December 18, 2023 • 46 mins
Ever wondered how industry veterans in real estate and agriculture reached their current status?
It's a blend of upbringing, personal experiences, and the knowledge acquired through their network.
In this episode, we'll hear from George Baird of landmarkag.com, a man who's been with ASFMRA since day one. Discover how this remarkable organization has shaped today's ranchers and farmers across the United States.
Being a part of ASFMRA isn't just about bragging rights; it means gaining access to insider insights and knowing who to consult for your ranch or farm needs. Stay tuned because Colter and George just spilled out who they are friends are in the organization.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
I'm Colter DeVries, owner of Ranch Investor Advisory
and Brokerage Services.
Speaker 2 (00:06):
The Ranch Investor podcast, curated by subject
matter experts to give youimmense benefit, because we
believe your time is valuable.
Speaker 1 (00:17):
Well, thanks for coming on.
The podcast I don't knowproblem.
Thanks for having me.
I've been looking to have youon for quite a while now.
I hope I don't disappoint you.
Tell me about your business.
Tell me, george Bird, yourbackground, where you're at what
you do.
Speaker 3 (00:36):
Okay, yeah.
So this is my 30th crop yearmanaging farm properties and the
way I got into it was kind ofunique.
I didn't know anything aboutprofessional farm management
growing up.
I'd only knew of propertymanagement from actually working
for somebody Like you'd betheir right-hand man, whether
(00:56):
it's my grandfather or my dad,and all everyone to do when I
went to school was get out ofcollege, go get a four-door
truck and go back home and farm.
And my dad quit farming mysenior year, high school and
that kind of interrupted mywhole life plan, right, because
ever since I was knee-high I wasrunning around on the farm my
(01:19):
granddaddy and my father, and sothat was different.
I ended up going to juniorcollege and then went on to
Mississippi State and even goinginto my senior year of college
I didn't know anything aboutprofessional farm management.
And then I did a summerinternship with Farmers National
Company the summer of 93.
(01:40):
And that completely opened myeyes to managing property from
an absentee landowner'sperspective, much less that
investor's perspective andbeyond that, and that's when I
knew I'd found what I wanted todo from that.
I didn't want to just go sellchemicals or be that kind of
stuff.
This was the way to stayinvolved with the land work with
(02:04):
landowners, and it got reallygoing that way.
So worked, did the summerinternship and when I graduated
in December of 93, had a joblined up and came back, I was
going to come back and shadowtwo different people in the
Farmers National Company officeand one of those guys had left
(02:25):
to go buy out his familybusiness.
And so they just threw me inand said here you go to
Southeast Missouri and Arkansas,and that's kind of my core
territory.
I've run ever since but workedthere until 2001.
And then my boss there and howwe left when we started land
(02:46):
management group and then a fewyears ago I started my own
company called Landmark ActCapital, and that's what I do
today and still run kind of thecore of the Delta.
Some in Mississippi now haveexpanded my territory back
really where I grew up.
Matter of fact, some of thebigger holdings I have now.
If you zoom out enough to getthe whole farm in the picture,
(03:07):
you can see my granddaddy's farmright there on the corner.
It was kind of nice to get backand get back home and mess
around down there and it's beeninteresting.
But yeah, this is my 30th cropyear, just completed, which it
seems like it's only been about10 or 15 years, but it's flown
(03:28):
by.
So, in addition to propertymanagement and do sales and
acquisition stuff really focusmore on acquisitions than just
being a traditional listingagent?
I always say give me one client, let me go look at 20 farms,
instead of trying to list 20farms and show that, yeah, those
farms to 20 different clients,because my course excuse me, my
(03:49):
course focused on the managementaspect of it and so I'd rather
it's just been serves me better,more like an acquisition agent
or buyer's agent Excuse me realquick, got some silencing thing
going on too.
Speaker 1 (04:02):
Yeah.
I hear it.
I'm gonna have to grab a cup ofcoffee here pretty soon too.
I just started a pot so I couldget real.
I could get real grumpy if Idon't have my cup here this
morning.
Understand when you say Delta,I think back to a three
(04:23):
geography and I'm thinking ofwhere the Mississippi enters the
Gulf of Mexico.
Speaker 3 (04:28):
What is the Delta?
So the, so that that is theDelta.
But when you think about theMississippi Arkansas Delta,
we're thinking about theMississippi River Delta, and so
it's basically from the boothill, missouri, to the northeast
Louisiana, kind of north northcentral Louisiana, and it's just
real flat area that's thatborders Mississippi River.
(04:51):
It's never more than about 120miles wide in Arkansas and about
80 or 90 miles wide inMississippi, and I wish I had a
map up I could show you just acore up and down the Mississippi
River, through there, flat, youknow, good fertile soils, flat
land Cause.
Then you go beyond to the westand Arkansas, you go east of
(05:13):
Mississippi, then you starthitting the foothills of those
arch or the or the hills ofMississippi.
Speaker 1 (05:19):
And so, yes, you have this, this valley, this
cropping area.
How long is that?
That's from the boot hill ofMissouri down to is that like.
Mexico or how.
Speaker 3 (05:32):
No, it's not quite that far.
You're going down to, basically, vicksburg, mississippi, and so
you're call it without pullinga map.
You know 300, 350 miles longand you know not more than you
know a hundred and well about.
You know it goes.
It's never more than reallywider than 120 miles, maybe a
(05:53):
little bit wider when you getdown to the northwest.
You know the northwest part ofMississippi and it goes over to
Arkansas.
So that's, very traditionallyflooded, you know, year in and
year out, until they built the,the levee system back in the 20s
and 30s.
Speaker 1 (06:10):
Okay, so that used to flood a lot until they probably
the army, the Corps ofEngineers built the levee system
and controlled the flooding,and that's that's why it's such
a fertile plane.
Is all that flooding?
Speaker 3 (06:22):
Yeah, until they had that, you know, a lot of people
lived in the hills ofMississippi and then they would
come down into the Delta, orArkansas, come down to the Delta
, you know, in clear land andthat's how they started
converting those properties over.
That's why you know you don'tsee a lot of your older towns in
the in the Delta will not be,you know, in the in the
(06:43):
floodplain area that wastraditionally in the flood zone
because they had to retreat, youknow, to the, to the hills, to
get away from the, from thefloods.
Speaker 1 (06:53):
So are those towns then in the Delta.
Are they only as new as or asrecent as, like the new deal?
Speaker 3 (07:01):
There's some that are a little bit older, but most
most of it is not was developedall after that.
You know it was developed whenthey were clearing ground and
developing it for cottonproduction was, you know, the
core back in the day.
And then, as cotton kind ofwent away, some of those towns
have have subsequently gone awayor started to dry up some kind
(07:22):
of boom and bust in some ofthose areas, boom towns and
ghost towns.
Yep, yeah.
But yeah, it's great soils.
You know there's a lot of goodoperators there and one thing
that makes it really attractiveis as compared to make up maybe
a Midwest area where it's harderfor like investor groups or
buyers to put together largerunits.
(07:44):
You know there's.
You can put together somesizeable units of land through
the Mississippi Delta and overin Arkansas and Louisiana.
I'm working on worked on a fewthings just in the last couple
of years that were, you know,several thousand acres, whereas
a lot of times in the Midwestyou might see an 80 or 40 or 120
, you know where they'll take a600 and break it up into 10
(08:06):
tracks.
If you break it up too muchhere, people nobody wants to
show up for the auction becausethey said you messed it up.
So but it's just a but.
It's some good fertile ground.
These can be very.
It can vary a lot based on theway the river laid it over the
years.
You can have low lying, heavierdepressions, you can have
(08:27):
sandier, lomere soils, but itcan be very good and it's
forever.
We just focused on cotton, oryou were a bean rice guy and
then, when you introduced corninto our mix years ago, then we
figured out.
We had a lot of optionalitywith our farm ground too, so we
can make the 200 plus bushelcorn, we can make 12 to 1500
(08:50):
plus pound cotton, we can make60 to 80 bushel beans
consistently and we can growrice, and so that gives us.
The real key is setting up yourproperty so you can have the
flexibility to go in and out ofa lot of crops.
And one thing about thatmillion dollar, $1.3 million
cotton picker it only pickscotton, right, but if you have
(09:12):
the combine you can do a lot ofstuff.
And then you bring some otherspecialty crops into the mix.
There's some areas with peanuts, few areas of potatoes, sweet
potatoes, but most of what Ifocus on is the core crops, the
core mix of crops.
Speaker 1 (09:28):
Well, and because we are ranch investor, George, are
we talking about floppy earedcattle in that region?
Speaker 3 (09:37):
Yeah, I'd have to defer somebody else on that.
So we don't, we don't you'llsee some you'll see some black
hengis, but you're most ofthat's over in the hills.
That's something I don't gettoo much of.
Speaker 1 (09:51):
Now the institutional investor.
You talk about groups coming in, buying bigger pieces or
putting together bigger farms.
Is that more of a recent recenteconomy of that area?
Because normally the from whatI hear, the Delta wasn't
(10:14):
institutional investor grade orjust wasn't on the radar up
until what?
15 years ago?
Speaker 3 (10:22):
Yeah, well, I think part of that was just the land
was so tightly hittled.
You know from large familiesthat they weren't getting the
opportunities, but some of theyou know the manual lives and in
the veins of the world, they'vebeen in the, they've been in
this market.
You know UBS.
They've been in here for 25, 30plus years and have
(10:43):
longstanding holdings.
I'd say some of the latestmoney really started when you
started seeing a lot of peoplelooking for alternative
investments in, in, in, inwhat's the word I'm looking for?
