View all past Braintrust Ag newsletters here.

Edition #36

April 20, 2024

Good morning and welcome to the Braintrust Ag newsletter. Your source for info that ought to create as much confidence in your ag business as this little boy has in himself.

A note to begin:

• We’re at 248 members (sounds cooler to say almost ¼ of a thousand) in the peer group community! Will we hit 250 by the end of the weekend?

www.braintrustag.com/community

Alright, let’s get to the topics that will help you build a strong, sustainable ag operation.

-Clint

Here’s what we have this week:

• 👨‍👩‍👧‍👦 Biz Meetings

• 🌱 Seeds

• 🤔 Pondering

• 📅 Happenings

• 📖 Playbook

• and more…

THE BIG IDEA

BA Pro Manager Series

#4: Family Business Meetings

In our last three newsletters we’ve talked about the importance of being pro managers of farm businesses to keep operations in the family. We’ve also discussed documenting your farm history and business structure as well as taking an inventory. These initial steps lay the foundation for knowing how best to guide the farm business going forward.

But now we’ve got to rally the troops.

Regular family farm business meetings are a cornerstone of successfully managing a farm legacy, ensuring smooth generational transitions and fostering a collaborative and resilient business environment.

The Why: Importance of Regular Meetings in Family Farming

Vision and Strategy Alignment: Farming requires strategic long-term planning. Regular meetings ensure every family member, from grandparents to the youngest adults, understands and aligns with the farm’s vision and goals. This alignment is crucial when making decisions that affect both current operations and future directions.

Generational Transition: As a farm passes from one generation to the next, continuity is key. These meetings provide a platform to discuss succession planning, introduce younger members to farm management practices, and gradually transfer knowledge and responsibilities. This structured approach reduces the risk of conflicts and misunderstandings that could jeopardize the farm's future.

Conflict Resolution: It's natural for disagreements to occur in any business. In family farming, where personal and professional lives are deeply intertwined, the stakes are higher. Regular meetings offer a formal setting to address and resolve conflicts before they escalate, ensuring they don’t undermine the business’s stability.

The How: Conducting Effective Meetings

1/ Planning and Preparation

Set a Regular Schedule: Choose a frequency and timing that suits all family members, such as monthly or quarterly. Regularity turns meetings into a routine part of farm management, rather than a sporadic event prompted only by crises.

Develop a Clear Agenda: Send out an agenda before each meeting to allow members to prepare or suggest additional topics. This agenda should cover key business areas like financial updates, progress on farming projects, and any strategic decisions that need discussion.

Designate Roles: Assign roles like chairperson, note-taker, and timekeeper to streamline the meeting process and ensure that all tasks are handled efficiently. Rotate these roles to engage different family members and foster a sense of responsibility and inclusion.

2/ Structure and Content

Start with Achievements: Begin meetings by acknowledging successes and contributions of team members. This positive start boosts morale and reinforces the value of everyone’s efforts.

Discuss Operations and Strategic Goals: Review ongoing operations and track the progress of long-term goals. Use this time to adjust strategies or introduce new projects, ensuring the farm remains adaptable to changing agricultural and economic conditions.

Address Challenges and Conflicts: Openly discuss any difficulties the farm is facing. Encourage a culture where issues can be brought up without fear of judgment. Use structured problem-solving approaches to tackle these challenges collectively.

Plan for the Future: Regularly revisit succession plans and training for younger family members. This foresight is crucial for a smooth transition and maintaining the farm's legacy.

3/ Atmosphere and Follow-up

Foster Open Communication: Cultivate an environment where every member feels comfortable expressing thoughts and concerns. This openness leads to more innovative ideas and solutions.

Keep Detailed Records: Document discussions, decisions, and action items. Distributing minutes after each meeting keeps everyone on the same page and accountable for agreed-upon actions.

Evaluate and Evolve: At the end of each meeting, solicit feedback on the meeting’s effectiveness and look for ways to improve the process. Continuous improvement in how meetings are conducted will increase their value and effectiveness.

Conclusion

Incorporating regular family farm business meetings into your routine is not just about maintaining order and productivity—it’s about building a resilient family enterprise capable of withstanding the challenges of farming across generations.

These meetings enhance communication, strengthen family bonds, and ensure that everyone—from the eldest patriarch to the newest apprentice—has a voice in shaping the farm’s future. Embrace these gatherings as an essential tool for a thriving, sustainable family farm business.

Use this Farm Business Meeting Agenda to help with this process.

SEEDS

• 💸 Tax Time: Now that tax time is over (hope you filed by Monday), here’s 5 tax tips you can use this year to stay on top of next year’s taxes.

• 💰 Grant $: There’s another $1.5 billion being allocated for grants that farmers & ranchers may be able to get their hands on through the USDA. Sounds like grant awards will be between $25,000 to $250,000 each.

