Impact Farming

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 

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

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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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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.

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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]

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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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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
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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.

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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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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/

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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: http://trkit.win/.2zdox
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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".

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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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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/

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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”.

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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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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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