Every farmer avoids this…and it costs them everything.

Every farmer avoids this…and it costs them everything.

^^ 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 one day, you will die, and your farm WILL pass into new hands.

The question is:

Will you be ready?

Most farm owners avoid thinking about succession planning until it’s too late. They (understandably) don’t want to think about death or retirement so they put it off.

And as a result, the succession plan never truly gets sorted out, resulting in all kinds of headaches…

Kids left to untangle complicated finances that add so much stress to their lives.

People feel cheated out of what they feel is fair. Maybe one family member spent years on the farm, toiling away to build up the business, only to have their other siblings take a big share of it because there’s no real plan in place.

Sometimes family members stop speaking to each other altogether, tearing the family apart with no reconciliation in sight.

That’s why it’s so important to start thinking about succession planning NOW, even if you don’t think you need to yet.

And that’s what today’s blog post is all about. You just need to answer four simple questions to start a smooth succession process.

These 4 questions will help you even if:

  • You’re decades away from retirement
  • Your farm is a financial disaster right now
  • You have conflicting personalities within your family
  • You have no idea where to start with succession planning
  • You were handed a mess of a farm and your parents made huge mistakes with succession

There’s that old saying: “Only two things are certain in life: death and taxes.”

So let’s normalise this for a minute and get real about what will happen after you leave the farm, okay?

We promise, it’s easier than you think to get started. And your family will be unspeakably grateful you put the time into this now to keep things stress-free in the future. 

4 questions to make succession planning simple


1. What is your ideal outcome?

The first step is to get clear and specific about the best outcome you can imagine. 

Even if your dream feels very far from your current reality, that’s okay. Just think about the situation that would make you happy to hand over your farm. 

A few things to consider: 

How much money do you need to retire? 

At what age do you want to retire? 

Who will take over operations on the farm? 

Will your kids split the farm equally? What is the percentage breakdown? How much money do you need outside the farm business to make this equitable? 

Will just one of the kids take over the farm, with the others inheriting something else?

Will the farm be sold, so the family can split the money from the sale?

You want to ask all affected parties what their ideal outcome is, too. Don’t assume you know what your kids want! 

Too often, we see kids who don’t get what they want when their parents pass away. Either they secretly want to be part of the farm and are left out of the farm’s succession plan…or they secretly want to leave the farm and end up being responsible a farming business they aren’t passionate about. 

That’s why you need to ask anyone affected by succession what their ideal outcome would be. You may not be able to give everybody exactly what they want (and that’s okay) but it’s important to at least know what people want.
 

2. What does your current situation look like?

 

Next, it’s time to get realistic by looking at your farm’s numbers. Understanding your financial picture is an important step in smooth succession planning. 

Get clear on the key financial figures of your farm, such as:

What assets do you have? 

What are your fixed and operating costs? 

How much profit does the business make each year, on average? 

If there isn’t any profit, what can you do about it?

What is the current net worth of the farming business?

What kind of salary are you paying yourself now?

How much money do you have in any retirement accounts (or other assets or accounts that can

be sold to fund your retirement?)

If you’re not a finance guy, don’t worry. We’ve got a free cheat sheet on the 10 financial ratios you need to know for your farming business. 

>> Click here to download your free financial cheat sheet to get clear on your numbers

(We’ll also be sharing a heap of free education over the coming weeks to help you feel more in control of your finances. Click here to sign up for email updates to get these free tips delivered straight to your inbox.)
 

3. How can you bridge the gap?

 

So. You know where you’re starting from and where you want to go. 

The next step is to make a plan to get from here to your ideal outcome. 

This is where you make your PLAN. 

This doesn’t have to be a one-year, five-year, or even ten-year plan. It can be 30 years in the future, if that’s when you’ll be handing things over! 

It’s important to keep an open mindset while you’re creating your plan. If you catch yourself saying, “I’ll never be able to do that”…stop! Instead, get curious and say, “I may not be able to achieve everything I want. But how can I get as close to that ideal picture as possible?” 

