First, he learned moderation in farm family living cost is a key to success. The difference between high and low groups’ family living cost is approximately $60,000, which is a considerable amount of free cash flow.

Second, kids should pay for part of their advanced education because they will be more engaged, appreciate it more, and attend classes, which the young man noted was an issue at his school.

Next, there is hope for the next generation that knows technology and exhibits old-time work habits. This young man did exhibit those in our brief time together, proven by his follow thru on the assignment.

After a good profitable year, place one year’s debt payments or at least two months’ worth of average business expenses in the bank.

Attempt to distance yourself from two types of people: know-it-alls who have forgotten how to learn, and victims who blame everyone else for their problems.

Know your cost of production and financial figures. He indicated that he was receiving good education in this area at his community college. On a side note, I observed a lady on CNBC’s Shark Tank who was denied capital because she did not know her cost of production and financials.

Surround yourself with people who have a positive attitude and who have been successful; in this case, a good mentor.

Strive for your business to be better before you get bigger. This is very appropriate given the current economic climate in agriculture.

Seek balance in business and life, and occasionally stop to smell the roses along the way.

His final point was Ph.D. – piled higher and deeper, a dig at the professor! I hope I gave him some Philosophy so that he could go Higher and Deeper as he enters his family business!