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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**PLEASE NOTE**
Barn Talk is a significant break from the typical content viewers have come to expect from This’ll Do Farm. Please be advised that we will be exploring a wide variety of topics (some adult-themed) and our younger viewers (and their parents) should be advised that some topics will be for mature audiences only.
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