What Really Happens in a Peer Group

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General topic – Understanding Peer Groups

Shay Foulk grew up in NE Iowa, working on a row crop and livestock operation with his father, uncles, and

grandfathers. He attended Iowa State University where he majored in Agronomy. After graduating, Shay

enlisted in the United States Army, and served with the 75th Ranger Regiment. Shay now farms and runs

Monier Seed with his father-in-law near Sparland, IL, and also works as a consultant with Chris Barron at Ag

View Solutions. Today, Shay works with farm operations locally and globally to improve profitability and

efficiency, manage risk in many forms, and develop farm businesses through coaching and consulting.

 What is a peer group?

 Why join a peer group?

o By utilizing a peer advisory group, a farmer has a unique opportunity to listen to the advice and opinions

of peers who might see something they are missing. There are multiple ways

that peer advisory groups might help in setting priorities and identifying blind spots.

 Avoid feeling like you’re on an island

 Gets you away from neighbors

 Sharpen personal and business skills

 Work on the business, not just in the business

 Focus on efficiency, Cost effectiveness, Increased production

 Accountability

 VisionBank uses a peer group. Compare ratios, indicators, margins, staffing & wages,

territory, etc…

 What would someone expect to get from a peer group?

• Discovering new and innovative ideas

• Giving and receiving feedback on current business practices

• Hearing about business practices in other operations

• Engaging in collective problem solving… avoid “reinventing the wheel”

• Improving leadership and management skills

• Sustaining an action oriented focus

• Staying ahead of a rapidly changing industry

• Develop/sharpen leadership skills

• Goal setting/Accountability/Discipline

• Best practices/ideas exchange

• Clarity/Focus/Execution

 What would someone expect to put into a peer group?

o Attend Regular Meetings, Provide Input, a Financial investment, to Share personal and financial

information

 What types of topics get talked about at the meetings?

o • Developing Standard Operating Procedures

• Business Succession/Transition

• People management (job descriptions/performance evaluations/employee handbooks)

• Technology

• Data Management

• Benchmarking

• Leadership, legacy, life, business plans

• Self-improvement

• Grain marketing

• Stewardship/Conservation/Cover crops

• Crop Production

 What is a typical size peer group?

o Why does that size seem to work well?

 Can a peer group function well without all the details?

o Just friends from social media and random questions….

 Do you need someone to lead the peer group?

o What are the benefits of working with someone like you?

 Do you have any success stories you can tell us?

o Do you have any groups that failed?

 And explain why they failed?

 Anything else you’d like to share with the listeners?

 What do the most successful farmers have in common?

 Summary – Challenge - Submit questions and topic suggestions - Like, Rate, Review, Share

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