The Farming Business

It used to be farmers could make out financially without being businessmen, it could be strictly a lifestyle choice. Those days are long gone and most of the farmers that survived that way are also long gone too. Not everyone is cut out to be both and if you are strictly a businessman, why would you be attracted to farming? I say this having known quite a few who were. Two come to mind, as the extremes.

One was a fellow who bought a farm suitable for playing on, sold it for a commercial one, then added land. He lost his shirt, then regrouped with what was left on another place, one better suited for playing. A bit later he called me in to consult about going commercial there. I ran the figures with him then recommended he NOT do that. But he did, and ended up selling that farm and living out his life there in a life estate in a 10x30’ “home”. A former banker, then energy dealer, he was business-like about every wrong decision he made. He told me he blew a cool million in 10–15 years (and had fun doing it).

The other fellow, who was richer,  having sold magazine subscriptions with a cadre of door to door salesmen, got bit by the bug of registered Holsteins and embryo transplant. This was my suggestion, as he was looking both for a farm and for a farming enterprise he could get excited about. 5 years later, he sold out. Why? He had accomplished each and every goal he set out to do. Afterward, they regretted selling as they realized how much they’d come to like the lifestyle as well. He had the unique ability to get good workers, ones who would happily work their butts off for him. These people were both well-rewarded financially and obviously appreciated by him and this ability really paid off for him.

I learned a lot from both men and was proud to call both my friends. One thing I learned from the first guy were things NOT to do. From the other, I realized I didn’t have his ability with workers and never would - and that it would be best for me not to even try to duplicate that.