While daily responsibilities of farm life make it easy to put off planning for the future, an early start and attention to details are critical to creating and implementing a generational farm succession plan, according to Charlie Gardner, DVM.

Dairy farms everywhere are operating in a tight economic environment, and it is critical to control expenses and maximize income. Labor represents the second-largest category of expense, after feed, for most dairy farms.

The dairy industry has evolved considerably over the last several decades. Major changes in genetics, nutrition, technology and management have reshaped dairy production. Producers have had to adapt to these new techniques and ideas in order to keep their farm competitive.

The article, “Improving extension: How Illinois extension specialists are making a difference on dairies” from our April 1 issue featured Dr. Phil Cardoso and his Dairy Focus Team.

Genske Mulder & Company LLP has produced averages of our dairy clients’ profit and loss reports on a quarterly basis for quite some time. Our clients, as well as others in the industry, have found these very helpful as benchmarks with which to compare their own operations.

How can universities make dairy extension more relevant? Dr. Phil Cardoso’s efforts at the University of Illinois are revolutionizing the way dairies access science.

With the recent changes in federal income tax laws (and changes in withholding in many states), as well as modifications to the depreciation schedules for purchased assets, it’s more important than ever to make certain the information you use to calculate federal and state withholding taxes and the system you use to calculate the depreciation on new and used purchased depreciable assets is up-to-date and accurate.

It will definitely be a minority of farms where people wake up in the morning and get excited about the prospects of discussing farm finances within the family – and almost certainly when the discussions involve the next generation.

Let’s face it, finding and retaining good employees is becoming a major hurdle on many dairy farms. The economy is picking up, which leads to more competition for employees.

Whether an owner of a dairy operation or ag-related company, a manager or an employee looking to excel, there are four competencies everyone should work to improve.