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Honored Advisor

Knowin` what you know now..

...what would you have done differently?  Spent less?   Called up auctioneer ol` Shep to auction off your farm?   or not a thing differently?

 

Of course "this year" back in May those of us that haven`t sold anything, probably wish we`d sold our APH of C4Z cash during the day or 2 that it was $4.95. 

 

If you are all about the "Franklins", a year ago a guy shoulda probably called up ol` Shep to cash in.

 

Maybe the $14,000/acre farm, the $400/a 3yr contract on some rented land or the new combine with the 35` bean head and 12 row chopping CH wasn`t the brightest ideas.

 

I don`t know, I`m not all about the "Franklins", I have made mistakes and it looks like we have a "B Maintenance, enter at your own risk, road ahead"...but so far I wouldn`t have changed a thing, warts and all.   Of course it`s quite some time before the lady with weight issues gets on the stage.   Smiley Happy

 

 

In parting, my mistakes so far have been small and have a "sunset", but left unchecked small mistakes can become large mistakes...and the poorhouse is always right around the corner.  

22 Replies
Honored Advisor

Re: Knowin` what you know now..

Most decisions are more about timing than any other variable, aren't they?
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Honored Advisor

Re: Knowin` what you know now..

Words I live by "I`d  rather be lucky than smart".    My Dad used to say "The harder I work, the luckier I get".   But using the 20/20 hindsight, I have no regrets, I bought stuff but it was needed stuff it was a good ride (assuming that it is over).   Since no one really has a crystal ball, all one can do is take calculated risks, with the idea that "am I gonna cry if the worst case senario happens?". 

 

I remember during the mid 80`s when $3,000 land dropped to $1000, one winters night at 1am coming in from checking the livestock, I asked Dad "knowing what you know Dad, would you have sold out?"   His reply was a simple "no" and I knew the answer before I asked the question.  Isn`t that pretty much the key to being happy, if your calculations end up "worst case" you still have no regrets.

Advisor

Re: Knowin` what you know now..

Highest price I paid for land so far is buying my fathers estate from my siblings.  Should have drug my feet for a couple of years and bought it at a cheaper price.  Smiley Wink

 

Of course I am just kidding and the thought never crossed my mind.  Some siblings think they were not paid enough, some thought the price was right, I thought it was a little too expensive.  So even with todays outlook we all think the price was fair.

 

What would I change?  Nothing.  Life is great!

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Senior Advisor

Re: Knowin` what you know now..

I would have bought all my parents cattle 6 years ago when the price was more favorable to a buyer than a seller. You've probably heard me say about a million times that I've got no debt and that is a fact that I'm very proud of, but they were going to finance me so a bank wouldn't have been needed. On top of that missed opportunity, they also had in excess of 1000 acres of grass that I would have had access to complement these animals. As far as the cattle would have known, it would have been business as usual because the day to day activities wouldn't have changed a bit. STRESS FREE FOR THEM

But, in my defense things were different for me at the time, I mean things at my off the farm job were much more favorable for the employee at the time, with the exception of the hours it was a "fun" place to work. The company has since changed ownership and many of the additional perks of the odd hours came to a screeching halt. 35+ year employees fought it for a couple years than retired, many others just quit. I probably would have quit too, but there was one individual I only know from Ag.com and a few phone calls treated me like a little brother and gave me some advice and I'm still employed. I should be thankful, it is still a high paying job for this area that I'm grateful to have.

OK, I'm off my personal pity party so back to the original question. I guess the one thing I would have changed was I would have taken over the complete farming operation and not only the crop production part of it.
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Honored Advisor

Re: Knowin` what you know now..

Well Shaggy you made a choice with the facts that you had at the time.  No one, in their wildest dreams would`ve thought fat cattle would be $160 and feeders +$200...no one, the smart people would`ve said the consumers would`ve turned that spigot off long ago.  If the west hadn`t had a perrenial drought that caused herd liquidation, things would`ve turned out differently too. 

 

 

If you have a high paying off farm job with one big toe in farming that is a good place to be...the only place better is if your wife has a high paying job and you`re totally in the farming pool, with no debt  Smiley Happy

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Honored Advisor

Re: Knowin` what you know now..

Way to be, Tree Fmr!     Smiley Happy

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Senior Advisor

Re: Knowin` what you know now..

Yes BA you are very close. One off the farm job at 6 figures and my wifes is very near 6 figures. We are blessed, I really shouldn't complain.
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Veteran Advisor

Re: Knowin` what you know now..

BA, I wouldn't do anything different. I was told by many when I started farming at 23 years old that I would go broke. 8 years later I farm 3 times as much as I started with. I choose to stay out of the land rent war that's been waged over the past few years. Instead of making enemies with my farming neighbors over a few acres, I built relationships with them instead and got advice on one thing or another. Now that I sell seed part time those friends have or may become customers. The high crop prices only created a race to the bottom. Some of these young gun BTOs with little to no land base, paying land rents that can't pencil out unless we have $5 corn and good yields, will eventually go broke; the vacuum created by their exit may be something even those that farmed in the 80's haven't seen.

Honored Advisor

Re: Knowin` what you know now..

I think you have it figured out, Blacksand.   Success is a journey, not a destination.

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