{"id":10016,"date":"2024-10-11T01:00:32","date_gmt":"2024-10-11T05:00:32","guid":{"rendered":"https:\/\/elainefroese.com\/?p=10016"},"modified":"2024-10-11T11:46:03","modified_gmt":"2024-10-11T15:46:03","slug":"farm-transition-beginning-conversations-about-finances","status":"publish","type":"post","link":"https:\/\/elainefroese.com\/2024\/10\/11\/farm-transition-beginning-conversations-about-finances\/","title":{"rendered":"29: Farm Transition: Beginning Conversations About Finances"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/9NsUtbS_tgw?si=0BEgWUIEx6BzvVP5\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<div class=\"player_container player-10016\" ><div class=\"spp_player_textabove\"><b>  <\/b><\/div><div id=\"sm2-10016\" class=\"sm2-10016 playercontent sm2-bar-ui compact flat full-width full-width-player\"><div class=\"bd 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href=\"javascript:window.open('https:\/\/traffic.libsyn.com\/56d782f0-8d4c-422c-bdaa-d2db59d90bab\/EF_-_Ep._29_Libsyn.mp3','','width=500,height=250')\">Listen in a New Window<\/a><a class=\"button-download\" target=\"_blank\" style=\"\" href=\"https:\/\/traffic.libsyn.com\/56d782f0-8d4c-422c-bdaa-d2db59d90bab\/EF_-_Ep._29_Libsyn.mp3\">Download<\/a><a class=\"button-soundcloud\" target=\"_blank\" style=\"display:none !important;\" href=\"\">SoundCloud<\/a><a class=\"button-stitcher\" target=\"_blank\" style=\"display:none !important;\" href=\"\">Stitcher<\/a><a class=\"button-sppandroid\" target=\"_blank\" style=\"display:none !important;\" href=\"\">Subscribe on Android<\/a><a class=\"button-spprss\" target=\"_blank\" style=\"display:none !important;\" href=\"\">RSS Feed<\/a><a class=\"button-spotify\" target=\"_blank\" style=\"\" href=\"https:\/\/open.spotify.com\/show\/0UCkbGF76mrbbP8UJdjP3e\">Spotify<\/a><a class=\"spp-button-custom1\" target=\"_blank\" style=\"\" href=\"https:\/\/www.youtube.com\/playlist?list=PLiLbc86FzxuNJEtfbGkdnyb6w4P2X6beF\">YouTube<\/a><a class=\"spp-button-custom2\" target=\"_blank\" style=\"display:none !important;\" href=\"\"><\/a><a class=\"spp-button-custom3\" target=\"_blank\" style=\"display:none !important;\" href=\"\"><\/a><a class=\"spp-button-custom4\" target=\"_blank\" style=\"display:none !important;\" href=\"\"><\/a><a class=\"spp-button-custom5\" target=\"_blank\" style=\"display:none !important;\" href=\"\"><\/a><a class=\"spp-button-custom6\" target=\"_blank\" style=\"display:none !important;\" href=\"\"><\/a><\/div><\/div>\n<p><span style=\"font-weight: 400;\">In this episode, Elaine welcomes her friend, farm partner, and University of Nebraska agricultural economist, <\/span><a href=\"https:\/\/cropwatch.unl.edu\/author\/jessica-groskopf-extension-educator-agricultural-economics\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Jessica Groskopf<\/span><\/a><span style=\"font-weight: 400;\">. Elaine and her guest discuss one of the most challenging topics for many farm families &#8211; financial transparency in farm transition.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">From addressing your biggest financial fears (whether you\u2019re the owner or the heir) to the importance of having honest conversations around expectations, this episode offers practical insights for farm\u2019s 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.<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">\u201c..When we&#8217;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 [&#8230;] options on the table, which includes selling land, [&#8230;] renting out land,\u00a0 [&#8230; and] not allowing everybody to come back [&#8230;]. Openness really has to be a part of these conversations as well.\u201d &#8211;<\/span><\/i><span style=\"font-weight: 400;\">Jessica Groskopf\u00a0<\/span><\/p>\n<p><b>Mentioned During This Episode:<\/b><\/p>\n<p><b>People <\/b><\/p>\n<ul>\n<li><a href=\"https:\/\/www.ramseysolutions.com\/?srsltid=AfmBOorI9g2w7sjeldYMWSRqN-LKxcguCVxtwHjAnHuFU0_uqZ5c_hBQ\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Dave Ramsay: American Radio Personality (Financial Advice)<\/span><\/a><\/li>\n<\/ul>\n<p><b>Jessica\u2019s Webinar <\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/cropwatch.unl.edu\/2023\/farm-transition-beginning-conversations-about-finances\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Farm Transition: Beginning Conversations About Finances<\/span><\/a><\/li>\n<\/ul>\n<p><b>University of Nebraska<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/cap.unl.edu\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Center for Agricultural Profitability<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/cap.unl.edu\/webinars\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Webinars<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/events.unl.edu\/cap\/upcoming\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Upcoming Events<\/span><\/a><\/li>\n<\/ul>\n<p><b>Elaine Froese Resources &amp; Links<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"http:\/\/elainefroese.com\/speaking\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">SPEAKING &#8211; book Elaine for your next event<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"http:\/\/elainefroese.com\/coaching\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">COACHING &#8211; find your Farm Transition Coach<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/elainefroese.com\/membership\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">MEMBERSHIP &#8211; become at Farm Family Harmony Member<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"http:\/\/elainefroese.com\/free-planning-resources\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">RESOURCES &#8211; download for FREE\u00a0\u00a0<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/elainefroese.com\/contact\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CONTACT &#8211; take the next steps in your transition<\/span><\/a><\/li>\n<\/ul>\n<p><b>About Our Guest<\/b><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-10017 alignleft\" src=\"https:\/\/elainefroese.com\/wp-content\/uploads\/2024\/10\/Screen-Shot-2024-10-09-at-4.32.22-AM.png\" alt=\"\" width=\"177\" height=\"216\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Jessica Groskopf is a highly-rated educational speaker with 10+ \u200byears \u200bof experience working in farm business \u200bmanagement. She is \u200ban expert in farm transition and \u200bpersonal finance, drawing \u200bfrom her professional \u200bexperience, as well as her daily life as a \u200bWestern Nebraska \u200bfarm wife. Working alongside her husband \u200bAndy, a fourth-generation farmer, \u200bthey partner in the family \u200boperation. She is intimately \u200baware of the challenges of \u200bblending family and business.