Farm financial management. Planning ahead and running the farm by the numbers is key when running any business enterprise. Future farm leaders need to be become fluent and familiar with financial terminology. They must know how to read and interpret key financial statements for the operation. They should be involved in working with forward-looking projections for the next crop year, whether that’s done independently or with an ag finance advisor for the farm. They should be part of discussions as decisions are made based on that analysis. Being involved in these types of decisions now – especially when times are tight – will build their management skills and help in their understanding of the various trade-offs to be made around the farm’s costs.

Communication and negotiation skills. There’s no question that the farm leader of the future needs to be an excellent communicator – to work with the suppliers, vendors, lenders and advisors that will be part of the farm’s wider team. Another piece of the puzzle that may be learned especially well right now is how to communicate and negotiate effectively with the farm’s landlords. Future leaders should be shadowing and observing how the older generation does this, as well as learning about and practicing effective negotiating on their own. Attending banker meetings is a must as well. The next generation should start playing more of a role in those meetings, in presenting some aspects to the banker.

Taking a broader view. While it can be difficult to consider while we’re in the midst of tough times, the wider view is that they won’t last forever. It will be important for the farm leader of the future to regularly plan for where the farm is headed, and what that future will look like and be like. The key is to remember that while tough times don’t last forever, neither do good times. The real test for this generation of future leaders will be to implement the lessons they learn now into their management practices, and to remember when the good times come, they won’t last forever either.