We have been spoiled by low interest rates for over a decade now and the hard truth is that higher rates will put a lot of farms out of business. The people that don’t have their operations structured correctly will just be wiped out. Having access to cheap capital for so long has encouraged so many farmers to make poor financial decisions. The future of your operation depends on the structures you put in place now.

Check out the Impact Legacy Farmer is having on the American Farmer here:  www.legacyfarmer.org

Working with family is great, until it isn’t. It’s almost impossible to have a real leader in that situation. Being the leader means having the courage to say what needs to be said even when it’s uncomfortable, and also having the courage to make, and stand by decisions that they make. You need to be able to take all the criticism that comes with being the leader.

Check out the Impact Legacy Farmer is having on the American Farmer here:  www.legacyfarmer.org

Of the thousands of farmers we have talked to in Legacy Farmer, it really seems that many of them are operating in fantasyland. They have a list of issues hitting them in the face, and they decide not to deal with them. If you do not embrace tough love and deal with the issues, it can cost you everything. 

Check out the Impact Legacy Farmer is having on the American Farmer here:  www.legacyfarmer.org

You must, as a farmer, understand how the banks operate. When you don’t know what you don’t know, you can really hurt yourself in the long run. With the right knowledge you can ensure that any loans taken out are structured correctly and that you and the bank are on the same page, which makes both of your lives easier.

Check out the Impact Legacy Farmer is having on the American Farmer here:  www.legacyfarmer.org

In order for you to get everything you want out of life, you need to face all of your old demons and transform them into a new identity for yourself. Unless you face the old stories you have told yourself, you’ll never grow beyond them. On the other side of that darkness, you find the light. 

Check out the Impact Legacy Farmer is having on the American Farmer here:  www.legacyfarmer.org

Everything in our business and home lives brings with it, it’s own chaos. Over time we become accustomed to chaos and anxiety, it becomes our normal. When you start to solve your business problems and it removes the majority of chaos from that side of life, it opens up new areas for chaos to work it’s way in from directions you haven’t encountered before. 

Check out the Impact Legacy Farmer is having on the American Farmer here:  www.legacyfarmer.org

You can make a decision now and not feel the pain from it until years down the line. We avoid this by knowing our numbers and basing our decisions on numbers and not feelings. There are second and third order consequences that come from these decisions. Some parents are still paying for poor decisions they made 30 or 40 years ago. 

Check out the Impact Legacy Farmer is having on the American Farmer here:  www.legacyfarmer.org

When you go out on your own and start your own business you completely remove any safety net and you are completely responsible for yourself and your family. There are farmers in their 50’s and 60’s that are still expecting their fathers in their 80’s and 90’s to save them. If you are still looking for someone to save you, you need to recognize that all the power and growth is found when you accept that no one is coming to save you. 

Check out the Impact Legacy Farmer is having on the American Farmer here:  www.legacyfarmer.org

There are 2 kinds of people in this world, one that makes decisions only based on price, and one that decides based on value. Those that decide only on price are stuck in a world of scarcity and will never be able to move beyond it. Those that focus on value can see the dividends paid out over years and even decades.  

Check out the Impact Legacy Farmer is having on the American Farmer here:  www.legacyfarmer.org

When you look at your business do you see chaos, or do you see a well-oiled machine? Chances are it’s chaos, and chaos leads to burn out. Business structure, clean books, loan management, tax strategy, and cash-flow management all counter the chaos and burn out. If you have chaos in your business life, chances are it has spread throughout all areas of your life.  

Check out the Impact Legacy Farmer is having on the American Farmer here:  www.legacyfarmer.org