Speaker 2 (11:01):
Just escaped me, but you know they're looking to
diversify.
Speaker 3 (11:04):
That's what they're looking to diversify the
portfolio and so a lot of peoplestarted jumping into farmland
investing 10, 15 years ago.
I'd say the newest money reallycame in 10 years ago because
now we're starting to see someof those holdings come up on
their 10 year rotation and whenthey're when they're getting
money funded by pension funds orteacher retirement systems or
(11:27):
something like that you knowthey have obligations they're
going to make and so there'shard for them to commit money
more than 10 to 15 years.
And now we're starting to seesome of those 10 year flushes
come up and I think that's goingto help increase some, some
volume and some opportunity here.
And it's not going to bebecause there's something wrong
with asset necessarily.
(11:47):
It's just that's just part oftheir strategy.
You know, as far asdiversification and you know
somebody asked me not to longago well, if they can just go
take money and get a you knowfive plus percent CD, why
wouldn't they just do that?
Won't we see a bunch of moneycome out of farmland?
And not necessarily becausethey may reduce it some.
(12:10):
But you know, it's adiversification strategy.
So they might already mightalready have 10 or 15 percent
NCDs and they probably havecommercial real estate and they
probably have some stocks, andso they might be only putting
one or two, three percent oftheir money into farmland.
So just because they can goclip a 5% coupon somewhere else,
that doesn't necessarily meanthat they're going to get out of
(12:32):
farmland.
There may be some strategicchanges to it, but I think
they're here to stay and there's, you know, there's not hate to
venture to guess but 20 plusgroups out there sitting with
some cash rate to deploy if theycan find some opportunity, and
that's doing the theme of ouryear.
(12:53):
This year it's just limitedopportunity for acquisitions and
stuff.
There's a very little supply onthe market.
Speaker 1 (13:01):
Are these groups regionally agnostic?
Would they?
Would they throw you into thesame basket of considerations as
the Willamette Valley in Oregon?
Or or institutional gradesoybean and corn ground in
Illinois?
Or is it?
Is it?
(13:21):
Does it even matter the area,or they just going after black
dirt?
Speaker 3 (13:27):
The ones that most of them are very agnostic and
they're just balancing theirportfolio where the you know,
just like you would anyportfolio they're like they're
just going to put some of thePacific Northwest, they're going
to put some in the corn belt.
Some people are looking in, youknow, texas, southeast.
You know some differentopportunities there.
There are a few that I thinkare dedicated just to be in
(13:49):
solely, you know like located inour market.
There's also some that are notgoing to ever probably come to
our market, that are into youknow more vertical integration
and and they want to be fullyinto the mix.
So I think majority are lookingat some kind of diversification
strategy.
Well, I might be putting 20,25% of the land in the Midwest,
(14:10):
you know, 20, 25% in the MidSouth.
Then, looking at, there may besome permanent crops or tree
nuts or something, and kind ofhaving a good mix of everything.
Speaker 2 (14:20):
So I think it's all independent, you know.
Speaker 3 (14:22):
Independently, however, they want to come up
with their strategy.
Speaker 1 (14:28):
Bill Gates did?
He put that area on the map.
Speaker 3 (14:32):
I don't.
It was on the map a lot longerthan he was here, but he has a
few holdings down here.
Speaker 1 (14:40):
He does.
Yeah, and when you say sizable,I mean what is institutional
grade?
Are they looking at minimum 10million, minimum five, minimum
30, what to move their needleper se, what does it take and
how many acres is that whereyou're at?
Speaker 3 (15:00):
So you're probably, you know they're certain that
would like to start with that 10to 15 million dollars you know
as a base, and then then theydon't mind adding some smaller
stuff.
You know, to that I was talkingwith somebody recently and we
were looking at basically a youknow a platform of 25 million
dollars as we went acquisitionand then begin to add beyond
(15:23):
that.
Then they don't mind adding atwo or 300, you know two or 300
acres here or there.
You know so a 25 million dollardeal.
You know so quality land at$7,000 an acre.
You know you, uh, what's that?
Little over 1400 acres or so.
Speaker 1 (15:43):
Okay.
Speaker 3 (15:44):
Yeah, so but it you know they don't mind adding some
smaller units, you know.
But there's just, there hasn'tbeen that much come up.
There have been a few of thefunds change hands recently and
those were bid as packageportfolio deals.
That topped out in the 90 to150 million dollar package, but
(16:06):
of multiple farms, multipleareas, multiple counties,
sometimes in multiple states.
Speaker 1 (16:13):
So one thing I've heard through the network
American Society of FarmManagers and Rural Appraisers
where, george, you are aaccredited farm manager and
you're also accredited landconsultant, then we do those
courses together.
Speaker 3 (16:31):
Yeah, accredited ad consultant yeah, you're AAC Okay
.
The AAC.
Speaker 1 (16:36):
Accredited ad consultant through ASFMRA.
In the Midwest it's quitecommon that if you're a
professional manager you'regoing to have an office, serve a
local regional area and there'sa lot of people who inherited
grandpa's 40 or grandpa's 80, asyou said, and out west here the
(16:58):
homesteader kind of country,the higher dryer it could be.
I inherited the family 160.
That seems to be a largeportion of the portfolio.
Is that what you have there inthe Delta as well, kind of this
small regional, very localized,or is it more institutional
(17:20):
grade, like industrial?
Speaker 3 (17:26):
It's still very family-held and that's changed
over the last 10 years and Ithink that change is going to
accelerate over the next 10 plusyears because there are so many
more families that you knowwhere.
You know the two sons and thedaughter stay nearby, you know,
(17:48):
and have opportunities to workand thrive there.
Maybe their kids went off tocollege and then they had to go
other places, you know, to seekopportunity and so now you don't
have quite that connection backto the land as families are
getting further removed from theland and I think we're going to
start seeing that change.
But it's still largely tightlyheld properties and some of the
(18:10):
properties that you see that areinstitutional owned.
Some of those have turned overfor, you know, over the years
every three to four or fiveyears, over and over and over
again, and there's some of thebest land that you will see in
this market hasn't hit themarket at all.
I had a farmer friend of minedrive through the hometown I
grew up in one day and he calledme as soon as he went through
(18:33):
there.
He said I just went by yourgrandad's farm.
He said why didn't anythingever change hands around here?
He said this is a good area.
I said that's exactly why itdoesn't change hands.
It's very tightly held, youknow.
But then if you look at thefamilies and how they've, you
know they're moving around.
There's not maybe that quitethat connection there to the
(18:56):
land and with with, like mycousins, as it would be with me
or my dad, his siblings.
Speaker 1 (19:02):
You can't replace it.
Once you sell it, there'snothing to buy into.
Speaker 3 (19:07):
No, not at all.
Speaker 1 (19:08):
That would be superior yeah.
Speaker 2 (19:11):
So who's the owner the?
Speaker 3 (19:12):
main property I picked up this year was
basically for three families,you know, and they had some,
some mixed holdings and it was atotal of about 5,000 acres in
that area.
And but now all those kids aregetting further and further
removed from the farm, you know,and their professionals, you
(19:32):
know, all over the countryseeking other opportunities, and
so they'll either look to acredit add consultant or a farm
manager like myself to basicallytake an asset management
strategy right.
It's not just as much about thefarm as it is.
We're going to make sure we geta good return.
It's going to, you know,support a family and if it can't
(19:53):
get that, then maybe they'lllook at doing something
different.
So we're getting there andchange up the leasing structure,
make some improvements and makeit where it's, a valuable asset
that the family can continue tohold on forever.
If even if they're not gettingwhat they think they should get,
then they might end up movingit.
But we're taking a full assetmanagement strategy implementing
(20:15):
so we can try to make sure wemaintain that farm and the
family for as many years, asmany years to come, as they can.
Speaker 1 (20:24):
So who's the more difficult client?
The, the generational familythat's now absentee owned.
I might have somesentimentality attachment to it,
but they also have a higherrequirement and need.
I don't know if I should saythat For annual yield, or the
institution, the, the pensionfund, the TIA, craft, new Vien,
(20:48):
ubs, united, bank of Canada's,of the world, switzerland's.
Who's the more difficult client?
Speaker 3 (20:57):
Yeah, I've had a lot of success working with both of
them.
I think the real key is justopen communication.
Make sure that you you lay outeverything on the front end so
you kind of know what the fullaspect is when you're looking at
high quality farms.
You know that's pretty easyOnce.
Sometimes what it's hard todeal with is some of these
(21:18):
threshold or return requirements.
Some of the institutionalinvestors want to put on things
when, when the markets are notgoing in the right direction,
right, you know, and thenthey're.
You end up having, for the sakeof return, you end up having a
lot of turnover with operatorsand that just kind of heals your
progress.
So that can be a real hurdle.
(21:39):
Instead of like really taking ahands on or approach to sharing
some of that risk and that cropreduction, you know, not just
trying to get the highestabsolute cash rent out of it,
because that the farmers have tomake some money too.
So what we try to do is find agood balance.
Like I have 30, I manage about30,000 acres, just under 30,000
(22:04):
acres, and I'd now have afterthis year.
I will not have any cash leases.
Every one of my leases is ashare based lease.
Now, some of them have someminimum cash rents.
Yeah, maybe because of AGIissues or just you know some
they just don't.
(22:24):
They can't take any governmentpayments or they're maxed out
for my landowners, but I don'thave any true cash rents.
A lot of mine are all sharebased rents with some minimums
to it.
You know, if a farmer makes1200, he can give you three, but
if he makes six he can't paytwo.
