a feasibility study before buying or expanding a business to allow a family member to join. In today's interview, we discuss exactly that. While there are many ratios and calculations to perform to help answer this question, this episode looks at the decision from a 30,000 foot view. It provides some critical information, questions to ask, and pitfalls to avoid when making this important decision. Throughout the episode, Tracy and Michael discuss:

• Some of the biggest mistakes that he sees students and farm families making when it comes to going back to the farm. Michael proposes a better strategy for success.
• Why must this feasibility conversation be had?
• They discuss how clear communication is essential before this process begins. Not when the second generation arrives back at the farm.
• Why knowing your financials is key to having this conversation.
• Michael explores how the financial implications of this decision go much deeper than just one new wage. He shares how some of the most important costs and considerations of welcoming back the next generation to the farm are often completely missed. He provides key financial considerations beyond the wage.
• They touch on compensating the next generation and sweat equity.
• They address ownership and the benefits of looking at the opportunities gained/missed by investing a portion of your working career in the farm, especially if ownership conversations are avoided.

Whether you are the founder or the next generation looking to come back to the farm, this conversation should not be missed. This episode provides amazing insight to make sure that everyone is making this decision with their eyes wide open. Having clarity and asking the tough questions ahead of time can put both generations on a path to success and continued family harmony. Isn't that what we all want?

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Show Resources: For more information about farm business management, check out these links:

• https://ag.purdue.edu/commercialag/home/resource/2020/10/financial-management/
• https://ag.purdue.edu/commercialag/home/resource/2020/08/is-it-feasible-for-my-farm-to-add-an-operator-or-hired-employee/
• https://ag.purdue.edu/commercialag/Pages/Resources/Management-Strategy/Business-Planning/Should-Sweat-Equity-be-Used-to-Compensate-a-Returning-Family-Member.aspx

............................... Don't forget to sign up as an Impact Farming Insider so that you are first to know about all-new episodes, fantastic contests, and new promotions https://www.farmmarketer.com/impact_farming_show/sign-up ………………………….

Thank You to our Show Sponsor: Smart Nutrition™ Boost your soil's performance with new Smart Nutrition MAP+MST. Learn More

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In this week's episode, we speak to Elaine Froese, Farm Family Coach, about "Family Roles on The Farm". To be successful in a family business, defining each family member's roles and responsibilities is crucial in creating a culture of professionalism, personal responsibility, and accountability. While the principle is clear, the practice is sometimes harder to implement. In this week's interview, Tracy and Elaine speak about:

• The "three circles" family business model and why it is important to know which circles you are in.
• The importance of establishing roles within the farm business and why this conversation should not be ignored.
• Who gets to work on the farm? Does your DNA guarantee you a position?
• Hiring procedures similar to those of any traditional non-agriculture business. What happens if it does not work out? Can you fire a family member?
• Work-life balance in farming and why it is important for health, happiness, and relationship harmony.
• Are you in the ownership circle? Has it been discussed, or are vital stakeholders operating on assumption and outdated discussions?

If you are part of a multi-generation farm family business, you will not want to miss this episode. Elaine shares a tremendous amount of wisdom to help farm families avoid common pitfalls when it comes to working with family.

............................... Don't forget to sign up as an Impact Farming Insider so that you are first to know about all-new episodes, fantastic contests, and new promotions https://www.farmmarketer.com/impact_farming_show/sign-up

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In this week's episode, Tracy speaks with three great guests about their upcoming virtual seminar titled "Managing Through The Storm".

Seminar Overview

Managing the family business, as well as the family and business relationships can feel like navigating through a storm. If this describes how you feel at times, you're not alone.

Are you experiencing a strain on cash flow due to weather, lower commodity prices, feed shortages, trade issues and delivery delays and not sure how to fix it, or how to prepare for the discussion with your creditors?

Do you have trouble managing employees and family members and is poor communication among family members causing you stress?

