If you file taxes on a cash basis, as most farmers and ranchers do, and you’ve had a good income year, late-in-the-year tax planning may suggest you should increase deductible expenses for the year to keep from paying an excessive amount of income tax.

Dear Mr. or Mrs. Dairy Producer, Will you please talk to me? Sad to say, you passed away yesterday, but that aside, I need you to talk to me now.

Ah, yes. The conversation every manager will have many times throughout their careers. Employees ask for a raise, constantly. What’s a person to do? When it comes to working through this conversation, you have a few options. In this instance, prevention is key.

The statistics are heartbreaking. Only 30% of family businesses survive the transition from first- to second-generation ownership. Only 12% make it to the third generation, and only 4% make it to the fourth. So how does a family business ensure its legacy is carried into future generations?

For many, the idea of dealing with legal issues seems stressful. Rachel Armstrong, executive director of Farm Commons, says educating yourself about farm law reduces risk and can actually bring peace of mind instead.

A year ago, there was a series in Progressive Dairy on the “Three Camps,” a discussion describing the different financial situations farm businesses might find themselves in as a result of the pandemic and outlining the prudent paths forward for those businesses.

Do you want to work forever? While some say yes to this question, others envision a day when they can look back on the success of their careers, and look ahead to fulfilling their lives’ other dreams, knowing they’ve left their business in capable hands, securing their investment for generations to come.

Burnout was never a word that crossed my mind. Sure, I’ve felt tired, worn down, unmotivated and sometimes a little sad, especially this last year. However, when a friend and co-worker of mine recommended I read Can’t even: How millennials became the burnout generation by Anne Helen Petersen, something inside me just clicked. I knew I needed that book.