Taylor Ferguson
speaker
79 appearances
3 recordings
1 series
first heard Sep 2024
last heard Sep 2024
Taylor Ferguson’s voice in public audio — every appearance, attributed to the second.
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Appearances
Just send him the cliff notes. There you go.
Oh, yeah. It happens quite a bit. Unfortunately, the conspiracy theories of these folks that come in and pay high cash rent and they skimp the farm. They don't put replacement value back on. That happens. Does everybody do it? No. But there are bad actors or there are ones that are essentially gambling with cutting back their rates. And ultimately, you just wish them the best of luck.
They're the only ones that are going to know whether or not it worked for them. If they were able to produce enough bushels, market those at a level that they were able to create a positive margin without using the fertilizer...
Yeah. I'd say one of the bright spots, you know, that we can share with our listeners today is Josh's ex-account, JLenvilleFurt.com. is where you find them on Twitter. And on the 14th of August, you made a post. You said, those of you that have farmed through the tough years, what advice would you give to younger farmers? And you had a lot of interaction. You had people that had saved it.
You had 116,000 views. Wow. So clearly that's a question that a lot of people took to heart. And I jotted down a couple of things that I noticed. And Corey tells me all the time, I can't save my way to prosperity. I think there was a lot of responses that were talking about how, okay, you might have to spend money to make money. You can't just save your way there.
Understand the difference between wants versus needs. Is this something that I want to do or this is something that I need to do? Kind of like you talked about, if you built up and you had 50% plus, do you need to put that fertilizer out there? Or do you just want to because it's what you've always done? So addressing exactly clear there. I like that knowing your margins, knowing your break-evens.
Josh was mentioned like 700 times. I mean, I'm exaggerating, but our listeners are familiar with that. They certainly know that we preach that. You've got to run this farm like a business, and most businesses understand their cost of production, so you need to know what that is too. Understanding living expenses.
Probably one of the biggest struggles I had when I was a banker is getting my customers to – not only divulge what their living expenses were, but demonstrate that they accurately knew what their living expenses were. Seems like a tough one to get a hand. Someone with base hits and doubles, don't worry about your home runs, but be ready to hit a fastball right over the plate.
So if it's going to give you an opportunity, you need to be ready to take it. Don't just be watching pitches go by. Sell unused assets. Not necessarily a rosy thing to do, but this is your time to look at your your portfolio, as well as maybe you need some off-farm income. That was just five or six, two, four, six, seven of the things that I had saw.
Yeah, it is. You can't take debt off the books without converting an asset to cash.
Everybody's going to be different. If you are comfortable with the belief system that you have and you've got a piece of ground that you're willing to cut bait with and sell because you feel that the price of land is going to remain steady longer than the price of corn with the opportunity to go up, Follow your belief system. Take and trust your advisory board.
If it's the opposite, you believe land is still the place to park your money and hang on to it, I wouldn't sell your farm. I'd cut bait on the crop that you have and go that route.
Yeah. Well, I just got one question left for him, unless you guys have more to pepper him with. We'll try to wrap up every one of our episodes to put a compilation show together with the same question. The question we've been asking our guests right now to provide some perspective and help our listeners is how have you juggled work and personal life?
I like that. I think he's the first one that said priority. Use that terminology. And I love framing this question up. It's not meant to make any of our guests feel bad. That's why I don't use the word balance. I don't like it. But we're going to learn a lot and be able to compile, I think, some pretty good messages to let those that feel like it's not juggled properly know.
understand that they're not alone, and maybe give them some tips to where things can get fixed.
And farmers are entrepreneurs. They're the same boat. They, again, they eat what they kill. And sometimes we can get into a position where we don't feel that there's the juggling happening. Yeah.
That's a tough question. I think our listeners should...
You can't see anything. Well, Josh, this has been a pleasure. Like I said, got to connect with you on Ag News Daily. It's fun to introduce you if those of the Farm for Profit community didn't already know who you were. Hopefully they got some good value out of this. I certainly learned a lot. We had notes being written. Thanks again for hanging out.
Listeners, until next time, have a good one.
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