AFC’S 87TH ANNUAL MEMBERSHIP MEETING: CULTIVATING MEANINGFUL LIFE ON AND OFF THE FARM

On every farm, a seed of opportunity is planted. Such is the story of Alabama Farmers Cooperative, a tale spanning nearly nine decades of resilience, adaptation and unwavering commitment to its members.

President and CEO Rivers Myres has led the way for the last ten years. The most recent ones may have been the hardest – ones with record-high interest rates, an increase in labor costs and shortages of workers. AFC has skillfully navigated through it all to successfully fulfill its top priority – serving the farmer.

At the 87th Annual Membership Meeting, Myres moved from behind the podium to center stage to speak directly with AFC’s members and guests.

He expressed his pride in the unwavering dedication demonstrated at every level in the organization.

“It is easy to perform well in good circumstances, but in difficult times it takes characteristics that many aspire to but few attain. These qualities make up AFC’s core values: family, integrity, perseverance, and stewardship.”

Myres referred to AFC’s strategic plan for success as the three P’s:

PEOPLE

“We’re not going to be successful if we don’t have the right people in the right places and give them the tools, coaching and mentoring they need to excel. They’re going to be what leads us through tough times,” Rivers said.

One way AFC remains focused on investing in people is through various projects including the Authentic Leadership Program (ALP). The inaugural ALP class graduated in June 2023 and has since expanded to include participants from AFC’s member Cooperatives in 2024. The lessons they are learning and the relationships they’re building through the ALP Program will continue to shape the success of AFC.

PARTNERSHIP

Throughout AFC’s history, leadership has invested in strategic partnerships, demonstrated by the success stories of Bonnie Plants and GreenPoint Ag.

Myres emphasized the importance of AFC’s joint venture’s success. He turned to Chief Financial Officer Brad Benson to explain the financial growth, return on investment and the power of collaboration of AFC’s partnerships. They not only bolster AFC’s financial health but also embody the cooperative spirit that drives it forward.

PROFIT

In spite of a tough year for ag, Myres assures members that AFC is thriving, thanks to 87 years of unwavering leadership and the hard work and dedication of Co-op members. Benson stepped in to shed light on the economic landscape, emphasizing the importance of sound financial management. With a focus on working capital and debt, he unveiled a balance sheet that reflects not just fiscal responsibility but a commitment to long-term stability.

Proving that commitment is the fact that 25 out of 27 participating Co-ops earned President’s Awards for having positive local earnings and a new margin to sales greater than 1.5%. Myres announced that AFC declared total patronage of $2.3 million, with $1 million to be paid in cash. Maintaining its 10-year revolving schedule, AFC will retire 2013 equity in the amount of $4.1 million.

AFC’S NEW MISSION STATEMENT

The heart of AFC can be described by its new mission statement. That mission – “Cultivating meaningful life on and off the farm.”

“We’re the last line of defense to make this dirt we stand on a better place. Every person in this room has a responsibility to coach, mentor and lead in a way that makes a difference. That’s what we do at AFC every day, so I couldn’t be more proud of our mission statement. What gives me comfort at night is when I look around at all of the young people leading AFC forward, including the young man who has served as our Chairman for the last three years. It tells me we’re going to be around for another 87 years. We’ve got a lot of great things ahead of us,” exclaimed Myres.

Before concluding his report, Myres expressed appreciation to Ben Haynes whose three-year tenure s as Chairman of the AFC Board of Directors ended at the 87th Annual Membership Meeting.

Haynes smiled as he spoke of the privilege it was for him to serve as Chairman and the future of AFC under incoming Chairman Jeff Sims.

“I leave this role knowing that I am handing it off to one of the most thoughtful and capable men I know. Jeff Sims has been a dear friend and a trusted partner over the last three years. I am confident in Jeff’s leadership going forward and am eager to see what he accomplishes for AFC and the membership,” Haynes said.

Haynes then passed the gavel to incoming Chairman Jeff Sims, who previously served as AFC’s Board Vice-Chairman and on the local board of Talladega County Exchange.

AFC’s journey is one of challenges faced and conquered, partnerships forged and a commitment to serving the farmer that have sustained it for 87 years. Haynes ‘closing statement left the audience with a sense of unity and purpose: “Farming is challenging on the best of days. It is also incredibly rewarding. And you all do not just farm; you provide leadership and service to your communities. You are all a credit to the AFC family and it is an honor to serve alongside you.”