So we're trying to find thatgood balance and the key to that
is, you know, good farm quality, capital improvements, quality,
(22:49):
operator and share risk andwith that you can make some of
my best.
Farmers won't pay me $300 cashrent but I'm cash and checks
equivalent to $350 to $400 anacre.
Like especially a year likelast year we saw really big rice
prices, that's some ricereturns that were hitting well
(23:10):
over, excuse me, $400 an acre,you know so it's.
I like to be in the game with afarmer.
Gives me the best opportunityon the upside.
Speaker 1 (23:21):
So that's a crop share flex lease.
Speaker 3 (23:24):
Yeah, yeah, we don't.
It's not a true flex lease inthe sense of capping out, like
the production total of the costof it, mine's more of a greater
of a minimum cash rent or share, whichever is the greatest.
Traditionally it must have beenthat we have a quarter share
(23:45):
rent.
Speaker 1 (23:47):
And these when you go out, how do you source the guy
who's going to farm this and you?
You know that his character isgood, His checks are good.
Yeah, His practices are good.
Speaker 3 (24:01):
Yeah, it's always.
You know it's through a lot ofour, through a lot of our
contacts.
You know within the Americansociety, farm managers and rural
appraisers Cause I stay incontact with most of all the
farm managers you know here inthe Mid-South and if I need a
tenant I can make that phonecall and they can do the same
here it's through our appraisernetwork.
(24:21):
You know from the America'ssociety that that they always
have contacts and they knowquality operators.
You know get to know the farmcredit system, the local ag
banks.
You know just making thosecontacts, that's where I start
typically and then kind of workaround.
But you know, in a lot of thecommunities I've been in for 20
plus years now you kind of knowpretty quick right who the
(24:45):
go-to's are.
But but I'm always leaning onyou know other other farm
managers and appraisers throughour organization system to find
quality operators and sourcequality land for them.
I've done, you know being an ACnow I've done quite a bit of
work for some of our othermembers of our organization when
(25:10):
they needed a third set of youknow third party to come in and
you know looking at propertiesthey may have been behind and
going to manage for a client.
They wanted someone else tocome in and put a different set
of eyes on it, just as a kind ofa third party verification.
So you know we can't, we'realways, we're really not in the
truest sense competitors witheach other.
We're, you know, competingagainst large farmers and we can
(25:34):
actually be resources for eachother, you know, for for
consulting projects, developmentprojects and collaborate and
own acquisitions with people.
Speaker 1 (25:45):
Oh yeah, your episode is following up Fred Hepler's
and Fred loved to talk about.
Oh, we are competitive.
The boxing gloves go on duringthe day but at night.
You know we're friends and wedo referrals and make sure we
help each other out and get theright information and data and
(26:07):
people in place where we can forour fellow brethren in the
industry and network.
Fred Fred's a great guy.
I love having him in my contact.
Speaker 3 (26:16):
Yeah, I've had.
I've had an opportunity to dosome stuff with Fred before.
You know work wise, and then weactually taught the AC classes
together this year.
But you know, farm managementin the Midwest started with the
depression.
Farm management in the truestsense that we know it today
didn't start here in theMid-South till the to the farm
crisis in the late 80s.
So we're still really a fairlyyoung industry in the Mid-South
(26:41):
Most time, where people don'teven really understand what we
do or the value we can bring tothe table.
And that's changing, but it'sslowly changing.
It's it's.
We're basically usuallycompeting against the large farm
operators, more so than we arecompeting against other farm
managers for business.
It's usually just lettingpeople know we exist, what we do
(27:06):
in the Bay we can bring to thetable.
Speaker 1 (27:09):
Absolutely.
Yeah, I mean, you know I'vetalked about it in Nashville and
other times it doesn't.
Farm management doesn't evenexist in the West, and certainly
not with with ranches andpasture, pasture, range, ranch,
it as far as a professionalindustry, I mean, it's highly, I
guess you could say,decentralized.
(27:30):
It's not institutionalized inthat regard.
Speaker 3 (27:34):
So it doesn't even exist that you're trying to do
right, that's right, yeah,that's.
Speaker 1 (27:38):
That's my, my.
My strategy is it is becoming,or there is a a want, there is a
reason to create aninstitutional quote, unquote,
industrialized type product andsell that to the new Veins and
TIA, craf, ubs, ubcs, thepensions, the retirement funds,
(28:02):
all those.
Speaker 3 (28:03):
So yeah, if you look at, I think you were in one of
the meetings we had in Nashvillewhere they were talking about
the growth of population and theand the demand for beef and how
a lot of countries are going, alot of countries around the
world actually reducing theirherds and just in the growth
potential like showed there, asI've looked around to see if you
were in the room because that'slike that, that's your basic,
(28:25):
your thesis right there spelledout for you.
Speaker 1 (28:29):
Absolutely yeah, as as the Netherlands kills off
their cowherd for for their newreligion of global warming.
Speaker 3 (28:38):
Yeah.
Speaker 1 (28:38):
And and then Australia follows suit.
That just makes Americanprotein and the land that's that
provides the protein source,that makes it more valuable.
Yeah, that is, that is like thegeneral thesis for these
pension funds.
Speaker 3 (28:54):
Yeah, so you're.
You're seeing an increased, areal desire that you're starting
to really look at it and jumpin and that's going to be part
of their verse.
Diversification strategy from,you know, for wine and almonds
and tree nuts to corn, cotton,rice and now cattle.
Speaker 1 (29:14):
Exactly, yeah, how?
How do you get your exposure toanimal proteins, and not just
milk, but or chicken or pork,but beef?
I mean, beef is the mostdesired animal protein out there
.
So how do you get that intoyour portfolio?
And you talked about, oncethese farms become
(29:35):
institutionalized, they startturning over, and I've I've
started to notice and see that,because one group will come in
to your, your region, or, let'ssay, the Yakima Valley of
Washington, they'll put togetherthis farm and then they'll sell
it to another group who wantsit in their big portfolio.
Speaker 3 (29:59):
Yeah.
Speaker 1 (30:00):
So, like you know, diversification, like you said,
timber, rice, cotton beans, nowwe've got grapes and apples and
oh, what the hell, yakima, allthe beer.
What is the green plant that?
I don't drink beer anymore, soI I've got Arley and hops and
(30:22):
stuff like this and.
I've got hops.
So now you've got hops in thereand and then once it's in that
big portfolio, then it's sold asa portfolio to another
institution and just kind ofkeeps getting diluted in in or
mixed or diversified withinthese pensions.
These bean counters whatthey're looking for.
Speaker 3 (30:44):
I think it's all about diversification and
getting that right balance, andbecause then you now even have
some funds that are you know,they'll have a whole different
arm.
That's more about regenerativeag, yeah, and they're, so.
They still have theirtraditional, but they're trying
to to, you know, find new waysto how they balance regenerative
(31:05):
ag and and some of these otherESG type driven products, I
guess you'd say Certainly.
Speaker 1 (31:15):
Are you seeing that with carbon credits at all Any?
Speaker 3 (31:20):
You know, I dove into it just enough to know that I'm
not ready to go all the way inand it just doesn't seem like
the market's mature enough towhere they actually want to pay
the landowner, the farmers, forwhat they're doing.
You know, because what are theypaying what?
10, 10 X in the Europeancountries for carbon credits
(31:42):
they're paying us like.
So it's people want to sign upand you know I don't need to be
the leader, the first in thegate, but I want to understand
what's going on, how it's reallygoing to impact.
And then what are theopportunities?
You know, because at the end ofthe day, my landowners are
focused on return and qualityand maintain quality farm and if
(32:03):
they have to take some kind ofdiscount for a few years to get
there, it better be worth it.
I answer a lot of questionsabout it.
We try to dig into it a lot,but we haven't done anything.
The market hadn't wanted to payus yet.
Now I do think this next farmbill, if and when we actually
get one, we will get one, butit'll be a lot more driven,
(32:29):
conservation-minded,conservation-driven products.
I think there's going to beincentives based in there that
they'll pay farmers andlandowners to look at some of
these programs further, withoutit just simply being a commodity
subsidy program.
I think I've had a few peopleask me about it recently.
I said let's wait until we getto this next farm bill because I
(32:53):
don't want to jump intoanything too quick and then
we're kind of ruining ouropportunities that may be ahead
because one thing that thegovernment does a lot I know
that's a pretty broad statement,but sometimes they don't reward
farmers for what they've beendoing.
That's part of the issue withcarbons.
Like you can be doing a lot ofyour no-till and a lot of the
(33:16):
practices for the last 10 yearsand you don't qualify because
you're not meeting this level ofadditionality.
But you could have been doingnothing farming terrible
practices, doing nothing and sayI'm going to do this today and
then you get this windfall ofmoney Like that's just backwards
.
I had a farm in Arkansas a fewyears ago.
(33:38):
One of the farm bills theretalking about we're going to
give landowners credit for whatthey've done on the farm.
We got it qualified to redo areservoir that's been on a farm
for the last.
It was built in 1954, and allreservoirs have problems and
need to be reworked.
We couldn't get qualifiedbecause they had spent all the
(34:01):
money doing things over theyears and meanwhile the guy next
door it gets a brand new 48,you hadn't done anything and he
gets a brand new reservoir built, basically at 75 percent cost
share.
Now we were able to work aroundsome things and do a little bit
(34:21):
different and got some help forfunding on that.
But so I think, being cautiousabout it, aware of it and to
figure out what's the best wayto navigate it in the future,
but haven't been a little bitleery of all the different
programs.
