Impact Farming

There are several types of planning in farm business management, and many of these planning processes are well known. They are production planning, financial planning, tax planning, estate planning, transition planning, etc. This week, Tracy speaks with Tom about a critical planning process that does not receive enough attention when it comes to setting our farm business up for success. This process is called contingency planning, otherwise known as emergency planning.

Tom is a Professor at the University of Nebraska-Lincoln and speaks to students and farm families about the importance of planning on the farm. Now more than ever, Tom is passionate about communicating this message to farmers. To start the episode, he shares a powerful quote with our audience "Planning is attending to the goals we ought to be thinking about and never do, the facts we do not like to face, and the questions we lack the courage to ask."

With the COVID current pandemic at the forefront of everyone's minds right now, this conversation about "Planning For The Unthinkable" is an urgent and timely message for all farm families.

Join Tracy and Tom as he shares his four-part process to creating a contingency plan for your farm business operation.

Are you like the vast majority of the human population, and you avoid creating a will or emergency plan because you are superstitious? Or because, honestly, who wants to plan for something morbid when we can do anything else? If so, Tom shares a brilliant little mind hack right towards the end of the episode that COMPLETELY changes our mind frame for how we approach emergency planning. This thought shifter will remove a majority, if not all, of our reluctance to "Plan For The Unthinkable." This mind hack right here is worth its weight in Gold.

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We all know that farmers are masters of getting sh!t done; however, energy management is key to sustaining what we do as farmers, and we wanted to bring Michelle on to speak about some of her key takeaways from this book.

Here is a highlight from the book's preface:

In The Success-Energy Equation, she shows you how, by using the wisdom of science and your innate common sense, you can combat 21st-and-a-quarter-century stress and tap into a well of energy that will fuel every area of your life. She shows you how slowing down and listening to your body can help you work better and how a focus on health and energy management will sustain your efforts in all you do.

With the right tools and guidance, great things are possible for you.

The Success-Energy Equation teaches you how you can boost your energy to:

• Go from being stuck on autopilot to thriving with awareness
• Set worthwhile goals that feed your sense of purpose
• Work better, smarter, and with more focus
• Improve your attitude, self-confidence, and self-efficacy
• Create a life of greater clarity and fulfillment
• And much more.

Energy is a magic multiplier that will drive you toward higher levels of success in life. It's also your not-so-secret weapon against 21st-and-a-quarter-century stress. Engage your success-energy, reach your goals, and live a life you truly want.

We hope that you enjoy this interview as much as we enjoyed bringing it to you.

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If you are interested in Michelle's book, you can order your very own copy from Michelle's website or at Amazon.

Buy Your Copy on Michelle's Website

Buy on Amazon

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Timothy's book, which was released yesterday, December 1st is coined as "An entertaining and practical guide to getting through the day with less stress and better health", from the host of the hit TV series A User's Guide to Cheating Death.

We were excited to have Timothy on the show to share more about his book where he walks readers through the incredible number of decisions that we face and shows the underlying science behind our actions and habits. What he reveals is that we make decisions that are based to a lesser or greater extent, on misinformation.

In this interview, Tracy and Timothy chat about some key highlights from the book including:

• Decisions - Timothy shares that our daily decision count hovers in the thousands, and he touches on what all goes into making our decision-making process.
• The Three Paradoxes - In the book, Tim explores the deep dis-connect between the rationales and beliefs behind our decisions. He then shares what the actual science says about the three harmful and increasingly pervasive social paradoxes. These are golden!!!
• The book: They chat about the book, why he wrote it, and what the main thing he hopes that readers take away from this new book. They then dive into the bulk of the book and the unique and compelling way that it is structure. From Chapter one till the end, Timothy takes us through a regular day from the moment we wake up to when we go to sleep, and he explores each and every one of the decisions that we need to make.

Here is a highlight from the book's preface: In Relax, Dammit!, health policy expert Timothy Caulfield takes us through a regular day--from the moment we wake up to when we go to sleep--and shows the underlying science behind our actions and habits. What he reveals is that we make decisions that are based, to a lesser or greater extent, on misinformation. Whether he's studying cell phone use, bike commuting, or raw-milk cheese consumption, Caulfield shows that many of the things we believe to be healthier, safer, or just better, simply aren't. With solid grounding in current and reliable scientific findings, the author points to a less stressful way forward--which means we can all afford to relax a lot more.

