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Succession planning is a vital aspect of any family farming business. In this week’s blog, I am revisiting Profitable Farmer Episode 101, "Another Look into Successful Succession." If you're in a family farming business, this is a must-listen episode that offers invaluable insights.
Jeremy speaks...
I want to reflect on something that was recently discussed in one of our monthly ‘Business Q&A’ webinars for our Platinum Mastermind members.
In a client case study, a farming business had based their equipment finance decisions on something their Grandad always told them: “You don’t borrow mon...
Here is a summary of some of the biggest challenges and constraints for farm owners. How many relate to you?
- You don’t have clarity (goals or direction) on where you are taking the business (leads to procrastination and an unhappy team).
- You don’t really have your ‘pulse’ on the finan...
We wanted to share a case study with you from a Platinum Mastermind client who went from a loss to almost $4 million in net profit in just a few years.
Ben, Kate & Sam Taylor from Culara Farming in Condamine.
We are also sharing this case study as part of video 2 in our free, 3-part trai...
For many farming families, the word ‘succession’ can bring up high emotions, difficult memories or a feeling of overwhelm. Here at Farm Owners Academy, alongside Tony from Catapult Wealth, we recognise that succession planning is often an emotionally-charged, complicated and challenging process. I s...
What I have experienced (meaning this might not be true for you) is my greatest growth has occurred when I have stopped (work), and I am doing nothing.
One of the world’s best coaches is a guy called Dan Sullivan.
I listened to him many years ago, and he said that for a business owner to have maxi...
Our succession meeting with Dad lasted less than 1 minute…
I remember the day when Dad called my brothers and me into the office.
‘We need to talk about money’, he said.
I was 17 at the time, and I thought I was about to hit a bit of a jackpot.
I was wrong.
We all sat down facing his offic...
^^ This is a countdown to the day you hang up your Akubra for the last time and head to the great farm in the sky.
Okay, maybe not the exact day.
But the reality is, all of us have a countdown timer like this…we just don’t spend much time looking at it.
Forgive us for being so blunt here…
But...
Too many farmers push themselves to always keep growing simply because they think it’s what they “should” do.
Do you agree?
There are benefits to growing your team and scaling your farm (and we’ll talk more about that in a minute.) But there are also other options that could be just as prof...
Imagine finding two hardworking farmhands that you completely trusted…
That you could train up to do all the farm jobs…
So you have time to do things like:
- work on the high-level strategy to increase profits
- make succession plans
- even free yourself up to take multiple holidays each year
S...
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