Speaker 1 (34:42):
That's absolutely.
You get paid for theadditionality, which sometimes
feels like moral hazard thatyou're rewarding bad behavior.
The guys and gals who weredoing such a poor job that the
government had to step in andincentivize them.
Whereas so I did have aneconomist on who works with the
(35:05):
Farm Bill, the USDA programs, hesaid, yeah, politically it's
much more digestible, palatableto work with the carrot instead
of a whip.
No one wants to be whipped inthe shape.
Speaker 3 (35:19):
Yeah.
Speaker 1 (35:20):
We'd rather use the carrot to lead you down that
path.
And CSP is the same way.
It sounds like your programs inthe Delta equip with that
reservoir, I'm guessing was anequip project.
We deal the same thing withcattle on pasture with pipelines
and pumps, versus high tillagefarmers with pivots and
(35:42):
crossfencing.
It's yeah, I hear you yeah.
Speaker 3 (35:49):
It's interesting, the biggest thing that's kind of
been pushing our market lately,outside of that carbon and stuff
, is just these otheropportunities for alternative
energy streams from solar.
Not too long ago had aconversation with a landowner
about wind turbines.
There's a couple of differentprojects people are trying to
(36:11):
bring into the Delta and I toldthe landowner this it was about
a month ago.
I said it may come but I don'tthink we'll see it in the next
eight to 10 years.
And the show house short sidethat.
I was the next day about 24hours later and I was driving up
through Mississippi and a dangnear ran off the road.
Well, I looked off to my Eastand saw wind turbines up and I
(36:36):
just I thought this was kind oflike the you know, the Yeti.
You weren't gonna find himreally.
He was just going to be talkedabout for years, but but that's
coming really quick.
I just had a meeting last week,so spent a lot of time just
consulting with landowners ofthe last two years.
Just like differentopportunities from solar, I've
(36:57):
got a couple solar options inplace.
Haven't seen anything boughtenough.
I have one farm that is so hot.
I had eight offers on the onetime, five lease options and
three purchase options.
And because they're takingseveral, several oil and coal
burning power plants offlineacross the state, more so in
(37:19):
Arkansas is where I've had a lotof activity and that's just
been.
We've spent so much timehelping landowners try to
navigate some of those hurdlesas anything lately and it's been
Interesting, to say the least.
Speaker 1 (37:38):
I hear you.
Just this year in April I solda farm ranch on the high
Colorado prairie, 15,000 acresthat had a new wind lease for
development on it.
It's hard.
You got to be objective, yougot to leave your subjectivity
out of it.
I personally, George, wouldprefer that all these wind
(38:02):
turbines went into your area andnot mine.
Speaker 3 (38:06):
Yeah, I'd rather than not, but.
Speaker 1 (38:09):
Yeah, and then you and the Californians are the
same.
They'd say, well, we'd ratherthey'd be in Colorado, Wyoming
and Montana.
Speaker 3 (38:16):
Yeah.
Speaker 1 (38:18):
Stay away from us.
We don't want them in ourbackyard, but we want someone.
Speaker 3 (38:22):
Yeah, on one hand, I hate to see it the land come out
of production and things likethat.
On the other hand, if youbelieved in capitalism in the
American way, if it's your land,you do what the hell you want
to with it, right?
Speaker 2 (38:36):
Yeah.
Speaker 3 (38:36):
So that's kind of so.
I'll just try to help gatherthe information you know, pass
it on to the client and let themkind of choose what's best for
them, because at the end of theday, it's their property, it's
their legacy, it's their land,and we can just help them make
those decisions.
Speaker 1 (38:56):
Yeah, that was the conversation we had.
This lease was implementedwhile we were marketing the
ranch and it was a hard decision.
Do we, do we encumber theproperty?
And also, is there going to bea diminution of value with these
turbines being on there?
And after researching the copsand discussing the discounted
(39:17):
cash flows and kind of modelingit, looking at it, with the
landowner, my seller said, hey,this is a production property,
this is not your Kevin Costnerbeautiful Yellowstone ranch, so
this is an income property.
We might as well go undercontract with this wind lease
and it should.
It should not affect marketingnegatively or the price.
Speaker 3 (39:41):
Yeah, some of these properties need some additional
you know cash flow coming tothem and that's, you know
there's always it's funny yougot to always balance the you
know reality with theopportunity that they bring into
you.
Cause some of these, some ofthese land guys are are blowing
smoke and so it's just right.
You know you can't have justgot to get down to the facts and
(40:05):
really it's funny that like, oh, you don't have to worry about
looking the lease over, we'vehad a bunch of attorneys look at
it.
Speaker 1 (40:12):
Yeah, exactly, yeah, Well, George, I know you got to
run pretty soon.
Any, any final thoughts orwords of wisdom about your
profession, the accreditation'sALC, afm, aac, any, uh, any
optimism for us or words of hopeand inspiration to lead us off?
Speaker 3 (40:37):
Well, I probably won't.
It won't sound like Rocky oranything, but no, you know, I've
, like, I've thoroughly admittedI'm a member of the American
Society of Farm Managers andRoyal Praisers almost since day
one.
And that's not.
And that's where I, you know,through collaboration and
working with with people likeyourself, had a tremendous
(40:58):
opportunity over the years to topartner on projects together,
to work with people together andthat's become kind of my
professional family as well as alot of really good friends.
And I haven't been a member ofthe RLI as long, but that is
slowly becoming, you know, my,my people too, I guess you'd say
(41:18):
, as far as how we cancollaborate and work with each
other.
But uh, you know, I didn't.
The reason I got my AAC and whyI've been working on my ALC,
you know because I've been doingit for 30 years and you kind of
feel like you, you, you thinkyou start knowing it all, you
feel like you're finally matureand then then you realize
there's so much more out there.
(41:39):
So that's why I challengedmyself a few years ago to kind
of you know, quit just takingthe continued AAC classes but
start taking some of the coreeducation, because I've seen a
lot of opportunity.
I think, with these investorgroups, with family transitions,
there's going to be a lot ofopportunity where maybe somebody
doesn't want.
They don't just need amanagement, a full-fledged
(42:01):
management contract.
I'm going forever but they'llneed us to help consult on
specific services.
You know whether it's wind,solar carbon, you know due
diligence for acquisitions,maybe it's capital improvements,
and so I think, as as peopletransition, there's going to be
a lot of opportunity for ourprofession to grow, and I'm I'm
(42:24):
more excited about it now thanever, matter of fact, as, as
we've seen some little hiccupsin commodity markets and things
are, there's a lot of turmoiland some unknowns.
I think that'll give us moreopportunity to grow and really
be able to show our value toclients around the country.
So you know, I don't rememberwhat was it 10, 15 years ago we
(42:46):
started seeing a bunch of newfarm managers come in to the
business and all of us and I wason the board at the American
Society for as a district to VPfor a while and we saw this,
this spurn of new managers, andI thought well, this will last
two or three years.
And now it's been what?
12, 15 years later, we're stillgetting a big crop of young
(43:07):
professionals coming into themarket every year and it's been
exciting to see because for awhile we were checking out
quicker than we were addingpeople.
Now we're starting to addpeople you know and it's you
know.
It's across different areas ofthe country, it's women, admin,
it's all backgrounds you know,from just growing up on a farm
(43:29):
to coming from more of a.
You know more from a businessacumen bringing it to our market
.
It's been exciting and fun tosee how it's grown in the last
few years.
Speaker 1 (43:41):
It has.
Well, I've enjoyed ittremendously and, like you said,
the balance of looking at it,looking at it at the, the
membership is highly reflectiveof the industry, where your
average farmer is 65 years old.
But the last convention,there's a lot of young families
there in Nashville having a goodtime in their twenties and a
(44:02):
lot of young people coming intothe business and yeah, thanks
for coming on.
Speaker 3 (44:06):
Value the value we get from networking in groups
like the American Side here, rll.
It's just it's hard to put anumber on it when I was district
two VP, you know a few times,you know, when people didn't
want to renew or had to makesome phone calls.
Speaker 2 (44:22):
I'm like well, I just I can't, I don't think it's
worth it.
And my.
Speaker 3 (44:26):
My statement to them was hell, I can't afford not to
renew the other relationshipsand the opportunities I've had
to work with people from, youknow, from India and all the way
to California and all allbetween has been untold you know
from, from guys that were evensome of my instructors.
I've had opportunities tocollaborate and do business with
them on some consultingprojects, acquisitions, and so
(44:50):
it's it's fun to see because atthe end of the day it's a small
world I can pick up the, pick upthe our membership catalogs and
, and by calling anybody inthere and they're willing to,
you know, at least point me inthe right direction.
If they don't have a directconnection to whatever my my
question is Absolutely Well,george Baird, professional farm
(45:13):
manager, landmark ag capital.
Speaker 1 (45:16):
people can find you on LinkedIn.
Speaker 3 (45:19):
Yep.
Speaker 1 (45:19):
Where else.
Speaker 3 (45:22):
You pick up the phone , call me anytime, not a one,
four, eight, three, oh three,seven, three, but yeah just,
you'll usually find me somewherein my, in my forward, between
here and here in the hills.
Speaker 1 (45:35):
Checking on one of your 30,000 acres.
Speaker 3 (45:38):
Yep, so but yeah, you can go to my website, landmark
agnet.
I've got.
It's some kind of something'sbroken in it right now, but I'll
get that going again soon andother than that, look forward to
visiting.
If anybody ever has anyquestions about property
management, what we do withacquisitions in the Mid-South, I
(45:59):
hope to have an opportunity totalk to them.
