Nick Bancroft: Challenges & Perks of Running a Family Business

The Intentional Agribusiness Leader Podcast

From a very young age, Nick showed great drive and ambition. He worked on the AgroLiquid crop nutrient research farm, now known as the North Central Research Station, beginning when he was six years old. As his family was developing their fertilizer business, Nick was learning to engineer and strategize his workload. Nick’s Grandfather, Douglas Cook, paid by the job, not by the hour, and he only paid if all the jobs were complete. Nick learned quickly how to formulate a strategy to complete all tasks assigned to him. His entrepreneurial spirit was also nurtured, and he began selling pumpkins and sweet corn to neighbors when he was seven, and continued this thriving business for more than ten years.

Growing up on the farm, it was a natural progression for Nick to enter Michigan State University to study Crop and Soil Science. He continued to work for AgroLiquid during college, and intentionally gained experience in all areas of the company – from administration to manufacturing. Nick also obtained his CDL and made deliveries – something he maintains and continues doing to this day.

This episode features an in-depth conversation with Nick Bancroft, CEO of Agro Liquid. Nick shares his valuable insights on intentional leadership, planning, and creating a thriving company culture. With over 20 years of experience in his family-owned business, Nick discusses the importance of being a planner, the power of a good calendar, and prioritizing essential tasks for business success. He also elaborates on the innovative strategies Agro Liquid has implemented to attract and retain top talent in a competitive industry.

In this episode, Nick delves into the challenges and perks of running a family business, especially when siblings are involved. He sheds light on how Agro Liquid maintains its culture through core values and continuous employee engagement. Listeners gain insights into dealing with family dynamics in a professional setting, managing talent, and the significance of using EOS (Entrepreneurial Operating System) for effective business management. Whether you're a visionary or an integrator, this episode is packed with actionable advice for you.

Key Takeaways:

• Planning and Intentionality: Nick emphasizes the importance of being a meticulous planner and leveraging tools like calendars to manage tasks effectively. "Remember what's the most important thing you have to get done. What? This quarter, this month? Will the business only be successful if you accomplish that task and be sure you put time to that work first."
• Talent Management: Agro Liquid employs innovative strategies to attract and retain top talent, such as having a full-time recruiter and conducting employee engagement surveys.
• Workplace Culture: Maintaining a positive workplace culture is crucial. Agro Liquid focuses on core values, thorough internal communication, and understanding employee needs through surveys.
• Family Business Dynamics: Managing a family business comes with its unique challenges and opportunities. Nick shares strategies for balancing personal and professional relationships.
• EOS Implementation: The introduction of the Entrepreneurial Operating System has been a key factor in Agro Liquid’s recent success, helping with clear goal setting, enhanced communication, and effective management.

Notable Quotes:

1. "Being intentional with the time that I have is crucial. I live by my calendar and prioritize tasks that are essential for the business's success."
2. "Everybody wants to work for a good company. What does that mean? A good atmosphere, clear expectations, frequent communication, and an engaged work culture."
3. "We do an employee engagement survey each year. We take feedback from our employees seriously and tailor our programs to meet their needs."
4. "Implementing EOS has allowed us to restructure for better leadership, communication, and goal setting, making our management more effective."
5. "For family businesses to thrive across generations, open and honest communication about the business and its future is essential."

Discover the secrets to thriving in a family-owned agribusiness, learn about actionable strategies for intentional leadership, and gather valuable insights into effective planning from Nick Bancroft. Don't miss this enlightening episode and stay tuned for more transformative content from the Intentional Agribusiness Leader podcast.