#130: Stop Hoping. Start Knowing: A New Standard for Farm Finances
“You don’t know what you don’t know — and that’s what keeps people up at night.”
This episode of Farming on Purpose features a candid, direct conversation with Jace Young, founder and CEO of Legacy Farmer. What began as a childhood inside a multi-million-dollar Kansas family farm ultimately became a front-row seat to financial collapse — and later, a mission to help producers avoid the same outcome.
Jace’s story is rooted in generational agriculture, hard lessons in pride and leadership, and a conviction that understanding your numbers isn’t optional — it’s foundational. This conversation moves beyond accounting and into something deeper: responsibility, structure, transition, and the kind of leadership that allows a farm to outlast the person running it.
Growing Up Inside a Large Kansas Operation — and Watching It Fall
Jace grew up in Tribune, Kansas, on a 3,000–5,000 acre family farm with a 14,000-head feedyard and grain elevator operation built by his grandfather in the 1950s. It was a true family business in every sense — multiple siblings, shared labor, and decades of growth behind it.
For years, it worked.
But in the early 2000s, agriculture shifted. Markets globalized. Volatility increased. Capital requirements expanded, the operation wasn’t structured for that level of complexity, and two consecutive years of heavy losses led to bankruptcy in 2005.
Jace was entering his junior year of high school when his family walked away from 40 years of work. He didn’t just watch a business close. He watched identity shift. He watched pride collide with reality. He watched the emotional weight of financial opacity settle over his parents’ lives.
Seeing the Collapse from the Banker’s Side
After college, Jace entered ag banking — including working at banks his grandfather had once approached for refinancing. That experience gave him something few people ever receive: access to the detailed documentation of what actually happened.
He saw the numbers.
He saw the risks that had been taken.
He saw how decisions were made without full financial clarity.
And he realized something uncomfortable — most producers aren’t failing because they’re lazy or reckless. They’re failing because they lack real-time visibility and structure around their financial decisions.
In the bank, Jace struggled to sit across from farmers without explaining the true weight of what they were signing because he had seen what it costs.
Centralized Leadership and the Cost of Pride
One of the defining patterns Jace witnessed growing up was centralized leadership. Every decision ran through one person. Authority was unclear. Delegation was inconsistent.
That model creates control — but it also creates fragility.
When leadership is centralized:
Teams lack clarity.
Burnout accelerates.
Communication breaks down.
Growth stalls.
Succession becomes unstable.
Legacy Farmer focuses heavily on decentralization — not removing leadership, but strengthening it through structure. When numbers are clear, leaders can hire strategically, delegate confidently, and build systems that don’t collapse if one person steps away.
Because if everything depends on you, everything is at risk.
The Foundation: Monthly Financial Visibility
Most producers update their balance sheet and cash flow once per year — typically at operating note renewal. Jace argues that isn’t enough.
Inside Legacy Farmer, members build clear, business-level balance sheets and month-by-month cash flow projections. They update them consistently. They watch the numbers shift throughout the year instead of waiting for Q4 surprises.
This changes more than bookkeeping.
It changes:
Tax planning timelines
Grain marketing decisions
Hiring confidence
Banking leverage
Emotional stress
Marriage conversations
When producers know exactly where they stand, decisions move from reactive to strategic.
“The numbers are never as bad as you think they are — and they’re never as good as you think they are either.”
But they are clear.
And clarity reduces panic.
Why So Many Producers Avoid It
The barrier isn’t intelligence.
It’s emotion.
It’s ego.
It’s the discomfort of exposing past mistakes.
Many of the farmers who join Legacy Farmer have operated for years without structured visibility. Bringing numbers into the open often means confronting decisions that didn’t serve the business.
That exposure can feel threatening.
But the alternative — continuing to operate in the dark — is far more dangerous.
Jace notes that most people don’t prioritize financial discipline until the pain of not knowing becomes unbearable. And by then, they’ve often lost valuable time.
Banking Relationships in a Tightening Market
As farm debt rises and banks tighten credit standards, producers who lack clarity may face new obstacles.
Jace encourages producers to stop treating financial updates as a once-a-year requirement and instead use them as a leverage-building tool. Sending consistent financial updates builds trust — not just with the loan officer, but with loan committees and examiners.
The producer who walks into the bank with structured documentation isn’t asking for help.
They’re demonstrating authority.
And in tighter credit cycles, authority matters.
Service-Based Businesses and Stability
One consistent pattern Jace has observed: many of the strongest operations run a service-based business alongside the farm.
Those businesses provide steady cash flow when commodity markets fluctuate. They fund land purchases. They create resilience.
For beginning farmers, especially, relying solely on farm income can create vulnerability. Diversification works best when it’s intentional and financially structured — not reactive.
Transition and Transparency
Financial opacity doesn’t just affect banks. It affects succession.
When numbers live only in someone’s head, transition becomes fragile. When numbers are structured and transparent, the next generation can learn, contribute, and prepare.
Legacy isn’t protected by secrecy.
It’s protected by clarity.
A Different Kind of Farm Leadership
Legacy Farmer now works with operations ranging from a few hundred thousand dollars in revenue to tens of millions.
The challenges aren’t wildly different.
Unclear numbers.
Emotional decisions.
Avoided conversations.
Delayed structure.
Jace’s mission isn’t about spreadsheets.
It’s about building farm businesses that:
Outlast one generation.
Withstand market cycles.
Support marriages and families.
Create opportunity instead of stress.
The work is simple — but not easy.
And it starts with looking at the numbers.
Where to Learn More
You can learn more about Jace Young and Legacy Farmer at:
Website: legacyfarmer.com
Social Media: Legacy Farmer (Facebook, Instagram, YouTube)
More from Farming on Purpose
The 8-Hour Marketing Plan is your step-by-step roadmap to a clear, effective strategy—built just for you, in just one day. No more second-guessing or wasted time. Get a plan that fits your business and drives results. Sign up here!
If you are interested in signing up for the Marketing Routine class, do so here!
If you would like to support the podcast or be a part of the conversation 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 is a software tool you can use to design online checkouts with every option you can dream up. You can sell physical and digital products, connect to loads of other softwares you use for your website, accepting payments, email marketing, and more. This is the most powerful tool I use and the lowest cost one. I recommend it for anyone who accepts online payments who wants to increase their revenue or average order value. Learn more about what Theivecart can do for your business here: https://backpocketsocial--checkout.thrivecart.com/thrivecart-standard-account/
I may earn affiliate commissions from links on this page.
Listen wherever you get your podcasts!
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.
I’m so glad you’re here and I hope you’ll take a moment to join the conversation with me and other listeners on social media.
Connect with me on Instagram, Facebook, and TikTok.
Rate, Review & Follow on Apple Podcasts