Make sure to consider ALL your options here. It’s empowering to have a variety of choices, rather than feeling stuck with just one. 

For example, let’s say your farming business is in dire straits… 

One option is to spend the next 20 years getting the farming business to run like clockwork, so it’s ready to sell or hand over to your kids when you retire. 

Another option is hiring staff to manage the farm for you. Our clients Cheryl and Tim are doing exactly this and it’s working out great for them. Check out their story below: 

RELATED POST: How Tim & Cheryl are Creating a Freedom Farm 

A third option is to sell everything tomorrow. You could take some money for retirement and then hand over a traditional inheritance to your kids. That may be the best option for everybody involved, especially if your kids don’t want to take over the farm or if you’re not interested in working on the business side. 

This comes back to Step 1 and understanding whether your kids would rather have the farming business or have the money and freedom to walk away. They’ll appreciate having a choice rather than being handed something they may not want.
 

4. Have I communicated any updates with all affected parties?

 

This is a bonus step. Make sure to keep communication open continually. 

It starts with one conversation asking people what their ideal outcomes are.

It continues by sharing financial information, keeping people in the loop of how the farm is doing as things grow and change. 

It expands as you share your succession plan once you make it, so people know what to expect. 

Ongoing communication is THE #1 most important part of the whole succession planning process. You can avoid so much frustration, resentment, and stress by keeping communication open with your family. 

Even if not everybody gets what they want in the succession plan (you can’t always please everyone), they’ll respect how it happened because expectations were clear and spoken about in advance.

If you take nothing else away from this blog post, please let it be this: 

Don’t wait. Start thinking — and talking — about succession NOW. It is the responsibility of the current owners to make sure this is done properly. 

Start simply by asking your kids (and/or other people affected by succession) what their ideal outcome would be.

That’s it!

You don’t have to tell them whether their ideal outcome is possible. You just have to have an honest chat about what would be best for them. 

Once you’ve got that, you’ve already made a good start on Question 1 above! 

Remember, the best way to cure the succession issue is to give yourself enough time to create the succession you want. Start today. 

And if there’s anything we can help with, we’re only an email away at support@farmownersacademy.com.

 

How to reduce your biggest cost on the farm

How to reduce your biggest cost on the farm

Are you wasting time without even knowing it?

Years ago, when I lived in Brisbane, I got up at 4:30 in the morning. I woke up before the sun so I could meet a mate of mine and train with him at the gym.

After six months of doing this, I happened to mention to him the route I took to the gym. He looked at me and said, “Andrew, you’re missing the shortcut! Just take this turn here and it’ll save you a heap of time.”

I tried the new route the next morning and I kid you not, it was 15 minutes quicker. I did some quick math and worked it out, it was like two weeks a year that I was wasting by taking the longer route — plus the extra petrol.

I asked myself, “Why did I never even think to look at my route?!”

It’s because I was on autopilot, because I wasn’t paying attention.

So many farmers do the same thing on their farms…

They keep doing the same things in the same way…because it’s always been done like that…not realising they could save a whole heap of time, energy, and stress if they “took another route.”

This is what the Organise Infrastructure step of the TOP Producers Model is all about.

When you organise your infrastructure and streamline your farm, that leads to a massive labour savings. Labour’s the most expensive cost on the farm so this is an enormous way to save money as well as time and stress.

 

Why you need to take a step back to analyse your

efficiency

 

Here’s an important fact about improving efficiency:

You can’t fix a problem in the same environment it’s being created.

Imagine there’s a guy sitting by a river. Suddenly, he sees a kid flailing around in the water, screaming out for help. He jumps in, swims over to the kid, and pulls him out.

Two minutes later, there’s another kid drowning in the river. So he jumps in and pulls that kid out, too.

The cycle continues – the man sees a kid drowning, jumps in, pulls them out.

