Hard dated

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By Dwain Duxson

Hard dated - I have listened to 2 different podcasts in the last 2 days. The first one was the "Voice It" podcast by Annabelle Homer, who interviews David Heinjus, you can listen to it here. The other podcast interviewed Tim Leeming. I will talk about Tim's and link you up tomorrow. Both very interesting around how they are going about business in the Ag/Farming space.

David started out working in Government and then had what he describes as his "entrepreneurial seizure", which led him to start Rural Directions, an Ag consulting business; he ran out of Clare in SA. Rural Directions later combined with a couple of other Australian consulting businesses and then merged with an American organisation under the name of Pinion. Pinion employs 105 people here, and Pinion in the US has 650 on the books, of which David is the intentional chair.

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David is a true Ag entrepreneur who has a full understanding of what makes Farmers tick. David has a great skill in merging businesses together to form something much bigger than before.

Pinion has now adopted a partner rather than a shareholder model. It's what's called a perpetual business model, whereby Employees inject some capital and become a partner of the organisation. Some of the large Accounting and Law firms do it this way. David is in his early 50's and has hard-dated to finish up on the March 31, 2029. I'm not sure how the payout works or how they have modelled that up but there are some learnings around hard-dating exits for Farming succession outcomes. Are you interested in retiring from the Farm or another business at some point? Reply to dwaind@farmtender.com.au

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