Speaker 1 (46:01):
Please do.
Landmark agnet, george Baird.
Thanks for coming on, george,thank you for having me.
Speaker 2 (46:07):
Click subscribe on your streaming platform so you
know when the latest episode hasdropped.
Be the source of knowledge andthe maven that other
professionals are excited torefer.
I'm Colter DeVries, owner of Ranch Investor Advisory
and Brokerage Services.
Speaker 2 (00:06):
The Ranch Investor podcast, curated by subject
matter experts to give youimmense benefit, because we
believe your time is valuable.
Speaker 1 (00:17):
Well, thanks for coming on.
The podcast I don't knowproblem.
Thanks for having me.
I've been looking to have youon for quite a while now.
I hope I don't disappoint you.
Tell me about your business.
Tell me, george Bird, yourbackground, where you're at what
you do.
Speaker 3 (00:36):
Okay, yeah.
So this is my 30th crop yearmanaging farm properties and the
way I got into it was kind ofunique.
I didn't know anything aboutprofessional farm management
growing up.
I'd only knew of propertymanagement from actually working
for somebody Like you'd betheir right-hand man, whether
(00:56):
it's my grandfather or my dad,and all everyone to do when I
went to school was get out ofcollege, go get a four-door
truck and go back home and farm.
And my dad quit farming mysenior year, high school and
that kind of interrupted mywhole life plan, right, because
ever since I was knee-high I wasrunning around on the farm my
(01:19):
granddaddy and my father, and sothat was different.
I ended up going to juniorcollege and then went on to
Mississippi State and even goinginto my senior year of college
I didn't know anything aboutprofessional farm management.
And then I did a summerinternship with Farmers National
Company the summer of 93.
(01:40):
And that completely opened myeyes to managing property from
an absentee landowner'sperspective, much less that
investor's perspective andbeyond that, and that's when I
knew I'd found what I wanted todo from that.
I didn't want to just go sellchemicals or be that kind of
stuff.
This was the way to stayinvolved with the land work with
(02:04):
landowners, and it got reallygoing that way.
So worked, did the summerinternship and when I graduated
in December of 93, had a joblined up and came back, I was
going to come back and shadowtwo different people in the
Farmers National Company officeand one of those guys had left
(02:25):
to go buy out his familybusiness.
And so they just threw me inand said here you go to
Southeast Missouri and Arkansas,and that's kind of my core
territory.
I've run ever since but workedthere until 2001.
And then my boss there and howwe left when we started land
(02:46):
management group and then a fewyears ago I started my own
company called Landmark ActCapital, and that's what I do
today and still run kind of thecore of the Delta.
Some in Mississippi now haveexpanded my territory back
really where I grew up.
Matter of fact, some of thebigger holdings I have now.
If you zoom out enough to getthe whole farm in the picture,
(03:07):
you can see my granddaddy's farmright there on the corner.
It was kind of nice to get backand get back home and mess
around down there and it's beeninteresting.
But yeah, this is my 30th cropyear, just completed, which it
seems like it's only been about10 or 15 years, but it's flown
(03:28):
by.
So, in addition to propertymanagement and do sales and
acquisition stuff really focusmore on acquisitions than just
being a traditional listingagent?
I always say give me one client, let me go look at 20 farms,
instead of trying to list 20farms and show that, yeah, those
farms to 20 different clients,because my course excuse me, my
(03:49):
course focused on the managementaspect of it and so I'd rather
it's just been serves me better,more like an acquisition agent
or buyer's agent Excuse me realquick, got some silencing thing
going on too.
Speaker 1 (04:02):
Yeah.
I hear it.
I'm gonna have to grab a cup ofcoffee here pretty soon too.
I just started a pot so I couldget real.
I could get real grumpy if Idon't have my cup here this
morning.
Understand when you say Delta,I think back to a three
(04:23):
geography and I'm thinking ofwhere the Mississippi enters the
Gulf of Mexico.
Speaker 3 (04:28):
What is the Delta?
So the, so that that is theDelta.
But when you think about theMississippi Arkansas Delta,
we're thinking about theMississippi River Delta, and so
it's basically from the boothill, missouri, to the northeast
Louisiana, kind of north northcentral Louisiana, and it's just
real flat area that's thatborders Mississippi River.
(04:51):
It's never more than about 120miles wide in Arkansas and about
80 or 90 miles wide inMississippi, and I wish I had a
map up I could show you just acore up and down the Mississippi
River, through there, flat, youknow, good fertile soils, flat
land Cause.
Then you go beyond to the westand Arkansas, you go east of
(05:13):
Mississippi, then you starthitting the foothills of those
arch or the or the hills ofMississippi.
Speaker 1 (05:19):
And so, yes, you have this, this valley, this
cropping area.
How long is that?
That's from the boot hill ofMissouri down to is that like.
Mexico or how.
Speaker 3 (05:32):
No, it's not quite that far.
You're going down to, basically, vicksburg, mississippi, and so
you're call it without pullinga map.
You know 300, 350 miles longand you know not more than you
know a hundred and well about.
You know it goes.
It's never more than reallywider than 120 miles, maybe a
(05:53):
little bit wider when you getdown to the northwest.
You know the northwest part ofMississippi and it goes over to
Arkansas.
So that's, very traditionallyflooded, you know, year in and
year out, until they built the,the levee system back in the 20s
and 30s.
Speaker 1 (06:10):
Okay, so that used to flood a lot until they probably
the army, the Corps ofEngineers built the levee system
and controlled the flooding,and that's that's why it's such
a fertile plane.
Is all that flooding?
Speaker 3 (06:22):
Yeah, until they had that, you know, a lot of people
lived in the hills ofMississippi and then they would
come down into the Delta, orArkansas, come down to the Delta
, you know, in clear land andthat's how they started
converting those properties over.
That's why you know you don'tsee a lot of your older towns in
the in the Delta will not be,you know, in the in the
(06:43):
floodplain area that wastraditionally in the flood zone
because they had to retreat, youknow, to the, to the hills, to
get away from the, from thefloods.
Speaker 1 (06:53):
So are those towns then in the Delta.
Are they only as new as or asrecent as, like the new deal?
Speaker 3 (07:01):
There's some that are a little bit older, but most
most of it is not was developedall after that.
You know it was developed whenthey were clearing ground and
developing it for cottonproduction was, you know, the
core back in the day.
And then, as cotton kind ofwent away, some of those towns
have have subsequently gone awayor started to dry up some kind
(07:22):
of boom and bust in some ofthose areas, boom towns and
ghost towns.
Yep, yeah.
But yeah, it's great soils.
You know there's a lot of goodoperators there and one thing
that makes it really attractiveis as compared to make up maybe
a Midwest area where it's harderfor like investor groups or
buyers to put together largerunits.
(07:44):
You know there's.
You can put together somesizeable units of land through
the Mississippi Delta and overin Arkansas and Louisiana.
I'm working on worked on a fewthings just in the last couple
of years that were, you know,several thousand acres, whereas
a lot of times in the Midwestyou might see an 80 or 40 or 120
, you know where they'll take a600 and break it up into 10
(08:06):
tracks.
If you break it up too muchhere, people nobody wants to
show up for the auction becausethey said you messed it up.
So but it's just a but.
It's some good fertile ground.
These can be very.
It can vary a lot based on theway the river laid it over the
years.
You can have low lying, heavierdepressions, you can have
(08:27):
sandier, lomere soils, but itcan be very good and it's
forever.
We just focused on cotton, oryou were a bean rice guy and
then, when you introduced corninto our mix years ago, then we
figured out.
We had a lot of optionalitywith our farm ground too, so we
can make the 200 plus bushelcorn, we can make 12 to 1500
(08:50):
plus pound cotton, we can make60 to 80 bushel beans
consistently and we can growrice, and so that gives us.
The real key is setting up yourproperty so you can have the
flexibility to go in and out ofa lot of crops.
And one thing about thatmillion dollar, $1.3 million
cotton picker it only pickscotton, right, but if you have
(09:12):
the combine you can do a lot ofstuff.
And then you bring some otherspecialty crops into the mix.
There's some areas with peanuts, few areas of potatoes, sweet
potatoes, but most of what Ifocus on is the core crops, the
core mix of crops.
Speaker 1 (09:28):
Well, and because we are ranch investor, George, are
we talking about floppy earedcattle in that region?
Speaker 3 (09:37):
Yeah, I'd have to defer somebody else on that.
So we don't, we don't you'llsee some you'll see some black
hengis, but you're most ofthat's over in the hills.
That's something I don't gettoo much of.
Speaker 1 (09:51):
Now the institutional investor.
You talk about groups coming in, buying bigger pieces or
putting together bigger farms.
Is that more of a recent recenteconomy of that area?
Because normally the from whatI hear, the Delta wasn't
(10:14):
institutional investor grade orjust wasn't on the radar up
until what?
15 years ago?
Speaker 3 (10:22):
Yeah, well, I think part of that was just the land
was so tightly hittled.
You know from large familiesthat they weren't getting the
opportunities, but some of theyou know the manual lives and in
the veins of the world, they'vebeen in the, they've been in
this market.
You know UBS.
They've been in here for 25, 30plus years and have
(10:43):
longstanding holdings.
I'd say some of the latestmoney really started when you
started seeing a lot of peoplelooking for alternative
investments in, in, in, inwhat's the word I'm looking for?
Speaker 2 (11:01):
Just escaped me, but you know they're looking to
diversify.
Speaker 3 (11:04):
That's what they're looking to diversify the
portfolio and so a lot of peoplestarted jumping into farmland
investing 10, 15 years ago.
