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Most farmers do a great job of managing their taxable income. They buy inputs or machinery to offset the current year’s income and defer income into next year. This strategy works well, but it catches up to the retiring farmer.
Last month, we embarked on a series of articles around the theme “If you want good employees, be a good employer.” I suggested that a great way to address the current employment challenge is to implement a performance improvement system.
Many producers have considered adding another enterprise to their operation – different livestock, value-added products, new crops, etc. But how can you know if this new idea will work on your farm?
One of my favorite phrases is: “We are drowning in information while starving for wisdom.” I am sure everyone has felt this at some point in their life.
Retaining employees is critical to the long-term health and success of your dairy operation. Therefore, failing to create the right environment to retain employees will affect the bottom line of your business and create organizational issues, such as worker insecurity, excess duties that workers must absorb and time invested in recruiting, hiring and training new employees.
Who is going to own your dairy farm when you’re gone? Whether you’re going to transition the farm to a family member or liquidate and sell, the decision often involves multiple generations.
When it comes to cattle, genetics and crops, dairy producers excel at planning ahead. However, creating a plan for retirement and succession doesn’t always come as naturally.
Susan Forward, author of Emotional Blackmail, gave me a key phrase for coaching that is life-changing: Where is it written … (insert issue)? As a farm family coach who is currently in her third succession/transition journey, I would like to challenge you with “Where is it written that transition planning has to be tough?”
The decade of 2020 has already been a financial and emotional roller coaster. David Kohl, professor emeritus, Virginia Tech University, suggests the next decade will be a turbulent ride of extreme economic volatility.
For Pennsylvania dairy farmers Donny and Shari Bartch, working through a complex and lengthy transition process, combined with their passion for innovation and technology, has positioned the family’s Merrimart Farms for the future.
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