Transform Your Farm For the Better: Overcoming Financial Struggles & Building a Legacy w/Jace Young
Barn Talk
This'll Do Farm
4.6 • 1.4K Ratings
🗓️ 20 December 2024
⏱️ 101 minutes
🧾️ Download transcript
Summary
Welcome to Barn Talk! In today's episode we are thrilled to have Jace Young, founder of Legacy Farmer, join us for an insightful and thought-provoking conversation. Jace shares his extraordinary journey from the banking sector to becoming a pivotal figure in agricultural financial advisory.
Listen in as Jace recounts a transformative experience of eating from a dumpster, which led him to deeper personal growth and an understanding of overcoming mental challenges. We explore the delicate balance of wisdom and open-mindedness the youth possess, the pressing issue of generational knowledge transfer in farming, and the importance of strategic financial management for agricultural success.
We also dive into the emotional and historical impacts of family business failures, the struggles with financial transparency among smaller farming operations, and Jace’s unique approach to building a community of farmers who support each other nationwide. Discover how Jace developed industry-changing tools like Farmer Metrics and embraced public speaking to address real financial issues faced by farmers.
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00:00 Support Barn Talk: review, engage, buy meat.
08:44 Multi-generation farming bears unique pressures, differing challenges.
14:12 Parents' accounts frozen; emotional impact on family.
15:33 Dad ran a feed yard, worked with hispanic families.
24:55 Hard work pays debts faster than expected.
27:27 Three frames of finances offer varied perspectives.
32:10 Dad adapted jobs; always respected his resilience.
38:23 Legacy Farmer offers coaching, community, and software.
46:14 Bridging generational financial literacy gaps through software.
48:17 Separating business amidst competition discussed at conference.
52:53 Moved away, returned, learned: "Nobody's saving you."
57:25 Professional presentation builds trust with investors.
01:03:28 Son's analysis reveals hidden cattle operation costs.
01:11:33 Bank loans extended, affecting building depreciation schedules.
01:16:14 Encouraging diverse investments beyond real estate.
01:22:04 Realizing the burden of accumulating unnecessary responsibilities.
01:26:57 Secured investors to enhance Legacy Farmer brand.
01:32:46 Physical exhaustion leads to mental openness.
01:36:18 Understand differing perspectives; everyone views life uniquely.
01:40:18 Bringing the right people for genuine transformation.
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Transcript
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| 0:00.0 | All of the food we eat and much of the clothing we wear comes from plants and animals that are raised on farms. |
| 0:05.6 | Farms are different in type, in size, and even in name. |
| 0:26.5 | Welcome to Barn Talk. What happens at the barn stays in the barn, but not today. We're going to let it all out for you guys. Today is going to be a guest episode. We've got somebody |
| 0:31.1 | coming down to Southeast Iowa to strap some shit on us, and it's going to be a good one. |
| 0:35.9 | I think you guys will find a lot of value from it. And if you do find value, all that we ask is that you share it out with the people |
| 0:41.9 | that you know. The more that you guys do that, the more of this show grows, the more guests we can |
| 0:47.1 | get on, the more episodes we can make. Another way that you can help out Barn Talk is you can |
| 0:52.3 | leave a review on Spotify or Apple. And also on |
| 0:56.4 | Spotify, if you're a Spotify listener, Spotify is really up their game. You can comment on Spotify now. |
| 1:02.6 | You can watch clips on Spotify now. It's a really great place for us to hear from you guys. |
| 1:07.1 | So feel free to just use all the features on spotify and let us know what you think but |
| 1:12.5 | leaving our review gives our show a lot of credibility and again helps us get more guests to come on |
| 1:17.9 | to the show uh last thing you can do to support us here at barn talk and our family farm is support |
| 1:24.4 | our direct-to-consumer meat business farmer Farmergrade, farmagrade.com. |
| 1:29.3 | We're getting close to Christmas here. |
| 1:31.4 | We're doing corporate gifts for companies. |
| 1:34.1 | If you have a small business out there, |
| 1:35.9 | or if you want to bulk order some boxes for your family or friends, |
| 1:40.5 | we'd love to help you out in any way we can. |
| 1:42.4 | And we're also going to have a big old Christmas |
| 1:44.2 | sale here at the end of the year too. So be looking out for that. And you can always use code |
| 1:49.1 | Barn Talk to save 10% off your next order. And you can always use more meat. You can always use more meat. |
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