Add truncate.php to the theme's functions.php file. Ommit the opening php tag. Edit line 10 to change the number of words output.
Add output.php to the template as required.
<?php echo custom_field_excerpt(); ?>
<?php
function custom_field_excerpt() {
global $post;
$text = get_field('field_name');
if ( '' != $text ) {
$text = strip_shortcodes( $text );
$text = apply_filters('the_content', $text);
$text = str_replace(']]>', ']]>', $text);
$excerpt_length = 12; // 12 words
$excerpt_more = '...';
$text = wp_trim_words( $text, $excerpt_length, $excerpt_more );
}
return apply_filters('the_excerpt', $text);
}