Episode 42 - Jeff McDonald talks about "The Toyota Policy"

We have Jeff back by popular demand. Our recommendation is that you listen to the first podcast we did, episode 25, for context, if you haven't already. Some of the points we covered in this episode were around bank staff and how there's a lack of Agricultural knowledge within the bank, probably like never before. Jeff talked about the concerns around the viability of marginal Cropping areas. We gave Equity some airtime and asked whether it's even useful as a business and borrowing tool anymore. We covered lease rates for Land and what they are telling us about the value of Land. We related a plumbing business to a Farming business and ascertained that they are closer related than ever in terms of their business models. We spent a bit of time talking about the importance of cash flow and how it fits with budgeting and borrowing. Jeff explained what his role is and why he calls it the "Sit with' role". He outlined his top 3 points when it comes to succession. We discussed the price of new Machinery and how his customers have changed their approach. And at the end, Jeff outlined "The Toyota policy", which I've highlighted as a bit of gold. If you're in the business of Farming, this is a must-listen. There are so many points I have jotted down. We are going to get Jeff back for 3 more podcasts, one on mindset, another on managing Farm costs and one on Water. I hope you enjoy. End of message.--------------------------------------------------------------------------------------------------------------------The Farmers Club podcast is now only available to our paid newsletter subscribers. Our partner in this podcast is our sister business, Farm Tender. We are an online buying and selling marketplace for Farmers and anyone else associated with Agriculture. Go to www.farmtender.com.au and sign up from there.