Capitalism can be brutal. One study found that of all the companies started in 1998, only 31% of them remained just seven years later. It is likely much less than that today. Another report showed that over half of Fortune 500 companies disappeared in the last 20 years. Another comparison seemed to be appropriate considering the recently concluded Paris Olympics. You might remember Carl Lewis, who dominated sprinting events in the 1984 LA Olympics. Based on his times, if he were to run today in the Olympics, he would have gotten dead last.

For me, these examples highlight the need to forever be learning, improving and evolving. While we can lament the challenges of today’s market downturn, it also can force us to improve rather than rest on our laurels. Farming has been good the last several years, but now it is our turn to go through another bottom cycle. The challenging times will force some producers out of the business while forcing others to adapt and to use it as an opportunity.

The ag industry in general is better prepared for this cycle. Land values are the bedrock upon which many solid farm operations are built, and they have proven extremely resilient. Ag lenders did not allow farmers to overextend themselves despite attractive commodity prices. This will allow them to better weather the storm. Nevertheless, when bottom cycles like these happen, the consolidation tends to speed up. Farm consolidations are not anything new. They have been happening since the USDA began recording them over 100 years ago. But that does not mean there are not things we can do to become better prepared.

Many farms are larger than a lot of store front companies on Main Street USA. This doesn’t mean we have to become corporate bureaucrats, but there are things we can learn that will help us become better managers.

That is the goal of the Family Farm Masterclass. We seek to create an educational environment where producers can network with peers and learn about strategic management skills, succession planning, entrepreneurship and of course — risk management. The Masterclass is not just a name. Commstock has organized some high-profile producers to come and share their knowledge with us. How often do you get to learn from other multi-generational farm families that operate 20,000 acres on how they have obtained success?

I could argue that family farms have it even more challenging than non-family businesses as the dynamics among family in business add another layer of complexity. That is why we have invited Willie Robertson to be one of our key-note speakers. Robertson is well known for his TV series Duck Dynasty. We look forward to him sharing his views on how he managed the family dynamics in the company. The Family Farm Masterclass takes place Feb. 21-22, 2025, in Des Moines. Tickets can be purchased at https://commstock.com/family-farm-master-class/

The Family Farm Masterclass will equip farmers and agricultural leaders to professionalize their management practices as well as prepare them for future growth and transitions.

SPEAKERS

R. L. “DICK” WITTMANN

Dick Wittman is board chair and former manager of a 20,000-acre dry land crop, range cattle and timber operation in northern Idaho. Management of the farm has transitioned to a partnership of three other family partners. He also provides private consulting to farm, ranch, and agricultural support businesses. In recent years, he has focused on train-the-trainer workshops.

ZACH JOHNSON

Known to his 1 million-plus followers on YouTube as the “Millennial Farmer,” Johnson is a sixth-generation farmer who’s spent his life growing, working, and learning on his family’s farm. With growing consumer awareness about where their food comes from, Johnson has identified the need for an independent voice from the front lines of agriculture. He actively promotes agriculture by sharing his day-to-day experiences in the agriculture world while providing farmer-to-farmer education to help facilitate a collaborative conversation between farmers and the public.

ROB SHARKEY

Rob Sharkey is not your average fifth-generation Illinois grain farmer. Better known as the SharkFarmer, he is a risk taker and out-of-the-box thinker who believes everyone has a story to tell. His authentic interview style, ability to tackle controversial issues and share the triumphs and struggles of the modern farmer and business owner has catapulted him onto Sirius XM, PBS, Acres TV and 8 Seasons and counting of SharkFarmer TV on RFDTV.

ZOE KENT

Zoe Kent is an eighth-generation grain farmer in Ohio. After getting an agribusiness degree from The Ohio State University, she returned to the farm to work alongside her dad Mickey. With Mickey’s retirement at the end of 2021, Kent is entering her fourth year of operating Kent Family Farms. She posts family friendly, funny farming videos under the handle @farmwithzoe on social media and uses her platform to connect with others in the industry and spread a positive message about ag to consumers.

WILLIE ROBERTSON

Willie Robertson is best known for starring in and executive producing A&E’s Duck Dynasty. He is a New York Times best-selling author of several books, including his newest release Gospeler. He is the founder of Buck Commander and CEO of Duck Commander. Robertson expanded his family’s small business from a living room operation to a company for all things outdoors and has sold millions of duck calls and merchandise worldwide.

MARLIN BOHLING

Marlin Bohling was raised on a diversified family farm on the Kansas/Nebraska border near the small town of Byron, Nebraska. After managing the farm operation for over two decades, he gradually transitioned into a career as a farm broadcaster. In 2014, he gained a national audience when he went to work for RFD-TV and Rural Radio SiriusXM channel 147 with studio operations based in Nashville, Tennessee. He is currently the managing director of the Commstock Channel, a podcast that is part of the Commstock Market Subscription Report that is also aired on YouTube.