I'd say the newest money reallycame in 10 years ago because
now we're starting to see someof those holdings come up on
their 10 year rotation and whenthey're when they're getting
money funded by pension funds orteacher retirement systems or
(11:27):
something like that you knowthey have obligations they're
going to make and so there'shard for them to commit money
more than 10 to 15 years.
And now we're starting to seesome of those 10 year flushes
come up and I think that's goingto help increase some, some
volume and some opportunity here.
And it's not going to bebecause there's something wrong
with asset necessarily.
(11:47):
It's just that's just part oftheir strategy.
You know, as far asdiversification and you know
somebody asked me not to longago well, if they can just go
take money and get a you knowfive plus percent CD, why
wouldn't they just do that?
Won't we see a bunch of moneycome out of farmland?
And not necessarily becausethey may reduce it some.
(12:10):
But you know, it's adiversification strategy.
So they might already mightalready have 10 or 15 percent
NCDs and they probably havecommercial real estate and they
probably have some stocks, andso they might be only putting
one or two, three percent oftheir money into farmland.
So just because they can goclip a 5% coupon somewhere else,
that doesn't necessarily meanthat they're going to get out of
(12:32):
farmland.
There may be some strategicchanges to it, but I think
they're here to stay and there's, you know, there's not hate to
venture to guess but 20 plusgroups out there sitting with
some cash rate to deploy if theycan find some opportunity, and
that's doing the theme of ouryear.
(12:53):
This year it's just limitedopportunity for acquisitions and
stuff.
There's a very little supply onthe market.
Speaker 1 (13:01):
Are these groups regionally agnostic?
Would they?
Would they throw you into thesame basket of considerations as
the Willamette Valley in Oregon?
Or or institutional gradesoybean and corn ground in
Illinois?
Or is it?
Is it?
(13:21):
Does it even matter the area,or they just going after black
dirt?
Speaker 3 (13:27):
The ones that most of them are very agnostic and
they're just balancing theirportfolio where the you know,
just like you would anyportfolio they're like they're
just going to put some of thePacific Northwest, they're going
to put some in the corn belt.
Some people are looking in, youknow, texas, southeast.
You know some differentopportunities there.
There are a few that I thinkare dedicated just to be in
(13:49):
solely, you know like located inour market.
There's also some that are notgoing to ever probably come to
our market, that are into youknow more vertical integration
and and they want to be fullyinto the mix.
So I think majority are lookingat some kind of diversification
strategy.
Well, I might be putting 20,25% of the land in the Midwest,
(14:10):
you know, 20, 25% in the MidSouth.
Then, looking at, there may besome permanent crops or tree
nuts or something, and kind ofhaving a good mix of everything.
Speaker 2 (14:20):
So I think it's all independent, you know.
Speaker 3 (14:22):
Independently, however, they want to come up
with their strategy.
Speaker 1 (14:28):
Bill Gates did?
He put that area on the map.
Speaker 3 (14:32):
I don't.
It was on the map a lot longerthan he was here, but he has a
few holdings down here.
Speaker 1 (14:40):
He does.
Yeah, and when you say sizable,I mean what is institutional
grade?
Are they looking at minimum 10million, minimum five, minimum
30, what to move their needleper se, what does it take and
how many acres is that whereyou're at?
Speaker 3 (15:00):
So you're probably, you know they're certain that
would like to start with that 10to 15 million dollars you know
as a base, and then then theydon't mind adding some smaller
stuff.
You know, to that I was talkingwith somebody recently and we
were looking at basically a youknow a platform of 25 million
dollars as we went acquisitionand then begin to add beyond
(15:23):
that.
Then they don't mind adding atwo or 300, you know two or 300
acres here or there.
You know so a 25 million dollardeal.
You know so quality land at$7,000 an acre.
You know you, uh, what's that?
Little over 1400 acres or so.
Speaker 1 (15:43):
Okay.
Speaker 3 (15:44):
Yeah, so but it you know they don't mind adding some
smaller units, you know.
But there's just, there hasn'tbeen that much come up.
There have been a few of thefunds change hands recently and
those were bid as packageportfolio deals.
That topped out in the 90 to150 million dollar package, but
(16:06):
of multiple farms, multipleareas, multiple counties,
sometimes in multiple states.
Speaker 1 (16:13):
So one thing I've heard through the network
American Society of FarmManagers and Rural Appraisers
where, george, you are aaccredited farm manager and
you're also accredited landconsultant, then we do those
courses together.
Speaker 3 (16:31):
Yeah, accredited ad consultant yeah, you're AAC Okay
.
The AAC.
Speaker 1 (16:36):
Accredited ad consultant through ASFMRA.
In the Midwest it's quitecommon that if you're a
professional manager you'regoing to have an office, serve a
local regional area and there'sa lot of people who inherited
grandpa's 40 or grandpa's 80, asyou said, and out west here the
(16:58):
homesteader kind of country,the higher dryer it could be.
I inherited the family 160.
That seems to be a largeportion of the portfolio.
Is that what you have there inthe Delta as well, kind of this
small regional, very localized,or is it more institutional
(17:20):
grade, like industrial?
Speaker 3 (17:26):
It's still very family-held and that's changed
over the last 10 years and Ithink that change is going to
accelerate over the next 10 plusyears because there are so many
more families that you knowwhere.
You know the two sons and thedaughter stay nearby, you know,
(17:48):
and have opportunities to workand thrive there.
Maybe their kids went off tocollege and then they had to go
other places, you know, to seekopportunity and so now you don't
have quite that connection backto the land as families are
getting further removed from theland and I think we're going to
start seeing that change.
But it's still largely tightlyheld properties and some of the
(18:10):
properties that you see that areinstitutional owned.
Some of those have turned overfor, you know, over the years
every three to four or fiveyears, over and over and over
again, and there's some of thebest land that you will see in
this market hasn't hit themarket at all.
I had a farmer friend of minedrive through the hometown I
grew up in one day and he calledme as soon as he went through
(18:33):
there.
He said I just went by yourgrandad's farm.
He said why didn't anythingever change hands around here?
He said this is a good area.
I said that's exactly why itdoesn't change hands.
It's very tightly held, youknow.
But then if you look at thefamilies and how they've, you
know they're moving around.
There's not maybe that quitethat connection there to the
(18:56):
land and with with, like mycousins, as it would be with me
or my dad, his siblings.
Speaker 1 (19:02):
You can't replace it.
Once you sell it, there'snothing to buy into.
Speaker 3 (19:07):
No, not at all.
Speaker 1 (19:08):
That would be superior yeah.
Speaker 2 (19:11):
So who's the owner the?
Speaker 3 (19:12):
main property I picked up this year was
basically for three families,you know, and they had some,
some mixed holdings and it was atotal of about 5,000 acres in
that area.
And but now all those kids aregetting further and further
removed from the farm, you know,and their professionals, you
(19:32):
know, all over the countryseeking other opportunities, and
so they'll either look to acredit add consultant or a farm
manager like myself to basicallytake an asset management
strategy right.
It's not just as much about thefarm as it is.
We're going to make sure we geta good return.
It's going to, you know,support a family and if it can't
(19:53):
get that, then maybe they'lllook at doing something
different.
So we're getting there andchange up the leasing structure,
make some improvements and makeit where it's, a valuable asset
that the family can continue tohold on forever.
If even if they're not gettingwhat they think they should get,
then they might end up movingit.
But we're taking a full assetmanagement strategy implementing
(20:15):
so we can try to make sure wemaintain that farm and the
family for as many years, asmany years to come, as they can.
Speaker 1 (20:24):
So who's the more difficult client?
The, the generational familythat's now absentee owned.
I might have somesentimentality attachment to it,
but they also have a higherrequirement and need.
I don't know if I should saythat For annual yield, or the
institution, the, the pensionfund, the TIA, craft, new Vien,
(20:48):
ubs, united, bank of Canada's,of the world, switzerland's.
Who's the more difficult client?
Speaker 3 (20:57):
Yeah, I've had a lot of success working with both of
them.
I think the real key is justopen communication.
Make sure that you you lay outeverything on the front end so
you kind of know what the fullaspect is when you're looking at
high quality farms.
You know that's pretty easyOnce.
Sometimes what it's hard todeal with is some of these
(21:18):
threshold or return requirements.
Some of the institutionalinvestors want to put on things
when, when the markets are notgoing in the right direction,
right, you know, and thenthey're.
You end up having, for the sakeof return, you end up having a
lot of turnover with operatorsand that just kind of heals your
progress.
So that can be a real hurdle.
(21:39):
Instead of like really taking ahands on or approach to sharing
some of that risk and that cropreduction, you know, not just
trying to get the highestabsolute cash rent out of it,
because that the farmers have tomake some money too.
So what we try to do is find agood balance.
Like I have 30, I manage about30,000 acres, just under 30,000
(22:04):
acres, and I'd now have afterthis year.
I will not have any cash leases.
Every one of my leases is ashare based lease.
Now, some of them have someminimum cash rents.
Yeah, maybe because of AGIissues or just you know some
they just don't.
(22:24):
They can't take any governmentpayments or they're maxed out
for my landowners, but I don'thave any true cash rents.
A lot of mine are all sharebased rents with some minimums
to it.
You know, if a farmer makes1200, he can give you three, but
if he makes six he can't paytwo.
So we're trying to find thatgood balance and the key to that
is, you know, good farm quality, capital improvements, quality,
(22:49):
operator and share risk andwith that you can make some of
my best.
Farmers won't pay me $300 cashrent but I'm cash and checks
equivalent to $350 to $400 anacre.
