General
In your area, when you think of the most successful farmers, is there something they have in common or have done well? What stands out to you that you seem to notice works well and what doesnt?
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Good thoughts. I appreciate everyone that responded to this subject. I am coming from the side of looking for an opportunity to farm, and also learning from a successful farm manager. Running multiple business takes a lot of time, and if management isn't what it should be, you end up spinning your wheels, just love that tractor when an FBN page is waiting to load!
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This all depends on what you define as successful. Lifelong farmer down the road still operates run mostly older equipment has minimal overhead. But isn’t efficient, makes half ass decisions and the crops show it. Plant every field straight row just right up and over terraces every pass. Very few acres rented His farm will run till he can’t do it any more. Another local runs late model equipment, ...
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I am 4th generation and my daughter will be 5th. Inheritance is not everything, the key is to invest your money and not just spend your money. Look at everything as a investment, not just I would like buy that. My best investments have been real-estate, I figure I can rent or buy old equipment to get me by for the immediate time. Also look at local successful business and copy them. I learned all...
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Playing with old money makes things a lot better
I think it was Kansas State that did research on this. Know your numbers.
What your asking is multifaceted, it’s answered differently depending on where you live, so, where I live, animals that once every farm had are all but gone, dairy - gone, cattle - gone, chickens, pigs, gone. We’re just grain farming in my area. I’m a 1st generation - 3rd generation farmer, my dad left the farm but I somehow went back, I started from scratch with nothing and after 35 years and wat...
5
I hate to admit that you are 100% right and by no means do i disagree with that. But that’s really not very positive situation for farming to be in. These young guys you see on TikTok all make it look so fancy but realistically they are riding the coattails of someone else’s life time of work. Or are hired hands so remember when you see this it’s not what it seems.
Very well put. Excellent answer
I second that.
Very good advise!
All the ones I know do something different. Raise a special crop, provide some kind of service, sell ag related things.
1
This is a generalization, but the most successful (I’m talking self-made not born with a silver spoon) farmers in any area are the ones that understand averages. They make above average yields and have below average inputs per bushel. They sell for an above average price and have below average per bushel machinery costs. They own an above average percentage of their land but keep a below average a...
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I agree with this completely!!
Go to work every day and dont stop unitl its done.
use your brains and back your own decisions, learn from them daily and dont look over the fence constantly, get your own back yard right first.
If you don't really know what right is for you then your in the wrong business.
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Age old topic, but really about how good your ancestors were at making money, teaching the next generation how to make money, and keeping the asset base consolidated.
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OLD MONEY
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They all inherited everything. And didn’t have you buy a single piece of equipment or land.
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In my area one of the most successful farmers built it himself. He also has a wife and son that work their butts off. They do almost all of their own repairs.
The most successful one near me paid for all his stuff. Inheriting sure can help if they don’t waste the opportunity.
Not one mention of livestock. Good or bad?
1
#1 They get the work done when it needs to get done.
#2 They do not spend unless they need to spend because it will cost them more if they don't. That is a tough one to learn.
#3 Successful people are good at recognizing other people strengths. Are able to work with those strengths. If that means hiring them for certain things or giving them jobs that complement their strengths.
Sure it ...
3
(edited)
The most successful around here are communal farmers. Usually 10 to 20 families in one unit. They have large families providing even more labour. They have the very best machinery and infrastructure and generally can out bid anyone for land.
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The good planners are the most successful in my area. They have a plan in place and lock in inputs early instead of paying higher in season prices. They also are good at what knowing makes money by pencilling cost and not necessarily stuck in how it always has been done, they also don’t chase pipe dream get rich quick stuff. Not the trailer blazers to try new crops in the area and not the last ...
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Being efficient with your equipment (1 drill, 2 combines, 1 big sprayer, etc., good infrastructure- gas, power, highway access) and usually a office in the shop not just the house.
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Success is a different ideal for everyone. For me it’s the difference between farming for money, and farming with money.
I think the biggest contributing factor to the “successful farms” is the ability to pass the farm down from generation to generation with out debt. In my case I’m the fourth generation to farm and also the forth generation to pay for the same ground over and over. Each time h...
12
On the paying for land over and over again I understand it's tuff to put a pencil to it. but also I've seen generations get there farms given to them and have no clue on how to manage the iron debt since everything is paid for. Just keep digging and hole and end up financially screwed later on the land. Each to your own
I never understood the paying over and over for land either. Seems like an arrangement for income of an agreeable amount until time of transition.
I believe the statistic I heard from a USDA official is that 90% of farms rely on off farm income to meet living expenses.
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Seems like they have another source of income to stabilize their income. Another business or they have a job too or the wife works or they do custom work, sell seed/chemical.
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To be honest it is sad but true that what you wrote has a tremendous of fact. But what does that really say about the profession of farming.
A "not so serious" answer is, it seems like many of the "successful" farms in our immediate area have either sold land to the town or housing developments, and/or are close to or over age 65.
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I think hiring the right people makes a huge difference, especially if you've got them doing a lot of skilled tasks. A "self starter" vs someone that you need to micro-manage makes big difference in productivity.
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Our area has smaller windows then a lot so basically we look at 10 day seeding horizon if you farm 5000 you should be doing 500 a day etc, until I hit 50 did most everything myself found after my oldest son came online and has learnt pretty good work ethics, would have been a lot less stressful over the years having a descent guy, so I would have to say good people working for you ( less screw ups...
Attention to detail. Anyone can do the big stuff. Its the little stuff that sets farms apart. Self educated farms that have managers and owners behind the wheel. Farms that become dependent on retailers and others for advice usually in time fail, these sources have no skin in the game. "If you have never weathered a storm in life you are more than likely not prepared for a storm in life."
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In school the lesson comes first then the test. In life it is the test and hopefully a lesson is learned...
It's a matter of making the right investments at the right time, having a plan to eliminate your inefficiency.
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They have older equipment and do not get caught up in needing the newest things.
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All depends on how many acres your farming and cattle your running
Must be different here.