• 🚸 Junior Generation: More often than not, when talking about farm transitions the focus is on the senior generation. Well, here’s a publication designed to support those entering a farming operation vs. exiting.

• 🧑‍🌾 FARMER Act: Senate Republicans have proposed the FARMER Act to update crop insurance in the new farm bill. It would increase premium subsidies for 80% coverage from 68% to 77% and for 85% coverage from 53% to 68%. It also aims to make crop insurance more affordable by improving the Supplemental Coverage Option.

• 📅 Landowner Calendar: Poor farm lease management carries risk, and one way to stay on top of communications is to set up a calendar to remind you to touch base with landlords. Here’s a free eBook & calendar template from Oaken to get you started.

HAVE YOU EVER PONDERED…

Only 150 years ago families plodded across the US at 12 miles per day bouncing in a covered wagon drug along by oxen.

Just to stop in the middle of the plains and hole up in a mud shanty.

The bathroom was a few boards covering a hole in the ground you had to trudge through a blizzard to get to

And start a farm while fighting every nasty element nature could throw at 'em.

Everything was done by hand; or 1 or 2 horsepower (literally) makeshift tools.

It's a wonder anyone survived.

Occasionally I will think living a century or two ago would have been better.

But then I wake up in a house w/ central heat and air, push the button on a coffee maker, check my phone for weather & connection to the outside world, take a hot shower with running water, grab food out of a fridge that magically keeps things cold, jump in a pickup with 300 horses under the hood, and go about my day.

And realize I'm much too soft to have made it back then.

Hats off to all those who came before us.

If you’d be willing to take a minute, click here to leave your testimonial.

Become a member today for lifetime access to everything. It’s a small one-time cost with NO recurring subscription.

PEER GROUP HAPPENINGS

A couple mentions on what Braintrust Ag members are up to:

1) Upcoming Expert Q&A: “Starting a Market Farm From Scratch” w/ Steve Strasheim

Raised in sugar beet country in Eastern MT, Steve left in the late 90’s for college & bounced around ND & MN before settling in IA. With zero intention of farming, he couldn’t shake his ag roots…

To scratch that itch, he started a small 5’ x 10’ hobby garden. In 2014 he dedicated evenings & weekends to:

• finding a niche

• learning his trade

• expanding his little farm

• growing his customer base

His niche? 3.5 acres of:

• Microgreens

• Vegetables

• Flowers

• Herbs

The farm distributes produce through a CSA program, local grocery stores, farmers markets, community restaurants, and a new on-farm store.

Steve grew his farm business and eventually quit his job to go full time farming in 2018. As Twisted River Farm continues to grow, he now employs 5 seasonal workers. How’d he do it?

I don’t know.

But I’m excited to find out. Steve’s going to share his story and answer Braintrust Ag member questions on Monday. You can join us and get your questions answered as well.

Here’s a link with more details.

2) Off-line outreach

Update: As of now, these 1,000 postcards which were mailed out appear to have been a waste of $890. Time will tell!

SECURE LAND FOR EXPANSION

A playbook multiple Braintrust Ag members have used to secure farmland to establish & grow their operations:

1. Identify area custom farming needs

• Tillage

• Planting

• Spraying

• Fertilizing

• Harvesting

2. Grow customer base & acres

Extends the network effect for referrals

3. Deepen long-term relationships

Cultivate a reputation for trust, reliability, hard work, stewardship, and excellent communication

4. Seize opportunities

This approach led to taking over leases from farmers who were phasing out, and being the first to learn of chances to purchase.

The common theme all the members agreed on:

→ persistence is key

These relationships take months & years to build, but the opportunities will come in due time.

ESP SPOTLIGHT

Endorsed Service Providers are pivotal to the Braintrust Ag community. These industry experts know their professional services niche and how they directly impact farmers, ranchers, and other ag business owners.

This week, I’d like to direct your attention to our latest ESP Jon Owen with Northwestern Mutual

Jon is a financial professional who integrates his agricultural roots and upbringing in Northcentral Montana into providing comprehensive financial services, including retirement, tax-efficiency, wealth, and legacy planning, and emphasizes personalized, client-centric approaches enhanced by a broad array of products like life insurance and investment opportunities.

If you’d like to learn more about the ESP program, click here.

If you get value from these newsletters, consider joining 240+ other ag people and become a member of Braintrust Ag. Your support makes this content possible.

MEME OF THE WEEK

That’s a wrap, folks.

Until next week, thank you to everyone involved in ag.

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DISCLAIMER: All content, communications, and resources provided by Braintrust Ag, its principals, operators, or members is intended to merely be educational and entertaining. Nothing published by Braintrust Ag should be relied on as legal, financial, investment, or other professional advice. Investments and legal matters involve substantial risk and are not suitable for all individuals. It is recommended to enter into a client relationship with an ESP for obtaining professional advice.