Today I am joined by an integral member of the Legacy Farmer team, Andy Schreck, and he shares his life experiences and what he does here at Legacy Farmer. From being taken aback by how easy it was to get plunged into $600K debt at the age of 19 with only his father as cosigner, to realizing he wasn't alone in his struggles, to all of the time wasted trying to figure things out on his own.

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

If something you are doing is not increasing your value per hour then it is a distraction and most likely not worth your time. It is important to keep the main thing that you do, the main thing. Focus on the 20% of activities that are bringing in 80% of the income, and feeding your family. If you build your business decisions on feelings, you will fail.

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

We are projecting that 2023 will be one of, if not the most expensive year ever to raise a crop. Interest rates are up, inflation is up, and this means expenses are up. In times where things are least stable it is most important that you know your numbers and make decisions based on them and not emotion. Not doing this can lead to disaster. If you had a great 2022 make sure you don’t lose it in 2023. 

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

We are told if we go to college and get a degree, we will be best suited for what is to come — that was not the case for me. All of what is taught in Legacy Farmer I learned on my own, well after college. We’ll spend tons of money on college but will never spend that same money on ourselves to go learn things to bring ourselves or business to the next level.

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

Recently, while going over the onboarding process and cost of our program with a potential member he said “this all sounds great but I need to check with my banker.” How does it make you feel, as a grown man, to have to go ask your banker for permission to invest money to advance your operation to the next level? Your banker does not, and will never take your operation as seriously as you do.

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

So frequently when working with family on the family farm we are far too afraid of confrontation with older, more senior members of the family. Often when we collide with family members it leads to weeks or months of not talking to each other and no changes being implemented. If you want to be a true leader then confrontation is part of the job so get comfortable with it.

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

In this country we are conditioned to feel as though the banks, the government, or any other large institutions have authority over us. We feel inferior or as if we are slaves to these institutions. The bank is a for-profit institution and is in the business of serving you. Do not hesitate to find a bank that will service you how you want. You and the bank should have a relationship built on mutual respect.

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

There are two teams in every game, and usually the better prepared team wins. The two teams in the Ag industry are you and the bank. So many farmers go into gameday with little to no prep and not knowing the other team’s plays or signals. The bank certainly knows all of your plays, so be sure you know theirs. Legacy Farmer and Farmer Metrics teach you all their plays.

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

So many times we find that the banks have no idea what their financial position is with their customers, this makes it so much more important for you to know your numbers so you don’t get caught out in a bad situation. We have one member that has swung their borrowing power $1.2 million just by not shooting from the hip, knowing their numbers, and not making emotional decisions.  

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

It is far too common for it to take the bank and other businesses over a week to get back to you when they say they’ll “get right back to you.” How small does that make you feel? If the level of service you receive doesn’t match your standard or what you feel you should be getting, then don’t hesitate to find a different business to work with. Don’t settle for who you choose to do business with.

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