The clock is ticking, and time is running out. When was the last time you reviewed your living wills and trusts? Has your net worth increased or decreased? Perhaps you recently married or had a baby? Or perhaps you’ve divorced, or lost loved ones since you created your estate plan? All of these factors could have an impact on your existing estate plan.

Let’s consider for a moment what can happen when technology is either abused or not applied on your dairy. You can have all the knowledge in the world about certain cow topics and yet not get your point across. How is this possible? Let’s look at some examples to see how good technology can go awry. ‘More practice please’ Like many of you, I have enjoyed attending certain university- sponsored “Dairy Days”. Some great labor [labour]-saving devices have been designed that can mean more dollars for your dairy when applied properly.

Here’s another great, timely question overheard at a Lancaster, Pennsylvania, commodity marketing workshop taught by Stewart-Peterson advisers. Q. “How can I expect to compete and succeed in marketing today with so many fund managers, speculators and other outside investors entering the commodity markets?”

Do you want to pass on your farm business to the next generation? If so, then you must consider developing the next generation of managers. Leadership and management skills are not inherited. They are something every generation has to learn anew. Studying management is useful, but the real knowledge of how to manage a family business is gained through experience. As the manager of your family farm business, you are responsible for developing the next generation of managers. Management skills – including marketing, financial, and leadership skills – are rarely developed in a systematic and progressive approach on family farms. It is not unheard of for older-generation farmers to keep complete control of the business until retirement or even death.

How much financing will your farm business require this year? When will money be needed and from where will it come? A little advance planning can help avoid short-term shortages of cash. One useful tool for planning the use of capital in the farm business is a cash-flow budget. A cash-flow budget is an estimate of all cash receipts and all cash expenditures expected to occur during a certain time period. Estimates can be made monthly, bimonthly or quarterly, and can include nonfarm income and expenditures as well as farm items. Cash-flow budgeting looks only at money movement, though, not at net income or profitability.