Preserve the Knowledge of Others

The CAFA (Canadian Association of Farm Advisors) Parkland Chapter ended their membership year in late June on a high note. The meeting’s theme was “Why Advisors are Valuable to Farm Families.” Our presenters, ranchers and farmers, shared their first-hand experiences working with advisors on their businesses. 

Robert and Karen Ivey, partners in Evergreen Cattle Company, and Terry Aberhart, CEO of Aberhart Farms and Sure Growth Technologies and Managing Partner with Aberhart Ag Solutions, graciously shared their knowledge, experience, and wisdom.  Their insights are worth capturing and preserving in writing so that others may learn from their journeys. Here are a few take-aways from their presentations.

1. Have a keen interest and passion – important ingredients to drive success.  This sound advice may have been reiterated previously by different people as they pursed their careers.  Today, our presenters confirmed this again.  If your heart is not in the work you do – whatever it may be – then no matter how hard you try, you will not drive yourself to do better than average.  Your passion causes you to lie awake at night, dream about your work, and devise strategies. Living and breathing what you know and love becomes part of your DNA.  The fuel -- your interest, passion, and dedication to your work -- are the driving forces of your mission and vision statements. This takes us to the next point.  

Robert and Karen Ivey
Evergreen Cattle Company

2. Create and review your mission and vision statements for your business.   A person does not realize the value of words. A well-designed and crafted mission and vision statement motivates people to succeed especially through setbacks.  Failures, obstacles, and challenges will happen.  Our determination to see the light at the end of the dark tunnel helps us to persevere through the tough times.  Robert and Karen designed their mission statement four decades ago when they first began farming.  This important step should not be overlooked.  The vision statement tells you where you want to be (and what you represent) and the mission statement tells you how you’ll get there.  

Terry Aberhart
Aberhart Farms / Sure Growth Technologies
Aberhart Ag Solutions

3. Embrace change.  Change occurs with or without your permission.  New ways of doing things -- technology, processes in a business operation,legislation (legal and tax rules) – affect a business.  You cannot control everything so you need to focus on the things you can control.  “Have the right mindset and work with future-minded people,” was Terry’s advice.

4. Anticipate the storms, the financial setbacks. You may need to rely on a different strategy.  In the farming industry, severe weather conditions and disease infestations can hamper the bottom line.  Regroup. Strategize. Persevere. Rely on your mission and vision statements.

5. Know your financial situation. If you are not a number person then linking up with an advisor who can help establish your yearly budgets and analyze the financial data is vital. The Management Trinity has been previously discussed. Generally, people are good at two of the three essentials necessary to carry on a business. These three are finances, marketing, and the hands-on work. Business plans with realistic financial projections are road maps.  Robert and Karen had created their business plan with financial projections and asked their banker, “Do you want to come into business with us?”  They proved to their business advisors their capability for achieving their business goals with a concrete plan.    

6. Engage with other advisors.  Advisors help you think and plan realistically.  Terry said it best, “You may be blinded by what sounds like a good idea until someone shoots holes in your boat for good reason.” Advisors fill in the gaps with their knowledge and expertise then advise accordingly.

7.  Find a way which works for you.  “Canned programs” with a step-by-step process do not work for every business family.  Two examples are whether to implement an estate freeze or purchase land inside a corporation.   The strategy has to be right for you.

8.  Keep your business and family affairs separate.  Treat your business as “business first” which results in doing what is in the best interest for the business. The Three-Circle Model illustrates that the family business has three unique groups within its structure: the owners (or shareholders), the family, and the business.  

To operate a farm or ranch successfully, like any business, you must have a great understanding of all the elements.  Our presenters shared the core foundation for any successful business remains unchanged in order to strive, thrive, and survive. 

Reflecting on the years when our ancestors first came to Canada, you can see how agriculture has evolved over the years. Breaking new land was first done with horses and plows. Roots were handpicked.  Labour was intense and backbreaking. Today caterpillars and heavy discs relieve the strenuous labour.  Yet others stressors, which are uncontrollable, remain constant. Weather is one factor.

The benefit of learning from others is hearing about their strengths, weaknesses, opportunities and threats.  Naturally, a person thinks others have it so good until we hear how bad they had it. But their ability to turn their situation into good is reassuring and encouraging.  Advisors and mentors help us find the way.

Having A Clear Vision

Success begins with spreading your wings, believing in your worth, trusting your insight, nurturing yourself, having a goal, and devising a personal strategy.  And then, even impossible dreams become real. ~~ Sue Augustine.

 

Dreams are clarified with a clear concise vision statement. Having a vision of where you want to be is so important. When you spread your wings, you need to know where you’re flying.  A clear vision also expresses your purpose and adds flavor to both your personal and business life.

I learned the importance of developing a vision and mission statement from an on-line college course, Creating a Successful Business Plan.   This vital step wasn’t left until the financial costs and marketing strategies were discussed. Right at the beginning, I needed to be clear about these two: the vision statement tells you where you want to be (and what you represent) and the mission statement tells you how you’ll get there.

Here’s mine:

My vision is to be the most sought-after financial planner who designs “dream” financial plans to help hundreds of people get to where they want to go now and in the future. 

I know what you’re thinking.  Doesn’t that appear self-centered, “most sought-after”?  When I asked my instructor, Kris Solie-Johnson, she assured me that the words sound confident.  When you create your vision statement, whether it’s for your business or personal life, use specific wording which reflects the things you value.  Make a bold proclamation outlining your purpose and goal.

I also learned that a mission statement could easily be confused with a vision statement.  In the course, Coach Kris instructed us to treat these “as two separate entities – one providing a concept and the other a pathway.”  I appreciated this logic.  The mission statement tends to focus on the “how” you are going to accomplish the “what” (the vision).

After careful consideration and thought, my mission statement reads:  

I diligently adhere to the eight-point FPSC® Code of Ethics established by the Financial Planning Standards Council (FPSC).  I conduct myself in a matter whereby my clients’ interests take priority. I act diligently, professionally, and with integrity. I am objective, fair, and open. The client’s information remains confidential.  I am a life-long learner and, as such, am competent through my on-going commitment to education.   

 

In Stephen R. Covey’s book, The 7 Habits of Highly Effective People, he specifically dedicated a section to the development of “A Personal Mission Statement”.  His notorious statement was “to always begin with the end in mind.”  Here he writes:

The most effective way I know to begin with the end in mind is to develop a personal mission statement or philosophy or creed.  It focuses on what you want to be (character) and to do (contributions and achievements) and on the values or principles upon which being and doing are based.

Therefore, whether you are an entrepreneur in your farm business, a stay-at-home parent, or an employee, vision and mission statements serve specific purposes.  These creative statements clearly help you see life’s road map in concise and clear ways, acting like motivators that propel you forward onto success.  When you experience life’s turbulences, like Arlene Dickinson mentions in her book, All In, these bulletproof reasons “restart your engines when they threaten to stall.” This is your commitment to daily live your life on purpose.

We can’t drift through life as though it doesn’t matter.  Life matters.  We have only one chance to live on earth to prove to others that we are here for a purpose.  So take time today to write your vision and mission statements instead of New Year’s Resolutions.  These statements will serve you well in the New Year and in the years which follow. 

For an additional resource to help create your vision and mission statements, click here.  In the comment section, you are invited to share yours.