Tanner Winterhof spent 15 years in the banking profession before dedicating himself full-time to Farm4Profit Media. During that time, he sat across the desk from hundreds of farm families—reviewing their financials, running loan scenarios, and watching some operations thrive while others struggled to stay afloat. The difference, he observed, rarely came down to who had the best ground or the newest equipment. It came down to who treated their farm like a business.
Growing up on a farrow-to-finish hog operation in northwest Iowa, Tanner Winterhof saw the ups and downs of commodity markets firsthand. That volatility is actually what pushed him toward a career in finance—he wanted that stable paycheck. But marrying into a cattle feedlot and row crop operation brought him right back to agriculture, this time with a banker’s perspective on what separates profitable farms from those just getting by.
The mission at Farm4Profit has always been helping farmers achieve higher levels of profitability. And after interviewing hundreds of experts—accountants, agronomists, succession planners, successful operators—a consistent theme emerges: the farms that run like businesses are the ones still standing when times get tough.
Build Your Advisory Circle
One of the most valuable lessons Winterhof learned in banking was that farmers shouldn’t go it alone when it comes to financial decisions. He consistently advises ag professionals to put together a team of advisors—people who know their stuff about finance, crops, marketing, and whatever else matters to the operation.
At minimum, an advisory circle should include a CPA who understands agriculture, an attorney familiar with farm estates and business structures, a banker who genuinely knows the operation, and ideally a facilitator who can help coordinate the bigger conversations—especially around succession. This isn’t about having more meetings for the sake of meetings. It’s about having the right expertise in the room when decisions need to be made.
Winterhof recommends setting an annual agenda with this advisory team. Review the financial roadmap, stress-test assumptions, and make sure everyone is aligned on where the operation is headed. The farms that do this consistently are the ones that avoid surprises and make better decisions under pressure.
Establish a Meeting Rhythm
One thing that separates business-minded farms from the rest, according to Winterhof, is a predictable meeting rhythm. Weekly operations meetings to address immediate issues. Monthly financial reviews to track cash flow and performance against budget. Quarterly strategy sessions to step back and look at the bigger picture.
The farms that implement this kind of structure report less conflict, clearer decision-making, and fewer surprises. When everyone knows there’s a regular time to discuss finances and strategy, problems get addressed before they become crises.
This becomes especially critical when multiple generations are involved. Process beats personality. Meeting charters, agendas, and clear decision rules reduce the kind of conflict that tears farm families apart. The structure creates space for the hard conversations that need to happen.
Run the Scenarios Before You Commit
When Winterhof was building his loan portfolio, he developed an approach he called “Banker on the Bench.” Anytime there was a land auction coming up, he’d run scenarios for farmers before they ever asked. If 40 acres was hitting the market, he’d calculate what their down payment and annual payment would look like at $10,000 an acre all the way up to $15,000 an acre. That way, they walked into the auction knowing exactly what they could afford.
Every farm operator should be doing this kind of analysis—not just for land purchases, but for any major capital decision. What happens to cash flow if corn drops below $4? What if interest rates climb another percent? What does retirement look like under different scenarios? Stress-test financing and retirement needs under multiple market conditions. The farms that do this aren’t caught off guard when markets shift.
Document Everything in a Farm Playbook
One piece of advice that comes up repeatedly from the experts Winterhof interviews: write it down. Start a living “Farm Playbook” that captures processes, goals, and the reasoning behind decisions. Post the big goals where everyone can see them. Make the invisible visible.
This isn’t just about operational efficiency—though that matters too. Documentation is what makes succession possible. When processes live only in one person’s head, it creates what business consultants call “key-person risk.” If something happens to that person, the knowledge walks out the door with them.
Visible goals and playbooks align behavior across the operation. When the next generation can see what the targets are and how decisions get made, they can actually contribute to hitting those targets. It builds confidence and makes the eventual transfer of decision-making authority much smoother.
Think Beyond Acres and Assets
The message Winterhof hears consistently from guests on Farm4Profit applies to farms of any size: don’t just run your farm the way your grandpa or dad did. Treat it like a business to ensure it thrives for future generations. That means looking at diversification opportunities, whether that’s alternative crops, value-added enterprises, or off-farm income streams. It means adopting technology and data-driven strategies that improve decision-making. And it means thinking about sustainability—not as a buzzword, but as a strategic business decision that affects the bottom line.
As Winterhof points out, so many of the topics covered in Farm4Profit interviews apply to anybody with a business, whether it’s accounting software, tax strategy, or the ability to build resiliency through diversification. The principles are universal. The application is what makes it specific to agriculture.
Take One Action This Month
Winterhof’s challenge to farm operators is simple: do one thing this month to treat your farm more like a business. Schedule a meeting with a banker or CPA. Write down goals for the operation. Start documenting a process that currently lives only in someone’s head. Have that conversation with the next generation that’s been put off too long.
Think beyond acres and assets—focus on people, purpose, and peace. Because as Winterhof puts it: if you aren’t farming for the future, you won’t be farming for long.
Tanner Winterhof is CEO of Farm4Profit Media and co-host of the Farm4Profit podcast. He spent 15 years in the banking industry before transitioning to agricultural media full-time. Growing up on a swine and row-crop farm in Aurelia, Iowa, Winterhof combines his financial expertise with firsthand farming experience to help agricultural professionals run their operations more profitably. Learn more at farm4profit.com.