Like especially a year likelast year we saw really big rice
prices, that's some ricereturns that were hitting well
(23:10):
over, excuse me, $400 an acre,you know so it's.
I like to be in the game with afarmer.
Gives me the best opportunityon the upside.
Speaker 1 (23:21):
So that's a crop share flex lease.
Speaker 3 (23:24):
Yeah, yeah, we don't.
It's not a true flex lease inthe sense of capping out, like
the production total of the costof it, mine's more of a greater
of a minimum cash rent or share, whichever is the greatest.
Traditionally it must have beenthat we have a quarter share
(23:45):
rent.
Speaker 1 (23:47):
And these when you go out, how do you source the guy
who's going to farm this and you?
You know that his character isgood, His checks are good.
Yeah, His practices are good.
Speaker 3 (24:01):
Yeah, it's always.
You know it's through a lot ofour, through a lot of our
contacts.
You know within the Americansociety, farm managers and rural
appraisers Cause I stay incontact with most of all the
farm managers you know here inthe Mid-South and if I need a
tenant I can make that phonecall and they can do the same
here it's through our appraisernetwork.
(24:21):
You know from the America'ssociety that that they always
have contacts and they knowquality operators.
You know get to know the farmcredit system, the local ag
banks.
You know just making thosecontacts, that's where I start
typically and then kind of workaround.
But you know, in a lot of thecommunities I've been in for 20
plus years now you kind of knowpretty quick right who the
(24:45):
go-to's are.
But but I'm always leaning onyou know other other farm
managers and appraisers throughour organization system to find
quality operators and sourcequality land for them.
I've done, you know being an ACnow I've done quite a bit of
work for some of our othermembers of our organization when
(25:10):
they needed a third set of youknow third party to come in and
you know looking at propertiesthey may have been behind and
going to manage for a client.
They wanted someone else tocome in and put a different set
of eyes on it, just as a kind ofa third party verification.
So you know we can't, we'realways, we're really not in the
truest sense competitors witheach other.
We're, you know, competingagainst large farmers and we can
(25:34):
actually be resources for eachother, you know, for for
consulting projects, developmentprojects and collaborate and
own acquisitions with people.
Speaker 1 (25:45):
Oh yeah, your episode is following up Fred Hepler's
and Fred loved to talk about.
Oh, we are competitive.
The boxing gloves go on duringthe day but at night.
You know we're friends and wedo referrals and make sure we
help each other out and get theright information and data and
(26:07):
people in place where we can forour fellow brethren in the
industry and network.
Fred Fred's a great guy.
I love having him in my contact.
Speaker 3 (26:16):
Yeah, I've had.
I've had an opportunity to dosome stuff with Fred before.
You know work wise, and then weactually taught the AC classes
together this year.
But you know, farm managementin the Midwest started with the
depression.
Farm management in the truestsense that we know it today
didn't start here in theMid-South till the to the farm
crisis in the late 80s.
So we're still really a fairlyyoung industry in the Mid-South
(26:41):
Most time, where people don'teven really understand what we
do or the value we can bring tothe table.
And that's changing, but it'sslowly changing.
It's it's.
We're basically usuallycompeting against the large farm
operators, more so than we arecompeting against other farm
managers for business.
It's usually just lettingpeople know we exist, what we do
(27:06):
in the Bay we can bring to thetable.
Speaker 1 (27:09):
Absolutely.
Yeah, I mean, you know I'vetalked about it in Nashville and
other times it doesn't.
Farm management doesn't evenexist in the West, and certainly
not with with ranches andpasture, pasture, range, ranch,
it as far as a professionalindustry, I mean, it's highly, I
guess you could say,decentralized.
(27:30):
It's not institutionalized inthat regard.
Speaker 3 (27:34):
So it doesn't even exist that you're trying to do
right, that's right, yeah,that's.
Speaker 1 (27:38):
That's my, my.
My strategy is it is becoming,or there is a a want, there is a
reason to create aninstitutional quote, unquote,
industrialized type product andsell that to the new Veins and
TIA, craf, ubs, ubcs, thepensions, the retirement funds,
(28:02):
all those.
Speaker 3 (28:03):
So yeah, if you look at, I think you were in one of
the meetings we had in Nashvillewhere they were talking about
the growth of population and theand the demand for beef and how
a lot of countries are going, alot of countries around the
world actually reducing theirherds and just in the growth
potential like showed there, asI've looked around to see if you
were in the room because that'slike that, that's your basic,
(28:25):
your thesis right there spelledout for you.
Speaker 1 (28:29):
Absolutely yeah, as as the Netherlands kills off
their cowherd for for their newreligion of global warming.
Speaker 3 (28:38):
Yeah.
Speaker 1 (28:38):
And and then Australia follows suit.
That just makes Americanprotein and the land that's that
provides the protein source,that makes it more valuable.
Yeah, that is, that is like thegeneral thesis for these
pension funds.
Speaker 3 (28:54):
Yeah, so you're.
You're seeing an increased, areal desire that you're starting
to really look at it and jumpin and that's going to be part
of their verse.
Diversification strategy from,you know, for wine and almonds
and tree nuts to corn, cotton,rice and now cattle.
Speaker 1 (29:14):
Exactly, yeah, how?
How do you get your exposure toanimal proteins, and not just
milk, but or chicken or pork,but beef?
I mean, beef is the mostdesired animal protein out there
.
So how do you get that intoyour portfolio?
And you talked about, oncethese farms become
(29:35):
institutionalized, they startturning over, and I've I've
started to notice and see that,because one group will come in
to your, your region, or, let'ssay, the Yakima Valley of
Washington, they'll put togetherthis farm and then they'll sell
it to another group who wantsit in their big portfolio.
Speaker 3 (29:59):
Yeah.
Speaker 1 (30:00):
So, like you know, diversification, like you said,
timber, rice, cotton beans, nowwe've got grapes and apples and
oh, what the hell, yakima, allthe beer.
What is the green plant that?
I don't drink beer anymore, soI I've got Arley and hops and
(30:22):
stuff like this and.
I've got hops.
So now you've got hops in thereand and then once it's in that
big portfolio, then it's sold asa portfolio to another
institution and just kind ofkeeps getting diluted in in or
mixed or diversified withinthese pensions.
These bean counters whatthey're looking for.
Speaker 3 (30:44):
I think it's all about diversification and
getting that right balance, andbecause then you now even have
some funds that are you know,they'll have a whole different
arm.
That's more about regenerativeag, yeah, and they're, so.
They still have theirtraditional, but they're trying
to to, you know, find new waysto how they balance regenerative
(31:05):
ag and and some of these otherESG type driven products, I
guess you'd say Certainly.
Speaker 1 (31:15):
Are you seeing that with carbon credits at all Any?
Speaker 3 (31:20):
You know, I dove into it just enough to know that I'm
not ready to go all the way inand it just doesn't seem like
the market's mature enough towhere they actually want to pay
the landowner, the farmers, forwhat they're doing.
You know, because what are theypaying what?
10, 10 X in the Europeancountries for carbon credits
(31:42):
they're paying us like.
So it's people want to sign upand you know I don't need to be
the leader, the first in thegate, but I want to understand
what's going on, how it's reallygoing to impact.
And then what are theopportunities?
You know, because at the end ofthe day, my landowners are
focused on return and qualityand maintain quality farm and if
(32:03):
they have to take some kind ofdiscount for a few years to get
there, it better be worth it.
I answer a lot of questionsabout it.
We try to dig into it a lot,but we haven't done anything.
The market hadn't wanted to payus yet.
Now I do think this next farmbill, if and when we actually
get one, we will get one, butit'll be a lot more driven,
(32:29):
conservation-minded,conservation-driven products.
I think there's going to beincentives based in there that
they'll pay farmers andlandowners to look at some of
these programs further, withoutit just simply being a commodity
subsidy program.
I think I've had a few peopleask me about it recently.
I said let's wait until we getto this next farm bill because I
(32:53):
don't want to jump intoanything too quick and then
we're kind of ruining ouropportunities that may be ahead
because one thing that thegovernment does a lot I know
that's a pretty broad statement,but sometimes they don't reward
farmers for what they've beendoing.
That's part of the issue withcarbons.
Like you can be doing a lot ofyour no-till and a lot of the
(33:16):
practices for the last 10 yearsand you don't qualify because
you're not meeting this level ofadditionality.
But you could have been doingnothing farming terrible
practices, doing nothing and sayI'm going to do this today and
then you get this windfall ofmoney Like that's just backwards
.
I had a farm in Arkansas a fewyears ago.
(33:38):
One of the farm bills theretalking about we're going to
give landowners credit for whatthey've done on the farm.
We got it qualified to redo areservoir that's been on a farm
for the last.
It was built in 1954, and allreservoirs have problems and
need to be reworked.
We couldn't get qualifiedbecause they had spent all the
(34:01):
money doing things over theyears and meanwhile the guy next
door it gets a brand new 48,you hadn't done anything and he
gets a brand new reservoir built, basically at 75 percent cost
share.
Now we were able to work aroundsome things and do a little bit
(34:21):
different and got some help forfunding on that.
But so I think, being cautiousabout it, aware of it and to
figure out what's the best wayto navigate it in the future,
but haven't been a little bitleery of all the different
programs.
Speaker 1 (34:42):
That's absolutely.
You get paid for theadditionality, which sometimes
feels like moral hazard thatyou're rewarding bad behavior.
The guys and gals who weredoing such a poor job that the
government had to step in andincentivize them.