Since many of the day to day decisions that Timothy speaks to are food related, we thought this would be a fabulous interview for our audience who are both individuals making daily decisions in life and farmers who are often scrutinized through consumer's misinformation based around food related subjects. It's all covered in the book.

We hope that you enjoy this interview as much as we enjoyed bringing it to you.

…………………………. Timothy's book was released yesterday, December 1, 2020 and you can buy Your Copy of This Riveting Book here: http://clforward.com/.2zdsq

Or you can order your very own copy at Amazon or other book sellers.

We will also be giving away copies of this book, so make sure that you are signed up as an Impact Farming Insider so that you are automatically entered into all contests and giveaways https://www.farmmarketer.com/impact_farming_show/sign-up ………………………….

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 to Terry Betker from Backswath Management about "Strategic Borrowing". Terry is recognized for his visionary and leading-edge contribution to farm management, and we are thrilled to have Terry joining us on the show once again. In this episode, Tracy and Terry chat about:

• How farmers can be very traditional, if not a little passive, when it comes to borrowing money for their farm.
• How has the lending industry changed from then to now? Terry's career spans over 40 years of working with farmers, so he draws on his years in the business and shares the changes he has seen and why it is important.
• They discuss how competitive the current market is amongst lenders, and the opportunity it holds for farmers.
• Terry shares what a farmer should look for in a financial institution and touches on the essential relationships farmers need to form with key individuals.
• Are you interested in learning the biggest mistakes that farmers make when seeking loans? He shares those as well and the often-unknown consequences that arise from these mistakes.
• Strategic borrowing…so what does that really mean? Please tune in to find out and hear Terry share some game-changing tips and strategies to prepare for and seek financing for our farming operations.

Are you looking to hone your farm business acumen? This episode holds the keys to help farmers become more strategic in their lending transactions. Did you catch last week's episode? If not, you will want to listen to that one as well, where Tracy chats with Terry about all things farm debt in an episode titled "Till Debt Do We Part." These two episodes complement each other well. See it here: "Till Debt Do We Part" w/Terry Betker

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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. Learn more HERE. ………………………….

In this week's episode, we chat with Terry Betker about farm debt in this episode aptly titled "Till Debt Do We Part." Terry is the President and CEO of Backswath Management Inc., based out of Winnipeg, Manitoba. Terry is recognized for his visionary and leading-edge contribution to farm management, and we are thrilled to have Terry join us on the show once again. In this episode, Tracy and Terry chat about:

• The golden question…is debt bad?
• Is there such as thing as bad debt?
• How much debt is too much debt?
• They chat about interest rates, the effect interest has on the farm, and they discuss the lending strategies of fixed versus floating interest rate.
• Terry also shares that due to the nature of farm transition, debt and financial management, often becomes increasingly important during the farm transition planning process.
• Terry shares some critical information about how to manage debt.

As a farmer, chances are, your farm has debt. So the question is. What is your relationship with debt? Are you using it as a tool or thinking of it as a burden? Is your debt appropriate to the amount of revenue on your farm? Answers to all these questions and much more can be found in this week's episode. You will not want to miss this episode. Wait, before you go. Have you subscribed to the show? Impact Farming Insiders are first to know about new episodes and are automatically entered in all show contests and promotions. Sign up now https://www.farmmarketer.com/impact_farming_show/sign-up

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Thank You to our Show Sponsor: Farmers Business Network®Pursue Your Prosperity.™ Farmers Business Network ® is a global Agtech company focused on helping family farmers maximize their farm's profit potential. http://rdrurl.com/.2zczp

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There are many ways to increase your top line and bottom line in farming. Today we are chatting with Dick Wittman about how farmers can find more "Gold" in their operation through learning and implementing Dick's TOP 10 financial management best practices.

Dick has a wealth of experience and wisdom when it comes to farming and farm financial management. He is the former manager and board chair of a 20,000-acre Idaho family farm partnership involving crops, cattle, and timber. Since 1980 he has provided consulting services in family farm business and financial management in the U. S., Canada, and Australia. In January 2004, he released Building Effective Farm Management Systems, a guidebook designed to help commercial-size family farm businesses put in place professional management and transition processes.

It was our pleasure to have Dick on the show once again to share his wealth of information with our audience. In this episode, Tracy and Dick chat about; cash versus accrual accounting, tax vs. economic depreciation, cost vs market value balance sheet, deferred tax, why paying taxes is a GOOD THING TO DO, using models to optimize capital asset acquisitions and much more.