Are you feeling overwhelmed with all the chaos that life has thrown at you?

If you answered any of these questions with a yes, then this seminar is for you. Through the information, stories and experience of the specialists, you will gain tips, tools and practices to help you navigate your storm with confidence and peace of mind while reducing stress for yourself and your family.

............................... SEMINAR REGISTRATION

This seminar is to be held online February 25, 2021. Please click this link: Eventbrite Sign Up to sign up through Eventbrite.

Alternatively, if you have further questions or inquiries please send an email to: [email protected]

............................... Don't forget to sign up as an Impact Farming Insider so that you are first to know about all-new episodes, fantastic contests, and new promotions https://www.farmmarketer.com/impact_farming_show/sign-up

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Thank You to our Show Sponsor: eKonomics™ Making Sense of Today's Crop Nutrition Research eKonomics is dedicated to busy, business-minded growers like you. In today's fast-paced growing environment, we know it's hard to find time to decipher the endless stream of soil fertility information available, so we do it for you.

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In this week's episode, we are joined once again by Heather Watson from Farm Management Canada to chat about their "Farm Transition Appreciation Day" and initiative recently launched.

January 12, 2021, marked the inaugural Farm Transition Appreciation Day, which invites farmers to celebrate farm transition planning and take action. The goal of the day is to bring awareness to the importance of farm transition and to celebrate to progress made and the progress that is underway. Over the next ten years, 75 percent of farms will change hands, yet only 8 percent of farmers have a written transition plan.

"By pledging to take steps towards transition planning, farmers are not only building upon their legacy, but ensuring the continuity of Canada's agricultural excellence through effective management planning," said Heather Watson, executive director of Farm Management Canada.

Join Tracy and Heather as they chat about the day, the agenda, and speakers, and what we can hope to look forward to in years to come.

............................... Don't forget to sign up as an Impact Farming Insider so that you are first to know about all-new episodes, fantastic contests, and new promotions https://www.farmmarketer.com/impact_farming_show/sign-up

............................... SHOW RESOURCES Find all the information you need about farm transitioning including Farm Management Canada's new online tool, "The Farm Transition Guide". http://farmtransitionguide.ca/ https://takeanewapproach.ca/ https://www.fmc-gac.com/ ...............................

Thank You to our Show Sponsor: eKonomics™ Making Sense of Today's Crop Nutrition Research eKonomics is dedicated to busy, business-minded growers like you. In today's fast-paced growing environment, we know it's hard to find time to decipher the endless stream of soil fertility information available, so we do it for you.

Learn More Here: http://trkit.win/.2zdox ………………………….

In this week's episode, Tracy speaks with Heather Watson from Farm Management Canada about their excellent new online tool called the "Farm Transition Guide". Is transition planning on the horizon for your farm, but you are not sure where to start? Farm Management has you covered with their new website dedicated 100% to all things farm transition planning. In this episode, we are excited to chat with Heather and promote their new tool, which we feel pulls together information, tools, and resources nicely into one location. This is a huge win for farmers. Join Tracy and Heather as they chat about:

• Why they launched the website?
• What tools and resources can be found on the website?
• Heather speaks to the website's intuitive layout and explains how it is mapped out into stages based on where someone is at on their farm transition journey.
• Where do advisors fit in, and how can farmers find them?
• What tools are available to help us?
• Tracy and Heather cover this and so much more.

So many farmers stop before they get started because this process can seem vastly overwhelming. Paralysis no more!!! Join us in today's episode as Heather shares the exciting details of Farm Management Canada's "Farm Transition Guide". ............................... Don't forget to sign up as an Impact Farming Insider so that you are first to know about all-new episodes, fantastic contests, and new promotions https://www.farmmarketer.com/impact_farming_show/sign-up

............................... SHOW RESOURCES Find all the information you need about farm transitioning including Farm Management Canada's new online tool, "The Farm Transition Guide". http://farmtransitionguide.ca/ https://takeanewapproach.ca/ https://www.fmc-gac.com/ ...............................

