Legacy Isn't Left—It's Lived: Mike Young's Pivot from Farmland to Future Wealth | The Family Biz Show Ep. 117

In this deeply resonant episode of The Family Biz Show, Michael Palumbos sits down with Mike Young, fourth-generation family business leader and author of The Farmer's Code. From a humble start farming rice in the Californian desert to exiting a vast family farmland portfolio, Mike offers a masterclass on pivoting, stewardship, and enduring family cohesion.

Key Themes:

Roots in the Soil (00:00–06:30) Mike recounts the origins of Wegis & Young—his great-grandfather's immigration, renaming, and pioneering efforts in California's Central Valley. Their early crops, including rice and sugar beets, were nourished by water captured in sloughs, laying the groundwork for some of the most productive farmland in the world.

Scaling Across Generations (06:30–10:00) Each generation innovated:

• Mike's grandfather focused on water infrastructure and expansion
• His father and uncle introduced higher-return crops like almonds and grapes
• Mike's generation added vertical integration with alfalfa cubing and tomato processing before exiting those businesses
• From Dirt to Data: The Tech Pivot (10:00–13:00)
• A standout innovation was a water infrastructure monitoring company—proof that the family adapted not only operationally but strategically, leaning into regulatory change as a catalyst for growth.

Exit to Endure (13:00–16:00) Selling 85% of their farmland wasn't easy. But with water rights tightening and G5 & G6 in mind, they chose continuity over sentiment. Mike emphasizes that the land still operates—but now from a stewardship mindset.

Legacy is Relational (17:00–20:30) The spark for Mike's book The Farmer's Code was his 99-year-old grandmother. The message: Legacy isn't what you leave for people—it's what you leave in them. His book is broken into three parts: Me, Them Now, and Them to Come—mirroring his family's approach to multi-generational values.

Governance Done Right (30:00–36:00) With a family board of directors, six trusts, and a family council, Wegis & Young model effective governance. Their structure includes even non-active family members and outlaws—communicating, sharing philanthropic decisions, and guiding distribution policies.

Challenges Ahead (41:00–46:00) Mike's top challenge? Maintaining cohesion in a generation that won't work together daily. With 11 next-gen family members ranging from 12 to 24, the family is experimenting with ways to build connection across the branches.

Tangible Takeaways

• Don't fear the exit—it may be your legacy's best move
• Legacy isn't inheritance—it's influence
• Strong governance includes everyone
• Strategic philanthropy is a sandbox for rising leaders
• Always build with the 7th generation in mind