Stop Hoping. Start Knowing: A New Standard for Farm Finances

Описание: Source:
https://www.podbean.com/eau/pb-3wnni-...

“You don’t know what you don’t know — and that’s what keeps people up at night.” 
In this episode of Farming on Purpose, I sit down with Jace Young, founder and CEO of Legacy Farmer, to talk about the financial side of agriculture that most producers avoid — until they can’t. 
Jace grew up on a multi-million-dollar Kansas farm that ultimately went bankrupt. Years later, working in ag banking — including at the same banks his family once approached — he gained access to the financial documentation behind the collapse. What he discovered changed the direction of his life. 
We talk about centralized leadership, pride, emotional decision-making, and why updating your numbers once a year isn’t enough. Jace shares what he sees inside banks today, how loan committees actually think, and why producers who understand their balance sheets have leverage most others don’t. 
This episode is a must-listen for producers stepping into leadership roles, families navigating transition, and anyone who wants to build a farm business that outlasts one generation. 
 
Key Topics: 

Growing up inside a 14,000-head feedyard and watching it go bankrupt 


What ag banking revealed about financial blind spots in farm businesses 


Centralized vs. decentralized leadership in agriculture 


Why updating financials monthly changes everything 


How to build trust (and leverage) with your banker 


Farm debt trends and what tightening credit could mean for 2026 


Why service-based businesses create stability alongside production agriculture 


Exposing financial weaknesses without destroying family relationships 


Transition planning through transparency, not secrecy 

 
LINKS 
Learn more about Legacy Farmer: https://www.legacyfarmer.com 
Sign up for the 8-Hour Marketing Plan here! 
Marketing Routine class, do so here! 
Join the Farming On Purpose Facebook group and visit the Farming on Purpose merch page. 
Check out our favorite software tool for online sales: Thrivecart 
I may earn affiliate commissions from links on this page. 
 
 
Other Episodes You May Enjoy: 
Farm Succession Planning: Securing Your Family’s Legacy – A practical conversation about transition planning, family communication, and protecting the long-term future of your operation. A strong follow-up to Jace’s insights on decentralized leadership and building a farm that outlasts one generation. Listen: https://podcasts.apple.com/us/podcast...
Marriage, Parenthood & Building a Business – An honest look at building a growing business while raising a family. This episode pairs well with Jace’s discussion on leadership, structure, and creating a business that supports your life instead of consuming it. Listen: https://podcasts.apple.com/us/podcast...
Year-End Tax Planning and Financial Confidence on the Farm – A finance-focused episode covering taxes, recordkeeping, and strategic cash flow planning. Perfect for listeners who want to go deeper after hearing Jace explain why monthly financial clarity matters. Listen: https://podcasts.apple.com/us/podcast...
 
About the Host of Farming On Purpose, Lexi Wright: 
  
I’m your host, Lexi Wright. I started the Farming on Purpose Podcast from a passion for sharing the future of production agriculture. 
  
Connect with me on Instagram, Facebook, and TikTok.