In this week's episode, Tracy speaks with Justin Chaput in this episode titled "What Your Accountant Wants You To Know". When you are about to make that next big business decision on the farm, are you often left wondering whose advice you should seek? Your accountant should be your first point of call. While many people often underutilize their accountants, it is important to remember they have a wide range of experience and skills that farmers can leverage when making decisions that impact their business. A great accountant will work with you from day one, understand the ins and outs of your farm, and have you and your businesses' best interests at heart. Join us in today's episode as Justin shares his message of "What Your Accountant Wants You To Know". ............................... Don't forget to sign up as an Impact Farming Insider so that you are first to know about all-new episodes, fantastic contests, and new promotions https://www.farmmarketer.com/impact_farming_show/sign-up ...............................

Bookkeeping is essential for helping you maintain accurate financial records. Yet still, many farm businesses fail to implement this necessary process. Besides the fact you are required under law to maintain accurate books and records, doing so will save you frustration later on.

In fact, "poor accounting" is one of the top reasons businesses fail. Without bookkeeping or accounting, you are blindly driving your business.

Still not convinced that your focus needs to be on bookkeeping or that you should hire a bookkeeper for the farm? Join us in today's episode as Wade shares the top 5 Mistakes they see regarding farms and bookkeeping.

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Don't forget to sign up as an Impact Farming Insider so that you are first to know about all-new episodes, fantastic contests, and new promotions https://www.farmmarketer.com/impact_farming_show/sign-up

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"If you do not know where you are going, any road will take you there." This quote is a great way to lead into today's episode about strategic planning for the farm. Are you familiar with the term strategic planning? Are you wondering what it is all about? Or maybe you are new to the term, and you are currently looking to improve the operational efficiency and profitability of the farm. If so, this episode is for you!

In this episode, Tracy chats with Josée about:

• What is strategic planning?
• Who can benefit from strategic planning?
• How does it work?
• What is covered in the plan?
• Tips for getting the most out of your plan.
• The benefits of working with an advisor for strategic planning and much, much more.

Are you looking to hone your farm business management practices? Strategic planning is one of the essential tools in the farm business management tool belt. Tune in to today's episode to see how this process could IMPACT your farming operation.

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Thank You to our Show Sponsor: Smart Nutrition™ Boost your soil's performance with new Smart Nutrition MAP+MST. Learn More

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In this week's episode, we will be broadcasting a special feature in place of our regular weekly episode. We look forward to bringing you another year of Impact Farming Show episodes starting on Wednesday, January 6th.

This past fall, Tracy was honored to moderate a panel for the North American Ag Roundtable. This panel was focused on the people of agriculture and aptly titled "The Future of Agriculture & the People Who Keep it Growing - Employment, Education & Succession."

As an industry, we know that the future of agriculture lies in the hands of our people. Is the next generation ready, though? We have many opportunities in the agriculture industry; however, we also have many challenges facing our industry. How do we give young people a chance at a future in ag? How do we help provide farmers with reliable employees? How do we support families transitioning during succession planning and execution?

During this panel, Tracy had the opportunity to interview some of our industry's finest thought leaders in agriculture education, employment, and succession planning. We dove deep into these very questions, and our panel experts did not disappoint. Each expert brought their decades of experience to the table and left session attendees with many takeaways and ideas to ponder. The panel was so well received and wholly aligned with our show mission that we decided to rebroadcast this great session to our audience here on the Impact Farming Show. We hope you enjoy it.

As always, we would love to hear your thoughts on the episode. What was your biggest takeaway? Did you hear something in this episode that you would like to implement on your farm? Please drop us a note in the comments. We love forward to hearing from you.

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Don't forget to sign up as an Impact Farming Insider so that you are first to know about all-new episodes, fantastic contests, and new promotions https://www.farmmarketer.com/impact_farming_show/sign-up

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