AgCountry Farm Credit Services / Prepare / December 2021
Bringing More to the Table Dave Johnsrud is no stranger to AgCountry Farm Credit Services. He is a long-time customer and former board member of the cooperative. We caught up with Dave at his farm near Starbuck, Minnesota to chat about why he chooses to work with AgCountry. Added Value Advantage
Dave and his brother, Mike (Johnsrud Bros.), began doing business with AgCountry in the early ‘90s. They started out by purchasing crop insurance for their farm. At that time their operation was growing, and they soon began to realize the advantages AgCountry could bring to their farm. The brothers decided to move their long-term, intermediate, and short-term financing to AgCountry along with their farm accounting. “The added value that AgCountry provided and in-depth analytics showing us how we could handle growth was extremely helpful to our operation,“ Dave says. “The depth of knowledge and multiple people with different areas of expertise helped us paint a better picture of our operation and feel confident in our decisions.” Dave also shared the importance of patronage. He served as Chairman of the Board at AgCountry in 2012 when the decision was made to begin offering patronage to eligible members. A year later, the first patronage payout began. Since then, the yearly patronage total has continued to increase. “Sharing these earnings puts real dollars back into the hands of customer-owners and creates a genuine feeling of ownership,” says Dave.
Transition Planning Decisions
Dave has been farming now with his nephew, Jake, for over two decades. He is unsure when he will retire, but he and his whole family have worked diligently to plan the transition. “Even if I was much younger and had a 20-year-old son or daughter farming with me, I would want a plan in place. I would never want to handcuff someone because I failed to plan,” Dave states. “Handing over the reins is a tough thing to do and there are lots of emotions that go with it, but you want to be sure the next generation has an opportunity to capitalize on what you have accomplished.” Dave and his wife, Colleen, have two daughters who are married with no plans to return to the family farm. They are also blessed with five grandchildren. Knowing these things, Dave and Colleen wanted to make sure they have planned carefully when
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Dave Johnsrud, farmer and AgCountry customer, Starbuck, MN.
creating a transition plan for their operation. Decisions on land being specifically named and agreements in place on how things move forward if something should happen needed to be made. They looked to the AgCountry Succession and Retirement (S&R) staff for help in the planning process. “It’s so important to work with people who can articulate to a level that you understand,” says Dave. “The AgCountry S&R staff helped Colleen and I understand all the scenarios to come up with the best plan for our operation and family.” The planning process didn’t happen overnight. Dave also shared the importance of having both their AgCountry loan officer, his nephew Jake, and their tax preparer involved, since they all know our operation. “We all have to be on the same page,” Dave says. After many meetings and thoughtful decisions, Dave and Colleen now have a solid transition plan in place. “Our daughters have also met with AgCountry S&R staff, so they have a clear picture of what has been planned and any expectations we have. We feel prepared for most anything that could possibly happen and that’s a great feeling,” says Dave. At the end of the day, Dave credits AgCountry with “Bringing More to the Table” for him, his family, and his operation. This phrase was actually coined by Dave, which later became a long running AgCountry marketing campaign. AgCountry thanks Dave for all his contributions to our cooperative!
A Member-Owned Cooperative
