DOLLARS AND CENTS
What is Success?
Dr. David Kohl energizes
agricultural lenders, producers
and business professionals with his
keen insight into the agricultural
industry through extensive travel,
research, and networking around
the globe. He is a Professor
Emeritus of Agricultural Finance
and Small Business Management
and Entrepreneurship at Virginia
Tech, Blacksburg, VA. Dr. Kohl
has traveled over 8 million miles
in his career and conducted over
6,000 workshops and seminars for
a variety of agricultural audiences.
Additionally, Dr. Kohl’s personal
involvement with agriculture
provides a unique perspective into
the future trends of the agricultural
industry and economy.
14 HEARTBEAT | SUMMER 2018
The Weather Channel is an important medium in my life with my immense
travel by planes, trains, and automobiles. While navigating my own travels,
I keep a close eye on each storm that is named during the season. The
agricultural economic cycle that we are currently experiencing can be
categorized in a similar manner. It has been nicknamed the “grinder,”
which has been described as an elongated downturn with no signs of
ending. This economic stress in the agriculture industry takes a toll on an
individual’s financial and emotional health. During these times,
introspection is required to define, “What is success?”
This question was posed to a group of young farmers and ranchers at a
recent three day event. They were asked to write down key verbiage or
bulleted statements that they believe represented success. Spouses, partners,
and stakeholders were fully engaged as I observed the quiet, contemplative
audience thinking about this question. Responses were collected, and the
trends, thoughts, and perspectives were analyzed for similarities.
One of the common attributes identified by the group was a healthy
lifestyle, whether that is physical health, mental health, or a state of mind.
In this 24/7 world of hype and “more is better” mentality, we need to find
time to care for ourselves. During this economic reset, I have observed that
more people are taking the time to exercise. Other producers are shutting
down their technology to read, setting time aside for a good seminar or
webcast, or participating in other learning experiences. As one producer
from the 1980s commented, “Never equate your self-worth to your net
worth because it is very fleeting.”
Another attribute listed was being involved in a business or an endeavor
that they are passionate about or felt that they are making a difference.
Many involved in the agriculture industry often reflect that they feel special
working with the soils, livestock, and other natural resources that provide
output critical to the success of society. Success sometimes comes in small
events like a newborn calf, the smell of fresh cut hay, or corn at harvest.
Agriculture is special because it is not “one size fits all.” It is about the
alignment of talent and natural resources to the consumer marketplace.
An overwhelming response was that success can be equated to family.
Often, I will hear farmers say that the best crop they raise on their farm or
ranch is their family. However, family culture can also be extended to
employees and stakeholders who work with the producer team to deliver
success.
This group often mentioned that they believe they need to have balance
between their business, personal, and family life. Many producers
experienced record profits from 2006-2012, which are described as the “go-
go” years of the economic cycle. During this period, it was full steam ahead
with growth as the one and only objective. Now, some individuals are
actually scaling back with more focus on “better is better before bigger is