29: Farm Transition: Beginning Conversations About Finances

In this episode, Elaine welcomes 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.

Access the full show notes for this episode at elainefroese.com.

Discover more about our guest: Jessica Groskopf

Elaine Froese Resources:

Watch this episode on YouTube

• 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 
• BURNING QUESTION? Submit it here for Elaine or her coaches

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