In 1936, Jim Stewart opened the first Farmers Implement Location in Washington, Iowa. After operating out of the same location, a full remodel was completed in 1980. Carl Wulf and Ron Farrier purchased the company from Bob Rupert in 1994. They went on to add two stores to the Farmers Implement family in 2005 - Jefferson County Equipment in Fairfield, Iowa and Mowers and More in Ottumwa, Iowa. At that time, Chad Reed became part of the owner team of Farmers Implement.
After George Poeltler returned from World War II in 1949, he worked for his father-in-law, Charles W. Elder. Charles owned one farm implement location. In 1949, George purchased the location from Charles to become the sole-proprietor. George's two sons, Chuck and Tom, joined the team in 1976 and 1978. After the Elder Implement Company became inorporated in 1980, John V. Paulk, territory manager from John Deere, approached them to become a John Deere dealer in 1986. Tom and Chuck purchased Elder Implement Co. from George in 1990. They went on to purchase four more dealerships: Durant (1997), Mediapolis (2002), Winfield (2002) and Houghton (2008). In 2009, Tom and Chuck decided to step down from active management and turned daily business functions over to the senior mangement team.
In November of 2011, Farmers Implement and Elder Implement merged to form one entity - Precision Equipment.