A statement often made with professional athletes is that they stayed in the game beyond the years of their peak performance. Of course, the couple million they made for their time, helped ease the transition! However, we may ask the same question of a farm business, when is it time to gracefully exit, when are we trying to stay in the business too long beyond peak performance?
The thought of leaving a business or career that one has always known can be uneasy and downright scary, but along with those thoughts, there are many positives that can come along with making a change. As business owners, farmers develop all types of skills. By evaluating their best skills and matching them with their own personal core values can be a usual exercise to plot a course for the future.
I am on the fence, it is a barbed-wire fence, and I want to get off! As I write this article, there is a breath of optimism in the dairy industry. Markets have improved, government program payments are getting to mailboxes and the economy is slowly opening back up. That is good news that I […]
Stress is common in farming. The long hours can sometimes lead to fatigue, especially if there is not enough help. A feeling of a lack of control during changing times and conditions can compound the feeling of uncertainty. Other things that can cause stress are issues related to your kids, relationships, markets, the weather, and […]
Each summer, dairy farm producers and their employees work through days of extreme heat and humidity – often starting in May or June and continuing into September. While we certainly need to protect our dairy cattle during these hot days, it is also an important time to be conscious of how to protect ourselves and our dairy farm workers during summer heat.
Extension offers resources, information and networking opportunities for farmers interested in exploring and assessing new business ideas or revenue streams to their operations. Resources help farmers assess feasibility and critical success factors of new or additional enterprises including value-added production, and marketing and business strategies.
A variety of programs exist in the upper Midwest region that can provide new farmers in Wisconsin with training and education around production, business planning, farm financials, and more. Programs range from on-farm apprenticeships, mentorships, short-term workshops, longer-term curriculum-based programs, and academic institution degrees. Programs often serve beginning farmers with a range of prior knowledge […]
“Beginning farmer” is a broad term that often refers to an individual who has been operating a farm for less than 10 years or someone who has not yet begun to operate a farm but is actively working toward doing so. Today’s beginning farmers tend to be more diverse than previous generations – in demographics, education and experience. In response, the way in which individuals enter farming has become more diverse as well. Programs and trainings that served previous generations of farmers are being expanded and re-defined to meet the needs of new farmers today.
There are so many things that happen on farms that result in billions of dollars in losses that can be prevented. Or, perhaps dealt with in a more timely way by thoughtful planning and preparedness.
Planning for the future of a farm business is complex. There are many moving parts. Extension’s network of County Educators and State Specialists assist with workshops and one-on-one consulting with farm families working on their farm succession plans, including the communication, financial, and estate planning issues that surround farm succession.
Debt can feel overwhelming. It can be difficult to think clearly when the bills pile up, late fees accrue and interest adds up. Taking a moment to organize your obligations is important to maintain your assets, avoid paying more in fees and interest, and protect your credit. Use the provided tool to develop a comprehensive list of all outstanding creditors so you are able to differentiate and organize secured and unsecured debt.
Employment and training services are offered throughout the state of Wisconsin. These services, from resume development to skill training to on-the-job training, are provided through American Job Center system at any one of several Job Centers locate throughout the state. Basic services are provided to any individual searching for new employment. More intensive services require […]
Equity is the wealth you have earned in your business and what is used to cover negative profits. Continuing negative profits drains your equity. If the prospect for future profits is not high or not high for a while, then the question becomes how much equity are you willing to spend.
The cash flow budget is a valuable planning tool for the farm manager. It enables the manager to know and plan borrowing needs and investment opportunities throughout the year. With a cash flow budget, the manager has an initial cash position for each time period. It can also serve as a communication tool to share with a lender to set up a line of credit, make capital investments, or perhaps discuss the reduction of debt.
Knowing where to start with financial analysis can be overwhelming. It may be helpful to remember this just one step in the Farm Financial Model: Records → Management Reports → Decision Making Cash vs. Accrual Accounting Records It’s important to know if your records are on a cash or accrual basis. Most farm records are […]
Investing in capital replacement or new investments is appealing, but building working capital and paying off dead-weight debt may be the more prudent financial decision.
Farmers are notorious for preferring to farm while leaving business dealings to trust, fate or chance. Afterall, there are only so many hours in a day, and when farm families work near each other all day, it is tempting to believe that assumptions or verbal communication may replace written text. Farmers must remember, however, that every business entity carries legal and tax implications, and the written operating agreement may save a lot of headaches and heartaches when legal and tax issues arise.
The farm press is filled with stories of farm injuries, workplace fatalities and life-threatening health concerns from exposure to toxic gases, dusts and other hazards. Articles and radio and TV interviews often provide safety tips and other prevention recommendations. All are important, but if you operate a farm, a critical key to effective farm safety and health management is a thoughtful, well-written workplace safety policy that you review often with all who live and work on the farm.