Are you looking to fine-tune your farm financial management skills? If so, you will not want to miss this episode.

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SHOW RESOURCES

To learn more about Dick Wittman, his FREE resources, or his Building Effective Farm Management Systems Guidebook that is available for purchase, please visit: http://click2go.me/.2zddf

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Thank You to our Show Sponsor: Proven® Seeds Canada's Premier Seed Company You want bigger, higher-quality yields plus profit. And Proven Seed delivers. http://btfollow.com/.2zcs0

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In this week's episode, we speak to Michael Langemeier, about "The 8 Biggest Farm Financial Mistakes" that he sees farmers making.

Michael is Associate Director for the Center for Commercial Agriculture and a Professor for the Department of Agricultural Economics at Purdue University.

We are thrilled to have Michael joining us to share some amazing insights and ideas with our audience here on The Impact Farming Show. Tracy and Michael chat about the biggest farm financial mistakes that farmers make. They cover everything from financial performance, the importance of cash, the difference between mitigating tax and optimizing profit, risk and return considerations when making decisions, important things to consider when making capital purchases, and much more.

Are you looking to hone your farm business acumen? If so, you will not want to miss this episode.

Building on last week's episode where we explored the goldmine of farm management resources that Farm Management Canada offers, we are now diving into two of their most recent studies that research the connection between a farmer's business management skills and the effect that it has on their mental health.

Do you believe there is a connection between your farm management skills and your mental health?

Believers and skeptics alike will enjoy this episode where Heather and Tracy discuss their two groundbreaking studies:

• The Dollars and Sense Study Update
  • An update to their 2015 report that proved the connection between business practices and farm financial performance. In this report, Farm Management Canada looks at the various drivers and barriers to adopting business practices.
  • Heather shares the results. Drumroll...Has there been an increase in the adoption of farm business management practices over the past five years? Tune in to hear the answer.
  • Heather and Tracy discuss the drivers and barriers to adoption in-depth, and she shares the recommendations made in the report for the best farm management practices for farmers to adopt.
• The Healthy Minds, Healthy Farms Report
  • Heather shares more about the report that explores the connection between a farmer's level of business acumen and their mental health. The report includes 24 recommendations for supporting mental health and farm business management.
  • Tracy asks Heather about the study and whether it found a definite connection between mental health and farm business management. Here is a sneak peek….Findings include 88% of farmers who undertake business planning say planning contributes to their peace of mind, however, only 21% of farmers have a business plan…why? 41% say they are succeeding without it…but how do they define success?
  • When asked if anything jumped out at her from the study, Heather shares that it was the fact that young farmers and female farmers openly and unanimously report higher levels of stress due to complications with transition and maintaining family harmony and work/life balance.

With the farm's all-encompassing and hectic pace, it is often challenging to turn our attention to the non-production aspects of the business; however, once you watch this episode, we feel that many producers will be interested in honing their business acumen.

Are you seeking higher profit and increased mental health on your farm? If so, you will not want to miss this episode.

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SHOW RESOURCES

For more information about Farm Management Canada and their resources, please visit:

Farm Management Canada - http://btfollow.com/.2zcs6

To access the studies mentioned in this episode, please visit: http://btfollow.com/.2zczz

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Thank You to our Show Sponsor: Farmers Business Network®Pursue Your Prosperity.™ Farmers Business Network ® is a global Agtech company focused on helping family farmers maximize their farm's profit potential. http://rdrurl.com/.2zczp

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Farm Management Canada is an award-winning, trusted management resource for farm business managers and others in the agriculture industry.

We invited Heather onto the show this week to share their goldmine of resources dedicated to helping farmers succeed at farm business management.

In this episode, Tracy and Heather chat about:

• Who the National Farm Business Management Resource Centre is, when it started, and their mission.
• Heather shares more about their events, programs, resources, and studies:
  • AgEx Conference - The Agricultural Excellence Conference (AgEx) is the only event in Canada dedicated exclusively to bringing farm management enthusiasts together to build their business acumen.
  • National Farm Leadership Program - The program aims to help equip farmers with the skills to confront difficult situations and develop better response reactions to stress, improving personal and professional relationships to increase performance.
  • AgriShield – A Comprehensive Risk Assessment and Planning Platform. They created this self-assessment and planning tool when we noticed most risk management focuses on government and/or insurance programs.
  • Roots to Success - Managing Risk on the Farm Training Program. Using AgriShield, they are offering farmers and advisors risk management training through 2-day virtual and in-person sessions. The first sessions began in August, and we will continue until 2023.
  • AgriResponse.ca - In response to COVID, we developed a website dedicated to helping farmers prepare for and work their way through emergency situations and contingency planning. The site includes an Ask the Expert feature, where we post responses in various media (video, written, etc.) and links to resources available.
• Heather touches on two of their most recent studies "Dollars & Sense" and "Healthy Minds, Healthy Farms." These studies reveal the tremendous benefits of implementing farm business management practices, and the study also connects the dots on the dramatic impact that strong/poor business management practices can have on a farmer's mental health.
• Heather and Tracy then review some of the new and exciting projects that are underway including; the Farm Financial Toolkit, Farm Transition Appreciation Day, Farm Management Manual.

Are you a farmer that is continuously looking to improve their farm business? New to farm business management? This episode is excellent for any farmer, new or experienced, seeking a goldmine of farm management resources to help them hone their business acumen.

We hope you enjoy the episode.

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SHOW RESOURCES

For more information about Farm Management Canada and their resources, please visit:

Farm Management Canada - http://btfollow.com/.2zcs6 National Farm Business Management Resource Centre - http://btfollow.com/.2zcs7

Looking for a farm management conference? Check out AgEx 2020 event details here http://akrurl.com/.2zcs8

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Thank You to our Show Sponsor: Proven® Seeds Proven innovation. Proven performance. You want bigger, higher-quality yields plus profit. And Proven Seed delivers. http://btfollow.com/.2zcs0

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The Naked Opus reveals a novel approach to estate planning— a more fulfilling, holistic, and purposeful way to pass your wealth onto your heirs and to ensure your wealth endures for generations to come.

We could not think of a better book to feature as part of our fall book series on The Impact Farming Show. With millions, if not billions, of farm assets needing to be transferred to the next generation, this book is the conversation that agriculture needs to be having.

In this episode:

• Chris shares his professional journey and how one day, after many years of successfully serving his clients he had a game-changing meeting with a client. What was this critical moment, you ask? It came one day after presenting a solid, technically based estate plan to a client that would save her hundreds of thousands of dollars in taxes. Chris was thrilled with the plan; however, he noticed that his client did not seem equally impressed. Chris asked her if there was something wrong with the plan, and she proceeded to tell him that while she was happy with the savings, the plan failed to account for her concerns on what this amount of wealth would do to the next generations. The problem? The estate plan was unable to account for the often-ignored "soft issues" of estate planning. His client wanted to create an estate plan where her wealth created a blessing and not a curse to the next generations. His client's feedback sent him on a mission. The result? Years of learning on how to create a more intentional and holistic estate plan. Word spread quickly, and Chris decided to write The Naked Opus, which shares a more holisitic way to plan, manage, and steward your wealth to the next generation.
• Tracy and Chris explore how farm business owners spend a lifetime accumulating assets and building wealth, not only to make a good life for themselves, but also to create a legacy for their family. They discuss why the estate planning process is so often inadequate to the task of helping farmers steward this wealth to the next generation.
• Traditional transition planning tends to focus on technical aspects, such as tax planning and trusts, leaving farm families feeling unsatisfying, even hollow, and frustrated.
• Instead of seeing transition planning as strictly transferring monetary wealth, Chris and his book introduce the four main components that should be factored into a successful transition plan; Financial capital, intellectual capital, social capital, and human capital. Intrigued?
• Chris and Tracy do a deep dive into their favorite lessons within the book, including the shirt sleeves to shirt sleeves phenomena and why this happens.

The Naked Opus sets out to transform estate planning from a technical moment designed simply to transition assets, into a creative process that fosters stewardship and continues to generate wealth for future generations.

Are you a farm founder? Are you looking to transition the farm to the next generation and need some guidance? If so, you will not want to miss today's episode...

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Are you interested in learning more about the principles in The Naked Opus? Make sure to grab a copy of this book today or enter to win your copy.

Get your copy of Chris's book today http://click2go.me/.2zcl6 or enter to win your copy.

Exciting News: For the fall books series, we are giving away copies of books from each and every author that we interview.

Sign up to become an Impact Farming Insider and be the first to receive notifications about new episodes. Insiders are also automatically entered to win all contests and giveaways.

ENTER HERE TO WIN A COPY https://www.farmmarketer.com/impact_farming_show/sign-up