I’ve been blessed to know many successful farmers, entrepreneurs and business leaders who always seemed to be a step ahead of the herd. What are the common threads among these folks? What core set of traits did they share? I came up with three traits and one overarching theme.

As harvest season approaches, you should have a good sense of your expected yields and the financial investments required to achieve them. To best prepare for next season, utilize this information with updated data on expenses and markets to calculate your true break-even point – defined as the value per unit where all expenses for the crop are covered by its revenue.

Winter weather which includes cold temperatures, ice and snow can lead to some additional hazards when completing your regular tasks at work – because of this, you must take extra precautions this time of year.

It pays to get the most out of farm meetings because animal well-being and productivity are usually involved. Whether discussing nutrition plans, health protocols, farm management strategies and more, our experiences point to one overarching factor that maximizes meeting time: preparation.

"If you don't drive your business, you will be driven out of business.” This quote is by B. C. Forbes, the founder of Forbes Magazine, and runs doubly true for farms and businesses with more than one key owner or leader.

It is time to stop guessing what everyone thinks, feels, wants and needs. Explore what stories your grandparents, parents and siblings are telling themselves about the future and transition of wealth on your farm. Ask Grandpa or Mom, “I’m just curious, what is the story you are telling yourself? Is this a scarcity mindset issue? How much is enough? Would you ask for the help of a financial planner to give you more financial security and certainty for your income streams as you age in place on this farm?”

When it comes to farm versus household accounts, separate checking, savings and other accounts can safeguard business funds from personal ones, allow farms to monitor farm spending more easily and assist with recordkeeping of the farm’s finances.

Legacy is often thought of as a tradition passed down from one generation to the next. While tradition certainly plays a part, legacy goes beyond that. It’s about the mark you leave on the world, the values you uphold and the contributions you make.

The Merriam-Webster dictionary defines trust as “an assured reliance on the character, ability, strength or truth of someone or something; dependence on something future or contingent: hope.”