A woman walks past and he yells out, “Help! These kids are drowning. Get in the river, let’s get busy saving them!”

But instead of diving into the river, the woman says, “No. Something doesn’t feel right and I want to understand what’s going on first.”

She walks upstream and analyses the situation, looking to see what’s causing this problem.

Eventually, she finds a man who’s grabbing kids and throwing them into the river. She stops him…and the whole problem stops with it.

Now, I know that’s a weird example. But you get the idea, right?

If you’re spending all your time pulling kids out of the river, you can’t see what’s causing the issue in the first place.

To optimise your farm, you need the ability to remove yourself out of the busyness and look back and see

Where are we being inefficient?

How could we make things simpler?

What could we invest in to save us time?

That’s what Organise Infrastructure is all about.

 

3 examples of ways to organise infrastructure

 

This concept of optimising infrastructure is a bit abstract. So before we go any further, let’s make this real…

To give you an example, here are three ways a sheep farmer could create more efficiency. These might not apply to you (because every farm is different) but use them as a springboard to imagine areas you can organise: 

  1. Organise laneways

You’ve got to move sheep around all the time, right? So why not create laneways to make it really efficient for you to move sheep in between paddocks?

  1. Organise the shearing shed

You’ve got to shear the wool off the sheep. How can you make that as efficient as possible so you get the sheep in and get them out quickly?

  1. Organise the yards

You have to put sheep into the yards every 3 months (or more). How can you make that as efficient as possible? What can you do to lay it all out so everything’s simple?

Improving these efficiencies could easily save you 10 hours each week — which works out to 65 x 8-hour workdays each year. Imagine what you could do with 65 extra days!

 

2 simple ways to improve your inefficiencies

Hopefully you’re starting to see how powerful it is to organise your infrastructure and how much time, money, and stress it will save you.

But how do you actually DO it?

The simplest way is to start paying attention.

As you go about your day, notice everything that you do and ask yourself:

Is this the smartest way I could be doing this?

Consider WHY you’re doing it that way. Is it because it’s truly efficient? If not, explore possible solutions of ways you could do it differently.

Here’s another strategy…

The best way to learn how efficient farmers organise their infrastructure…is by copying efficient farms!

You want to find a farmer that’s doing better than you and copy them. It sounds like cheating but it’s actually a success strategy I learned in business school!

The titans of the business world copy what’s working for others. And you should, too.

Who are the top-performing farmers in your area? Almost always, they’re using the latest technologies and efficiencies and innovations. So visit those farms, watch what they’re doing, and see how you can apply those lessons to your farm.

Inside the Platinum Mastermind, we share the top-performing farmers and tell our members to go visit their farms. They learn so much by studying what the leaders are doing. That’s why it’s such a powerful program, because we have 150 farmers all sharing their best ideas with each other.

So here’s your challenge…

For the next week on the farm, constantly question everything you’re doing through this lens of efficiency.

When you start a new task, ask yourself:

Is this the smartest way to do this? 

What other technologies are out there that could make my job easier?

What am I missing?

You’ll be surprised what you realise when you take a step back and start paying attention to your efficiencies!

 

Have a FOA consultant analyse your inefficiencies & help

you improve them

 

When you’re working in your farm every day, it’s very hard to take a step back and see where you can organise infrastructure.

That’s why the Platinum Mastermind Program includes a farm tour! You get a fresh outside perspective to dissect your whole farm, discover where you’re being inefficient, and give you proven solutions from top farmers to increase your efficiency and organise your infrastructure.

It’s invaluable insight and it’s all included when you join the Platinum Mastermind program.

Click here to learn more about the Platinum Mastermind.

To scale or not to scale…. that is the question

To scale or not to scale…. that is the question

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 profitable and enjoyable…and they’re worth considering, too.

At this point in the TOP Producers Model, you’ve already gone through the first five steps to:

You’ve just done a tonne of work growing your current farm to operate at peak efficiency.