<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/jessicagroskopf.com\/#contact\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Website<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/cap.unl.edu\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">U of N: Center for Agricultural Profitability<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/calendly.com\/hellojessicag\/discovery?month=2024-10\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Speaker Request Form<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/groskopf.my.canva.site\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Other Resources<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.instagram.com\/jessica_groskopf\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Instagram<\/span><\/a><\/li>\n<\/ul>\n<p><strong>Submit a Question<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Have a burning question you\u2019d like answered on the show by Elaine or one of her amazing coaches? Ask it <a href=\"mailto:elaine@elainefroese.com\" target=\"_blank\" rel=\"noopener\">HERE<\/a>.<\/span><\/p>\n<p><b>Share Your Thoughts<\/b><\/p>\n<p><span style=\"font-weight: 400;\">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 &#8211; we\u2019re all ears!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Help us grow our community by rating the show or submitting a review on <\/span><a href=\"https:\/\/open.spotify.com\/show\/0UCkbGF76mrbbP8UJdjP3e\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Spotify<\/span><\/a><span style=\"font-weight: 400;\"> or <\/span><a href=\"https:\/\/podcasts.apple.com\/us\/podcast\/farm-family-harmony-podcast\/id1659119952%20\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Apple<\/span><\/a><span style=\"font-weight: 400;\">. Sharing an episode with your community, family, and friends, or commenting on <\/span><a href=\"https:\/\/www.instagram.com\/farmfamilycoach\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Instagram<\/span><\/a><span style=\"font-weight: 400;\"> is another great way to show your support!<\/span><\/p>\n<p><b>Timestamps<\/b><\/p>\n<p><span style=\"font-weight: 400;\"><span>[0:00:03]<\/span> Hello and personal shout-outs<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><span>[0:00:51]<\/span> Introduction to Jessica Groskopf<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><span>[0:02:05]<\/span> Jessica\u2019s Webinar<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><span>[0:03:09]<\/span> What are your biggest financial fears?<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><span>[0:04:48]<\/span> The Owner Generation and The Sunset Years<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><span>[0:06:05]<\/span> Having Honest Conversations<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><span>[0:07:49]<\/span> Your Parents Don\u2019t Owe You Anything<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><span>[0:09:46]<\/span> Getting A Clear Picture of Your Compensation Package\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><span>[0:12:13]<\/span> Good Debt vs Bad Debt, There is a Difference<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><span>[0:15:33]<\/span> The Generational Differences in Attitudes About Debt<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><span>[0:17:39]<\/span> Keeping The Books and Financial Transparency\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><span>[0:20:15]<\/span> Living Expenses for the Average Farm Family Today<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><span>[0:24:36]<\/span> What\u2019s Good Practice for Bank Accounts\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><span>[0:26:52]<\/span> Where is it Written That Only Women Do Farm Books?<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><span>[0:29:30]<\/span> Strategies for Transitioning From The Older to Younger Generations<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><span>[0:33:31]<\/span> Jessic\u2019s Stress Test<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><span>[0:36:22]<\/span> Some Great Questions for All Farmers<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><span>[0:41:00]<\/span> Jessica\u2019s Top Three Takeaways For Financial Transparency<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In this episode, Elaine sits down with Jessica Groskopf, a University of Nebraska agricultural economist, to tackle one of the toughest challenges in farm transition\u2014financial transparency. They discuss strategies for addressing financial fears, fostering honest conversations, and navigating generational differences in managing farm finances. Jessica also explains why some debt can be beneficial and shares key questions every farmer should ask during the transition process. This insightful conversation provides practical guidance for families preparing for the future of their farm.<\/p>\n","protected":false},"author":2,"featured_media":10020,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1473],"tags":[1969,1970,1972,1971,73,1973,1794,142,762,1634,1043,1975,359,1974],"class_list":["post-10016","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-farm-family-harmony-podcast","tag-agricultural-business","tag-agricultural-economics","tag-estate-planning","tag-farm-bookkeeping","tag-farm-debt","tag-farm-family-conflict","tag-farm-family-harmony","tag-farm-finances","tag-farm-transition","tag-farming-strategies","tag-financial-transparency","tag-ranching-business","tag-succession-planning","tag-university-of-nebraska"],"yoast_head":"<!-- This site is optimized with 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