In recent months, I have traveled to many parts of the country to address agricultural organizations. One destination was the National FFA Convention in Indianapolis, where I received the American Honorary FFA Degree. Next, in Oklahoma City, I addressed the American Bankers Association Agriculture Banking Conference for the 46th consecutive year. He was attended by 68,000 people at the National FFA Convention, and his nearly 500 bankers and vendors in Oklahoma City provided much input. Our engagement with this diverse group of people funding agriculture and others who are shaping the future of the agriculture industry has allowed us to share some interesting perspectives and wisdom.
Don't be an oak tree
A retired banker had some good advice for people embarking on transition management. Don't let your oak tree block out young seedlings or stunt the growth of the next generation. This is commonly seen in the agricultural industry during farm and ranch management transitions. Control-oriented owners who have managed and grown their businesses often hate giving up control. This can lead to a situation where the ability of future generations to assume responsibility and accountability is drowned out, and management and ownership decisions are hampered. Transition management requires you to relinquish control in order to maintain it. Otherwise, father time and family dynamics could end up being a train wreck.
Financial management and life management
Another important point about migration is this quote: “The financial side of transition and retirement is easy.” Understanding life management is the most difficult part of transition management and retirement. It goes through various stages. The excitement of a honeymoon: freedom, travel, and doing new things. Next comes the stage of disillusionment or depression. You may lose excitement about your favorite hobbies and have to relinquish control, which can affect your purpose in life. This brings us to the turnaround part of the retirement cycle. This often requires reconfiguring yourself, your purpose, and the role you play in your business and life in general.
change and tradition
Attending national FFA conventions has shown me that change is accelerating, but tradition remains strong. The ratio of members is approximately 50:50 men and women, with 75% of his leadership team being women. It was refreshing to see the number of urban chapters and the representation of diverse backgrounds at the convention. But the traditions of the opening ceremony, participation in some competitions and observing people who have developed life skills have remained unchanged. Another thank you to the young people for opening the door for me when I didn't know my craft, and for showing interest in who I was and what my purpose was at the competition. The two traditions were refreshing and boded well for the future of the agricultural industry.
David Cole's opinions are not necessarily those of David Cole. Farm progress.