Which is why it’s so important to pause for a minute and reassess what your next steps should be.

We have farmers in our Platinum Mastermind who choose to stay small and never continue through the TOP Producers Model to the Propel phase, and they’re very happy doing that! We have other farmers who choose to sell their farms for a great price and move on to pursue different work they love.

The key is…they CHOOSE. They check in with themselves to get clear on what they really want next. They don’t live on autopilot and grow for growth’s sake.

And you won’t either, if you pause and Open Up.

Is scaling right for you? Here’s how to tell…

You’ve just put in a ton of work to grow your farm to peak efficiency. This is the time to be true to yourself and make the right decision for you and your family.

So let’s take a breath and re-evaluate your goals based on where you’re at now in the journey.

After all, you don’t want to build the wrong business by chasing the wrong things.

So let me ask you…

At this point in your business — now that you’ve gone through the Transform and Optimise steps in the model — what are your goals?

Revisit your vision from the Tune In step. Does it feel as good as it did at the start of the TOP Producers Model? If not, what needs to change?

Recreate your vision at this new point in your journey. That’s what will carry you through the rest of the process and make it clear what to do next.

At this point, you really have three main options:

  • Keep your farm the same size
  • Scale your farm and grow into a larger operation
  • Walk away from the farm

There are no wrong answers! So give yourself permission to really get honest about which option is most in line with your goals.

And let’s explore what each option could look like for you…

Happily choosing to stay small

The first five steps of the TOP Producers Model might be all you need!

John Symons is a sheep farmer who came to Greg when he was on the verge of bankruptcy and shutting his 550-hectare farm. He went through an early version of the TOP Producers Model to save his farm and turn things around.

Today, John’s had a complete transformation. He pays himself $140K per year and his farm makes $250K profit.

Now that he’s taken control of his farm, he loves the work — being on the land and getting his hands dirty. He works 60-70 hours a week but he’s happy doing it because he’s doing something he loves. He’s so passionate about running such a successful block of land and is very happy with his small operation.

John’s also invested enough money off the farm to have financial freedom.

Although he could move on to the Propel stage at this point, John’s very content where he is. He doesn’t need more and doesn’t have a desire to grow. He just wants to perfect his block and he likes the challenge of constantly improving what he’s got.

…So that’s what he’s doing! And he’s doing really, really well.

You might be really satisfied with your farm and want to stay at this level forever. That’s entirely okay! The Propel phase is like a bonus; it’s not mandatory for you to go on that larger growth journey.

If you’re happy and passionate about farming, you may want to stay here. The skills we’ve provided thus far with the TOP Producers Model are enough for you to do very well without continuing on the journey. You can make a lot of money, feel very rewarded, do what you love, work the hours you want, take holidays — it’s all possible!

However, here’s one thing to consider:

If you’re the sole income earner…

What happens if something happens to you? What if you get sick or injured or can’t work on the farm anymore?

That’s the risk of not going on and scaling your business — you will always have to be the one to do the work that makes money.

That’s not to say you should scale! But I want to be honest with you that there is a bit of risk in choosing not to scale.

There’s no right or wrong answer. But it’s worth considering so you can make the right choice for you.

Scaling and growing the operation

Let’s do a quick gut check:

When you read John’s story in the section above, how did you feel?

Would you be satisfied with his situation? Did it sound like music to your ears?

Or are you someone who wants to buy out the neighbours? Are you on a journey to grow?

We have a in our Platinum Mastermind community who knew he wanted more and chose to grow his farm. He carried on with the TOP Producers Model and now manages a team of 15 people. He has 5K hectares, so it’s 10x bigger than John’s farm. He’s running his operation on a significantly bigger scale, looking after significantly more sheep.

He’s making more money, which is great…but he also carries significantly more risk with the possibility of losing more money than John. One’s not right and one’s wrong — it’s an entirely different journey!

