Helpful advice on estate planning, farm expansion, income diversification, margin management, employee management and multi-generation family communication: what more could you ask for in a farm business summit?
Attendees of the most recent Farm Futures Business Summit, Jan. 7-8, 2015, enjoyed tips on those topics and more as Farm Futures welcomed the best of the best in farm business advisors to share their insight on the future of farming.
Check out some of the best takeaways attendees shared last week on social media. For more, search #FFSummit15 on Twitter.
1. Three tips for a better farm business in 2015.
2. Put things in perspective.
Best Quote of #ffsummit15 Not everything that counts can be counted. Not everything that can be counted counts. Greg Wolf— David Rahe (@daver819) January 13, 2015
3. High cash rent can create trickle-down effect.
4. The most successful producers watch inputs closely.
5. Data science will drive changes in ag.
6. Keep a capital cushion.
Mike Boehlje - "first line of defense for financial stress is working capital. #ffsummit15— Maria Cox (@MariaCoxFarm) January 7, 2015
7. Farm employee behavior can be changed from the top down.
THE FARMER'S ATTITUDE, AS OBSERVED BY EMPLOYEES, CAN BE GREATEST STRENGTH IN LEANER TIMES, says Prof. Bernie Erven, OH State. #ffsummit15— Max Armstrong (@maxarmstrong) January 7, 2015
8. Focus on communication and planning to keep the farm in the family.
Of the 70% of businesses that don't make it to gen 2: 60% fail b/c comm/trust problems. 25% fail b/c lack of planning. #ffsummit15— Josh Flint (@Josh_Flint) January 7, 2015