Farm Business - General
Matt Spillman and his two brothers are carrying on their father’s legacy. Each brother has a specific role in making all the wheels turn on the farm.
When raised by farmers, our earliest lessons in leadership, stewardship and life in general occur with the rhythms of the seasons. It turns out, even in a season of loss the learning continues.
From understanding breakeven price per bushel to finding a mentor who persevered through the 1980s, Alan Hoskins with American Farm Mortgage and Financial Service shares pointers for a long, financially sound career.
“If handled improperly, transition events can be the death of your business. Or it can strengthen your business and clearly outline who you are and where you want to go,” says Dick Wittman.
From switching to 100% strip-till this past fall to learning to build seed scripts and planting her first crop as a full-time farmer this spring, Sarah Tweeten is making her mark on her family’s Iowa operation.
How are you showing up on the farm? Do your actions meet up with your goals? Rena Striegel, a farm succession planning consultant, encourages the next generation of on-farm leaders to do some self-reflection.
Focusing on marketing and margins will help farming’s next generation protect against the ”unknown unknowns,” says Alan Brugler, a market analyst and adviser.
Formulating your farm’s succession plan is likely not a straight line. Polly Dobbs, an Indiana attorney who is part of a seven-generation farm family, says it’s important to stay focused on your end goals.
The clock is ticking — and the current estate-tax exemption is set to plummet at the end of 2025. The smaller exemption coupled with inflation and land values likely means increased assets and estate-tax rates.
We asked previous awardees of the Top Producer Next Gen Award to reflect on lessons they’ve experienced in business and management.