Whereas so I did have aneconomist on who works with the
(35:05):
Farm Bill, the USDA programs, hesaid, yeah, politically it's
much more digestible, palatableto work with the carrot instead
of a whip.
No one wants to be whipped inthe shape.
Speaker 3 (35:19):
Yeah.
Speaker 1 (35:20):
We'd rather use the carrot to lead you down that
path.
And CSP is the same way.
It sounds like your programs inthe Delta equip with that
reservoir, I'm guessing was anequip project.
We deal the same thing withcattle on pasture with pipelines
and pumps, versus high tillagefarmers with pivots and
(35:42):
crossfencing.
It's yeah, I hear you yeah.
Speaker 3 (35:49):
It's interesting, the biggest thing that's kind of
been pushing our market lately,outside of that carbon and stuff
, is just these otheropportunities for alternative
energy streams from solar.
Not too long ago had aconversation with a landowner
about wind turbines.
There's a couple of differentprojects people are trying to
(36:11):
bring into the Delta and I toldthe landowner this it was about
a month ago.
I said it may come but I don'tthink we'll see it in the next
eight to 10 years.
And the show house short sidethat.
I was the next day about 24hours later and I was driving up
through Mississippi and a dangnear ran off the road.
Well, I looked off to my Eastand saw wind turbines up and I
(36:36):
just I thought this was kind oflike the you know, the Yeti.
You weren't gonna find himreally.
He was just going to be talkedabout for years, but but that's
coming really quick.
I just had a meeting last week,so spent a lot of time just
consulting with landowners ofthe last two years.
Just like differentopportunities from solar, I've
(36:57):
got a couple solar options inplace.
Haven't seen anything boughtenough.
I have one farm that is so hot.
I had eight offers on the onetime, five lease options and
three purchase options.
And because they're takingseveral, several oil and coal
burning power plants offlineacross the state, more so in
(37:19):
Arkansas is where I've had a lotof activity and that's just
been.
We've spent so much timehelping landowners try to
navigate some of those hurdlesas anything lately and it's been
Interesting, to say the least.
Speaker 1 (37:38):
I hear you.
Just this year in April I solda farm ranch on the high
Colorado prairie, 15,000 acresthat had a new wind lease for
development on it.
It's hard.
You got to be objective, yougot to leave your subjectivity
out of it.
I personally, George, wouldprefer that all these wind
(38:02):
turbines went into your area andnot mine.
Speaker 3 (38:06):
Yeah, I'd rather than not, but.
Speaker 1 (38:09):
Yeah, and then you and the Californians are the
same.
They'd say, well, we'd ratherthey'd be in Colorado, Wyoming
and Montana.
Speaker 3 (38:16):
Yeah.
Speaker 1 (38:18):
Stay away from us.
We don't want them in ourbackyard, but we want someone.
Speaker 3 (38:22):
Yeah, on one hand, I hate to see it the land come out
of production and things likethat.
On the other hand, if youbelieved in capitalism in the
American way, if it's your land,you do what the hell you want
to with it, right?
Speaker 2 (38:36):
Yeah.
Speaker 3 (38:36):
So that's kind of so.
I'll just try to help gatherthe information you know, pass
it on to the client and let themkind of choose what's best for
them, because at the end of theday, it's their property, it's
their legacy, it's their land,and we can just help them make
those decisions.
Speaker 1 (38:56):
Yeah, that was the conversation we had.
This lease was implementedwhile we were marketing the
ranch and it was a hard decision.
Do we, do we encumber theproperty?
And also, is there going to bea diminution of value with these
turbines being on there?
And after researching the copsand discussing the discounted
(39:17):
cash flows and kind of modelingit, looking at it, with the
landowner, my seller said, hey,this is a production property,
this is not your Kevin Costnerbeautiful Yellowstone ranch, so
this is an income property.
We might as well go undercontract with this wind lease
and it should.
It should not affect marketingnegatively or the price.
Speaker 3 (39:41):
Yeah, some of these properties need some additional
you know cash flow coming tothem and that's, you know
there's always it's funny yougot to always balance the you
know reality with theopportunity that they bring into
you.
Cause some of these, some ofthese land guys are are blowing
smoke and so it's just right.
You know you can't have justgot to get down to the facts and
(40:05):
really it's funny that like, oh, you don't have to worry about
looking the lease over, we'vehad a bunch of attorneys look at
it.
Speaker 1 (40:12):
Yeah, exactly, yeah, Well, George, I know you got to
run pretty soon.
Any, any final thoughts orwords of wisdom about your
profession, the accreditation'sALC, afm, aac, any, uh, any
optimism for us or words of hopeand inspiration to lead us off?
Speaker 3 (40:37):
Well, I probably won't.
It won't sound like Rocky oranything, but no, you know, I've
, like, I've thoroughly admittedI'm a member of the American
Society of Farm Managers andRoyal Praisers almost since day
one.
And that's not.
And that's where I, you know,through collaboration and
working with with people likeyourself, had a tremendous
(40:58):
opportunity over the years to topartner on projects together,
to work with people together andthat's become kind of my
professional family as well as alot of really good friends.
And I haven't been a member ofthe RLI as long, but that is
slowly becoming, you know, my,my people too, I guess you'd say
(41:18):
, as far as how we cancollaborate and work with each
other.
But uh, you know, I didn't.
The reason I got my AAC and whyI've been working on my ALC,
you know because I've been doingit for 30 years and you kind of
feel like you, you, you thinkyou start knowing it all, you
feel like you're finally matureand then then you realize
there's so much more out there.
(41:39):
So that's why I challengedmyself a few years ago to kind
of you know, quit just takingthe continued AAC classes but
start taking some of the coreeducation, because I've seen a
lot of opportunity.
I think, with these investorgroups, with family transitions,
there's going to be a lot ofopportunity where maybe somebody
doesn't want.
They don't just need amanagement, a full-fledged
(42:01):
management contract.
I'm going forever but they'llneed us to help consult on
specific services.
You know whether it's wind,solar carbon, you know due
diligence for acquisitions,maybe it's capital improvements,
and so I think, as as peopletransition, there's going to be
a lot of opportunity for ourprofession to grow, and I'm I'm
(42:24):
more excited about it now thanever, matter of fact, as, as
we've seen some little hiccupsin commodity markets and things
are, there's a lot of turmoiland some unknowns.
I think that'll give us moreopportunity to grow and really
be able to show our value toclients around the country.
So you know, I don't rememberwhat was it 10, 15 years ago we
(42:46):
started seeing a bunch of newfarm managers come in to the
business and all of us and I wason the board at the American
Society for as a district to VPfor a while and we saw this,
this spurn of new managers, andI thought well, this will last
two or three years.
And now it's been what?
12, 15 years later, we're stillgetting a big crop of young
(43:07):
professionals coming into themarket every year and it's been
exciting to see because for awhile we were checking out
quicker than we were addingpeople.
Now we're starting to addpeople you know and it's you
know.
It's across different areas ofthe country, it's women, admin,
it's all backgrounds you know,from just growing up on a farm
(43:29):
to coming from more of a.
You know more from a businessacumen bringing it to our market
.
It's been exciting and fun tosee how it's grown in the last
few years.
Speaker 1 (43:41):
It has.
Well, I've enjoyed ittremendously and, like you said,
the balance of looking at it,looking at it at the, the
membership is highly reflectiveof the industry, where your
average farmer is 65 years old.
But the last convention,there's a lot of young families
there in Nashville having a goodtime in their twenties and a
(44:02):
lot of young people coming intothe business and yeah, thanks
for coming on.
Speaker 3 (44:06):
Value the value we get from networking in groups
like the American Side here, rll.
It's just it's hard to put anumber on it when I was district
two VP, you know a few times,you know, when people didn't
want to renew or had to makesome phone calls.
Speaker 2 (44:22):
I'm like well, I just I can't, I don't think it's
worth it.
And my.
Speaker 3 (44:26):
My statement to them was hell, I can't afford not to
renew the other relationshipsand the opportunities I've had
to work with people from, youknow, from India and all the way
to California and all allbetween has been untold you know
from, from guys that were evensome of my instructors.
I've had opportunities tocollaborate and do business with
them on some consultingprojects, acquisitions, and so
(44:50):
it's it's fun to see because atthe end of the day it's a small
world I can pick up the, pick upthe our membership catalogs and
, and by calling anybody inthere and they're willing to,
you know, at least point me inthe right direction.
If they don't have a directconnection to whatever my my
question is Absolutely Well,george Baird, professional farm
(45:13):
manager, landmark ag capital.
Speaker 1 (45:16):
people can find you on LinkedIn.
Speaker 3 (45:19):
Yep.
Speaker 1 (45:19):
Where else.
Speaker 3 (45:22):
You pick up the phone , call me anytime, not a one,
four, eight, three, oh three,seven, three, but yeah just,
you'll usually find me somewherein my, in my forward, between
here and here in the hills.
Speaker 1 (45:35):
Checking on one of your 30,000 acres.
Speaker 3 (45:38):
Yep, so but yeah, you can go to my website, landmark
agnet.
I've got.
It's some kind of something'sbroken in it right now, but I'll
get that going again soon andother than that, look forward to
visiting.
If anybody ever has anyquestions about property
management, what we do withacquisitions in the Mid-South, I
(45:59):
hope to have an opportunity totalk to them.
Speaker 1 (46:01):
Please do.
Landmark agnet, george Baird.
Thanks for coming on, george,thank you for having me.
Speaker 2 (46:07):
Click subscribe on your streaming platform so you
know when the latest episode hasdropped.
Be the source of knowledge andthe maven that other
professionals are excited torefer.
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