The next level of growth involves an entirely new set of skills. The skills to become a top 5% farmer won’t take you to the next level. You need to learn how to train and manage a team, increase your scale and your systems, and procure assets. This is all about investing in better systems and people to help you maximise your business.

If you decide to grow, you’ll also step into the role of business owner, rather than farmer. You won’t be out on the land anymore; you’ll be in the office running the business. This is really important to consider!

Here are a few questions to help you decide if you want to move on to the Propel phase:

  • Are you more passionate about farming…or are you more drawn to being an entrepreneur?
  • Do you want the journey of scaling up and building a profitable empire?
  • Are you comfortable about the risk that comes with that? 

Choosing to walk away from the farm

When we present this third option to our Platinum Mastermind farmers, we can feel a shift in the air.

People are afraid to even consider this option. But it’s so important to think about because leaving the farm may be the best path for you.

Often farmers can get trapped. They keep working because they don’t know what else they would do if they left. Or maybe they’re afraid of being the one to jump ship. Maybe their dad owned the farm and his dad before him…and they don’t want to be the one to walk away.

But the reality is that some farmers aren’t happy with what they’re doing. They put so much pressure on themselves to be great and prove their dad wrong and it’s making them miserable.

We spoke with a wellness coach recently and she said about 50% of the farmers she speaks to struggle with depression. Suicide is also far too common among farmers. It can be a lonely industry and suicide is an epidemic in our industry that’s not spoken about enough.

RELATED PODCAST: Are You Really Okay?

So as you’re Opening Up, it’s important to ask yourself:

Are you really fulfilled with farming? Do you really love your farm?

For John, yes. For many other farmers yes. But for another of our farmers, David…no.

We’ve spoken about David before on the blog — all about how he doubled his profits and halved his hours by working through the first five stages of the TOP Producers Model.

David loves farming…but there were challenging family dynamics on the farm that were making it unfulfilling for him.

He couldn’t find alignment, and when he stopped to Open Up and think about what he wanted next…he realised he doesn’t want to waste his life playing by someone else’s values and rules. So he decided to leave the family farm.

It was one of the most courageous decisions I think anyone could make. He’s walked away from this “mapped-out career” and beautiful block but he knew he couldn’t live like that, being controlled by someone else.

If you’re feeling the same, if you don’t truly enjoy farming or have difficult family dynamics or you simply want to do something else with your life…I want to tell that it’s all okay. You don’t have to stay on the farm.

In reality, you would probably do extraordinarily well if you choose to sell your farm at the moment. In the current market, most of our clients could sell their farms and never work a day in their lives.

Or even if you chose, like David, to walk away…there are still so many options for you.

I know it might feel scary to walk away. But you only get one shot at life. Isn’t it much scarier to live your whole life only doing what you think other people expect of you?

I want to support you in choosing what’s right FOR YOU. And that might be leaving the farm…and that’s okay.

We have about a 50-50 split of our members who decide to go on the journey through the Propel phase. The rest choose to stay small or leave the farming industry.

The most important takeaway is that there’s truly no wrong path!

Give yourself permission to follow your heart and your gut. Only YOU can make this choice.

In the end, the only wrong decision is not taking the time to Open Up and decide what’s best for you.

Want to talk this out with a coach (for free)?

Have a yarn with David.

He walked away from his family’s farm — after doubling his income and halving his hours — because he knew it wasn’t what he truly wanted. So he’s been through it!

If you might be in the same boat and want to have a chat about it, you can sign up for a free call with David by clicking here.

The 7-step plan to higher profits on the farm

The 7-step plan to higher profits on the farm

“How do I make more money on my farm?”

 

That’s got to be the top question farmers ask us.

 

It’s up there with…

How do I get more time off?

How can I increase yields?

and…

How can I strike a deal with the weather gods for great rainfall this season?

