Curiosity Over Jealousy

Every year I look forward to reading the Land Report 100, the annual ranking of America's largest private landowners. This year I also enjoyed an article in Successful Farming that highlighted many of the families and businesses on the list.

I don't read these articles because I'm fascinated by billionaires.

I read them because I'm fascinated by land.

As a land broker working throughout North Dakota, Minnesota, South Dakota, Montana, Iowa, and Nebraska, I spend my days talking with farmers, ranchers, investors, and families who own anywhere from 40 acres to several thousand. Every operation is different, but one thing remains the same, I'm always interested in how people built what they have.

Naturally, when I see someone who has assembled hundreds of thousands, or even millions of acres, my curiosity kicks into overdrive.

I'm just as curious about how they got there as I am about how much they own.

• How much was inherited?
• How much was purchased?
• How much debt did they use?
• How many opportunities did they pass on?
• How many times did they take a chance when everyone else thought they were crazy?

Those are the stories I wish we heard more often.

It's easy to become a little jealous when you look at someone else's success. I'll admit, that thought crosses my mind for a moment. Then I remind myself of something I've learned over the years.

Jealousy has never made anyone happier, wiser, or more successful. Curiosity has.

Bill Gates and Farmland

Bill Gates is one name that always generates conversation.

Today, Gates ranks among America's largest private farmland owners with approximately 275,000 acres spread across 17 states. His farmland was assembled primarily through large acquisitions by his investment firm, Cascade Investment, rather than by buying one farm at a time.

Like many people, my first reaction years ago was simple: Why?

Why would someone who helped build one of the most successful technology companies in history invest hundreds of millions of dollars in farmland?

Microsoft didn't become one of the world's largest companies by earning 2% returns. Many of today's great entrepreneurs built businesses capable of generating extraordinary returns on capital.

So why are they willing to own farmland, where annual cash returns often appear much lower?

I don't think the answer is as simple as, 'It's another investment.' Maybe they understand something many of us don't. Maybe they view farmland as one of the safest long-term stores of wealth available. Maybe they're protecting against inflation. Maybe appreciation matters more than annual cash flow. Maybe tax strategy plays a role. Or maybe they simply appreciate owning an asset that isn't making any more of itself.

I don't pretend to know the answer. But I think it's a question worth asking.

A North Dakota Success Story

Then there's a name much closer to home.

The Offutt family.

Based in Fargo, R.D. Offutt Farms ranks No. 91 on this year's Land Report 100 with approximately 190,000 acres. They're the nation's largest potato producer, farming roughly 60,000 irrigated potato acres across Minnesota, Nebraska, North Dakota, and Wisconsin.

As someone who has spent his career in North Dakota agriculture, I find that story fascinating.

They didn't simply accumulate land. They built a business around it. They specialized. They invested. They expanded across multiple states. They embraced irrigation and technology. The land became part of a much bigger business strategy.

Again, I find myself wondering: How many decisions had to go right over several decades? How many difficult years did they have to work through? How many farms did they buy when others chose not to? I'd love to hear those stories.

Success Leaves Clues

Working with landowners over the years, I've noticed something. Every successful landowner has a different story.

Some inherited land. Some built successful businesses outside of agriculture and invested in farmland. Some slowly bought one quarter at a time over decades. There isn't one formula.

The older I get, the less interested I become in comparing myself to someone else's success. Instead, I find myself asking better questions.

• What can I learn?
• What decisions did they make?
• What risks were worth taking?
• What mistakes would they avoid if they could do it over again?

I'll probably never know all the answers. But I'll keep asking.

Because curiosity makes us better; better investors, better landowners, better advisors, and better brokers.

The Land Report 100 is more than a list of acres. To me, it's a collection of stories about vision, patience, calculated risk, and long-term thinking. Those are lessons worth studying.

I'll keep reading these lists every year. I'll keep asking questions. I'll keep trying to learn from people who have accomplished extraordinary things. And I'll keep reminding myself that curiosity opens doors. Jealousy never will.

Author: Steve Link is a Partner and Land Broker with Pifer's Auction & Realty, specializing in agricultural land sales, auctions, valuations, and transition planning throughout North Dakota, Minnesota, South Dakota, Montana, Iowa, and Nebraska. Whether you're considering selling, planning for the next generation, or simply want to better understand your land's value, Steve believes the best decisions are made with good information and thoughtful planning.