In this episode, Elaine welcomes her friend, farm partner, and University of Nebraska agricultural economist, Jessica Groskopf. Elaine and her guest discuss one of the most challenging topics for many farm families – financial transparency in farm transition.
From addressing your biggest financial fears (whether you’re the owner or the heir) to the importance of having honest conversations around expectations, this episode offers practical insights for farm’s facing transition. Jessica highlights key strategies for ensuring financial transparency, the biggest generational differences when it comes to finances, why there IS such a thing as good debt and some of the best questions every farmer needs to ask.
“..When we’re talking about finances, sometimes we have to make really, really hard decisions that will catapult us into the future and make us viable. And so, we have to leave […] options on the table, which includes selling land, […] renting out land, [… and] not allowing everybody to come back […]. Openness really has to be a part of these conversations as well.” –Jessica Groskopf
Mentioned During This Episode:
People
Jessica’s Webinar
University of Nebraska
Elaine Froese Resources & Links
- SPEAKING – book Elaine for your next event
- COACHING – find your Farm Transition Coach
- MEMBERSHIP – become at Farm Family Harmony Member
- RESOURCES – download for FREE
- CONTACT – take the next steps in your transition
About Our Guest
Jessica Groskopf is a highly-rated educational speaker with 10+ years of experience working in farm business management. She is an expert in farm transition and personal finance, drawing from her professional experience, as well as her daily life as a Western Nebraska farm wife. Working alongside her husband Andy, a fourth-generation farmer, they partner in the family operation. She is intimately aware of the challenges of blending family and business.
- Website
- U of N: Center for Agricultural Profitability
- Speaker Request Form
- Other Resources
Submit a Question
Have a burning question you’d like answered on the show by Elaine or one of her amazing coaches? Ask it HERE.
Share Your Thoughts
Did you enjoy this episode of the Farm Family Harmony Podcast? Keep the conversation going by sharing your experiences and perspectives in the comments below. Your involvement is what makes this community THRIVE! Have your say – we’re all ears!
Help us grow our community by rating the show or submitting a review on Spotify or Apple. Sharing an episode with your community, family, and friends, or commenting on Instagram is another great way to show your support!
Timestamps
[0:00:03] Hello and personal shout-outs
[0:00:51] Introduction to Jessica Groskopf
[0:02:05] Jessica’s Webinar
[0:03:09] What are your biggest financial fears?
[0:04:48] The Owner Generation and The Sunset Years
[0:06:05] Having Honest Conversations
[0:07:49] Your Parents Don’t Owe You Anything
[0:09:46] Getting A Clear Picture of Your Compensation Package
[0:12:13] Good Debt vs Bad Debt, There is a Difference
[0:15:33] The Generational Differences in Attitudes About Debt
[0:17:39] Keeping The Books and Financial Transparency
[0:20:15] Living Expenses for the Average Farm Family Today
[0:24:36] What’s Good Practice for Bank Accounts
[0:26:52] Where is it Written That Only Women Do Farm Books?
[0:29:30] Strategies for Transitioning From The Older to Younger Generations
[0:33:31] Jessic’s Stress Test
[0:36:22] Some Great Questions for All Farmers
[0:41:00] Jessica’s Top Three Takeaways For Financial Transparency
0 Comments