 

Whether you dream of buying more land, going on an extra holiday, or paying for a great boarding school for your kids, more money is definitely a good thing.

 

Here’s what I want you to know:

 

More profitability does NOT mean working more hours!

 

Most farmers think that making more money is impossible, because they’re already working as hard as they can. But the truth is, it’s not about how many hours you work — it’s about WHAT you’re working on during those hours. That determines how profitable you are.

 

Keep reading for 7 simple-but-powerful ways to make more profit on your farm…without working any more hours.

 

 

Stop working on the $25/hour jobs

 

It might sound counterintuitive…

 

But the fastest way to become more profitable on your farm is to stop doing the work.

 

Let me explain…

 

A mentor of mine once said, “You won’t get rich cleaning the house.”

 

Yes, the house needs to be cleaned. And yes, taking care of your home is an important job. But you’re not going to get rich doing it.

 

Here’s the reality:

 

80% of the work on a farm is technical work that’s valued between $20-$30/hour.

 

These are the jobs like fencing, driving the tractor, crutching and drenching, branding cattle, and cleaning.

 

These jobs are important and need to get done. But they’re never going to make you rich…no matter how great you are at them.

 

Related: Why doing the technical work on your farm is costing you a lot of profit

 

When you stop spending time on the low-income jobs, you free yourself up for the $500/hour work. (More on this in a minute.)

 

If you think you can’t afford to hire help or that you need to do it all yourself, I hear you. But stick with me. I think you’ll start to see why you can’t afford not to hire someone, if you want to run a highly profitable farm…

 

 

Make time for the big-money tasks

 

Most farmers are so busy with the low-level technical jobs on the farm, they simply have no time or energy for the high-level work, like: 

  • Strategic planning
  • Creating systems for efficiency
  • Looking for opportunities
  • Negotiating
  • Creating new markets
  • Marketing and direct selling
  • Training your team
  • Working on genetics
  • Optimising your farm for efficiency

 

This is the $500/hour work.

 

Let’s look at a really simple example of how this plays out…

 

You could work 40 hours a week doing $25/hour tasks, to make $1000.

or…

You could hire a farmhand to do those 40 hours of work for a cost of $1000.

 

You now have capacity to work on $500/hour tasks.

 

Imagine what would happen if you spend just a few hours every week moving from $25/hour to $500/hour work. You could easily make an extra $475 every week, just by trading ONE hour of $25/hour jobs for $500/hour work!

 

Top farm owners spend 80% of their time on $500/hour tasks.

 

Make that your goal and focus on small steps every week to get there.

 

 

Create a strategic business plan

 

Let’s pretend it’s your anniversary next month and you want to plan a surprise holiday for your wife.

 

You make a plan of everything that needs to be done, like: 

  • Pick dates for the trip
  • Choose location
  • Book flights
  • Make hotel reservations
  • Research great things to do and places to eat in the area


And because of that planning, you enjoy a lovely trip together, soaking up the sun and getting some much-needed relaxation.

 

Related: How Tim and Cheryl are working with Farm Owners Academy to create a freedom farm

 

When it comes to holidays, most of us are good at making plans. But very few farmers have strategic business plans for their farms.

 

The top 20% of farm owners plan their days, months, and years.

 

They decide on their goals — the BIG ones, like where they want the farm to be 10 years from now — and then work backwards to map out what they need to do to achieve them.

 

This process of starting with the end in mind and mapping everything back to today is called strategic planning.

 

Top farm owners create strategic business plans and update them every quarter, or 90 days. It’s a way to keep the forward momentum moving…and eliminate the daily decisions that waste so much time.

 

We created a strategic planning tool called the Farm Operating System (FOS). It helps you break down your 10-year goals and map them back to what you need to do in the next 90-days to keep you on track.

 

Click here to download your strategic planning template for free

Track your numbers

Peter Drucker, the founder of modern business management, said:

“If you can’t measure it, you can’t improve it.”

