Episode 147 - When is the right time to establish an Advisory Board?

In complement to our last two episodes that focus on on-farm culture and team, in this episode, I explore a question we receive often: 
 
When is the right time and how do we best establish an Advisory Board? 

There is an important set of business practices and disciplines that need to be in place and effective prior to establishing a Board. It is important that as business owners we retain ownership and full responsibility for key elements of our businesses’ strategic plan, performance analysis, budgets and operational plans. It is important we have reasonable expectations of Board Members and do not expect them to do the ‘hard work’ on these important elements of business leadership for us. It is also important to be very careful who we invite onto our Board, and what we should reasonably expect from them. 

Let’s be real for a moment, farm business ownership is a very complex assignment. We are exposed to the vagaries of the season and the markets. We run complex businesses in isolated settings with our families. 

To be in the top 20% of our industry – like the elite athletes we see achieving so much presently at the Olympics – it is important that we have the right advisers around us and that we engage with them in a proactive and highly professional way. It is also important that we immerse ourselves with peers and in a community that is growth-oriented, open-minded and committed to excellence. 

I feel privileged to be part of the Farm Owner Academy team and community, and I thank all of our Platinum Mastermind and Alumni Members for their contribution to our elite and high-performing community of farming families. 

I hope this episode adequately answers these important questions, and challenges you to ensure you have the people you most need around you to support your success. 
 
Keep winning! 

Jeremy Hutchings and the Farm Owners Academy Team 

P.S. As mentioned, join us for our FREE webinar NEXT WEEK and learn how the top 20% of farms stay profitable, even in tough times. Gain insights from successful farmers to discover how to adapt your business model for higher returns. Secure your seat today!