Kohl's Notes
What are some of the attributes that can separate top farm business managers from the rest of the pack?
In my experience, there's no single factor that allows some farmers to outperform their peers. But I've noticed that top managers tend to be very open-minded about listening to new ideas and trying new things. Here are four examples I've seen recently on my travels throughout North America. While very different, all four show producers being innovative in their thinking.
 Harvest your wins.
The grain sector is going gangbusters. Yet, many grain producers are beating themselves up over a marketing plan that has left money on the table. Others are holding out for even higher prices, hoping for the "home run." Top-flight performers aren't obsessed about every dollar left on the table, nor with hitting home runs. They are maintaining the discipline and basics of their marketing and risk management program.
 Involve all stakeholders.
Last winter some U.S. agribusinesses, ag lenders and ag leadership groups sponsored family business transition seminars. The requirement was that participants must bring all partners and stakeholders to hear the same message, and analyze actual case studies. It was great. Participants indicated that it provided a format to apply to their situation and fuelled an improvement in family communications. This was a jump-start to the whole process of bringing the younger generation into the business.
 Think "edu-vacation."
Time is the most precious commodity in most every business model; however, some agricultural initiatives are creating the concept of "edu-vacations." It's a format for learning that also includes time for the family to socialize, reflect and just enjoy some rest and relaxation. Participants have indicated that their two- to three-day experiences are a high priority and are placed on the calendar in advance, allowing them to get away from the hectic daily grind and improve themselves as lifelong learners.
 Nurture the next generation.
Many top producers are looking ahead to their farm's future and the role their children might one day play. They know that money management starts young, particularly between the ages of five and 15 when children are most influenced. One couple pays their children who work on the farm, and they use the 50-25-25 rule: 50 per cent for free spending, 25 per cent saving toward education and 25 per cent for long-term investment. When children start saving young, time is on their side because of compounding interest.
While my list is not all-inclusive or earth shattering, this is an up-to-date pulse from the road throughout North America. Strategy plus timing and execution will place you in the winner's circle, regardless of your idea.
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