That’s why tracking your numbers is a key part of the Take Control Program… and all the growth work we do with farmers.

If you want to do things like:

  • Make higher profit per item
  • Reduce overhead costs
  • Speed up growing cycles
  • Increase crop yields

…You have to start by tracking your numbers.

 

A pilot uses a series of dials in their cockpit to help them make informed decisions. Tracking your farm’s numbers is like checking in with your dials to make profitable decisions.

 

If you don’t track your numbers, you could be wasting time and energy on an area on your farm that just isn’t profitable — instead of maximising the returns on a highly profitable area of the farm.

 

Profitable farmers make decisions based on data. Not gut feelings, not wild guesses, but tangible proof.

 

 

Decide…fast

 

The latest numbers flying around the internet estimate that an adult makes about 35,000 decisions every day.

 

When you’re ineffective at making decisions, you waste time. You have too many things going on in your mind, which causes you to procrastinate, because you’re not sure what to do.

 

But not all decisions are created equal.

 

There are three main types of decisions:

  • Major: life-changing decisions (e.g. marriage, buying a new farm)
  • Medium: cost a bit of money and time (e.g. hiring a team member, buying a new tractor)
  • Minor: largely irrelevant (e.g. what colour your logo should be)

 

Profitable farm owners only invest their time in the major and medium decisions. They do their research, they look at the data, they ask for advice from mentors and business leaders they respect. And then they make informed decisions.

 

For minor ones? They make fast decisions and stick with those decisions once made.

 

…Then they get back to working on the $500/hour tasks and making things happen.

 

 

Master negotiation skills

 

Profit = Revenue – Costs

 

One way to make higher profits is to increase revenue (or sales). Another is to reduce costs.

 

That’s where negotiation comes in.

 

Negotiating to reduce costs or increase margins is a very effective strategy to maximise profits. With just one phone call, you can add hundreds (or thousands) of dollars to your bottom line each month. But most farmers never even try!

 

Here are a few things you can negotiate:

  • Better prices for goods you purchase
  • Better prices for goods you sell
  • Better margins if you use agents
  • More hours or outputs out of your team members
  • Better deals from your off farm investments

Don’t be afraid to start the negotiation conversation. There is almost always room for a better price, if you ask. But if you don’t ask, you’ll never get it. 

 

Not comfortable negotiating? No problem. It’s a skill that can be learned. Click here for a great template and training on how to negotiate.

 

 

Operate like a business owner, NOT a farmer

 

Lindsay Fox (who runs Fox Trucks and has a personal net worth of $2.91 billion) got into the trucking business because his father was a truck driver.

 

When Lindsay was asked, “So, are you like your father?”

 

He replied, “No. Dad drove a truck. I owned my first one and got someone else to drive it.

 

This sums up the difference between a farmer and a farm business owner.

 

Business owners act like the manager of a sports team — managing the players, developing the skills, and creating the strategies to win games.

 

A business owner operates at a different level, doing things like: 

  • Designing great systems to run their farms
  • Hiring and training and leading great people
  • Tracking the important numbers
  • Creating a strategic business plan
  • Making informed decisions to lead the farm forward
  • Looking for new opportunities (buying land, negotiating better terms, leasing land, etc.)  

The top 20% of farmers look at themselves as business owners. That mindset shift is what leads to such high levels of success for their farms.

 

Related: The 8 Mistakes that keep farmers broke

 

If this list of 7 things feels overwhelming, remember, you don’t have to tackle everything at once.

 

Pick just ONE of these strategies to test out on your farm and watch as your profits increase week by week.

Mindset Determines Everything

Mindset Determines Everything

Your mindset and attitude is everything. IT determines everything. Have a listen to this video hosted by Andrew Roberts who will talk you through setting your mindset and change your attitude.

Commitment

Commitment


If you’re going to get into something you might as well get in. If you’re not going to get into something you might as well get out.

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