4 Freedom Farms « Farmer Coach

Farm Overview

4 Freedom Farms is a fourth-generation farm located north of Unity, SK. It is a joint venture run by brothers Taylor and Riley Wallace and their father Gordon. It consists of 8400 acres of canola, wheat and peas. It is a financially successful farm that has split in the past. Over the years, it has supported the livelihoods of six families.

Challenge

The Wallace brothers are proud of the farm their parents built and they want to honour that legacy by ensuring its financial future. They know that successful partnerships, especially between family, require good communication, clear roles and responsibilities and strategic planning where everyone is aligned.

Taylor’s focus is in many ways external to operations and has strengths in agronomy, procurement and relationship management with banks and lenders. Riley is Operations Lead and handles cost of production, grain marketing and day-to-day planning. Their father works on the operations side but is gradually stepping away more. It’s just the three of them full-time, and they realize that if they want to grow, they will need to start filling key positions.

Their goals for Farmer Coach were three-fold: take a pro-active approach to their growth and HR strategies, strengthen their financial management skills and embrace fresh perspectives and approaches.

Solution

Taylor heard about Farmer Coach on a podcast. He was already familiar with the Hebert Group’s 5% Rule presentation, which shows that small, consistent improvements over time can yield significant gains in efficiency and profitability. He decided to enroll in the program and bring back information to the team. He was particularly interested in concepts around benchmarking their operation against others, entrepreneurship, HR and mindset. He knew it would be an investment, but believed the money would be well spent. He thought he would try it for one year and has since been back three years in a row.

Results

Farmer Coach encouraged 4 Freedom Farms to move almost all of their payments, including equipment and bank loans, to a monthly schedule. This improved cash flow, reduced interest and allowed for a more consistent and predictable financial rhythm
4 Freedom Farms has collaborated with a nearby farm, jointly buying a self-propelled fertilizer spreader, reducing equipment costs
Improved financial analysis – Taylor and Riley are learning to assess all sides of a decision versus going off of gut instinct
Farm insurance policy analysis, evaluating appropriate liability and coverage products that suit their operation
Improved benchmarking – to help them examine equipment size, working speed, downtime, etc.
Plan to hire a full-time Operations Tech.
Farm has expanded, growing from 6,000 acres to 8,400 acres
Mindset shift – the brothers are embracing the growing pains that come with stepping outside their comfort zones. They’re discovering that the most rewarding opportunities are often the ones you actively pursue.
Succession plan – Taylor and Riley don’t want to force the next generation into farming, so they’re examining different options which may include a holdings company, with the successors taking on board or shareholder positions.
Learning to step away guilt-free for personal reasons – whether it’s the gym, vacation, health issues, family time, etc.

Quotes:

“Our son was born 4 months early and I knew I needed to be with my wife and son at the hospital. So, I stepped away and our team, with the help of a few neighbors, kept things running smoothly. I never once thought I should be at the farm working. I think Farmer Coach helped me see that farming doesn’t have to be all-consuming. My brother and I are gradually getting better at that.”

“As farmers, we can be bull-headed, and it’s ‘My way or the highway.’ That attitude won’t work in a partnership. I’ve heard of too many farms not lasting because brothers don’t get along. We don’t want to be one of those farms.”

“Farmer Coach helped me shift my mindset and be more open to working together with other farms. There’s a lot of space for collaboration, such as jointly purchasing blocks of land or equipment with another farm. Operationally, it makes a lot of sense, and I’ve learned to look at things through that lens.”