Trauma is often thought of as a one-time event that was “traumatic” to the person(s) involved in the event. However, trauma can come from so much more than just a one-time event.
Many business owners and farmers often do not prepare their own federal tax forms due to the complexity of the tax laws. At the beginning of each year, farmers must review their recordkeeping, generate income and expense reports, capital asset purchases and sales lists, and meet with their tax professionals.
Pick up any farm magazine or listen to any farm podcast and it won’t be long before the phrase “Costs of Production” comes up. Knowing costs of production is an important piece of management information and vital in many farm management decisions. Yet, as obvious as it sounds, pop open the hood and the messiness is revealed.
Join Kevin Bernhardt, Extension Farm Management Specialist, and Katie Wantoch, Extension Farm Management Outreach Specialist, as they share financial tools and analysis methods to aid in answering these questions and making informed decisions.
Whether it is marketing decisions, best production practices, human resource management or technology adoption, a major piece of information for the farm business decision-maker is knowing the costs of production. Two major questions in determining costs of production are how to calculate and which cost of production.
There are many tools farm managers can use to inform their decision-making. One simple and effective tool for many farm management applications is breakeven costs of production. This is particularly useful in marketing decisions as the breakeven cost of production is the price needed to cover costs. If a profit goal is added to the breakeven cost of production, then the decision-maker knows what price will not only cover costs, but also a profit goal.
If farm succession is a long (or maybe even short) term goal for your business, planning is essential. While many farmers view planning as reducing options or boxing them in, a good plan is actually the opposite. A plan based on the farm members’ values, intentions and visions, mixed with a lot of honest conversation can provide a road map that allows for opportunities to continue or grow the business.
Productive farmland is an increasingly rare and valuable resource. Thinking ahead and having a plan in place for the legacy of the land is one of the most important decisions to make as a landowner. This article aims to “demystify” the new generation of farmers so that current landowners have a better understanding of who they are and ways we can make land more accessible to them for the benefit of everyone.
Protecting Farmland for the Future. Farmers invest a lot of time, money, and energy into their land and, when it comes time for retirement, they often worry that the land may someday be covered in asphalt. An agricultural conservation easement (ACE) can provide a retiring farmer with the assurance that the land will forever be available for agricultural use. An ACE is a permanent deed restriction that allows future farmers to continue farming the land, but typically prevents subdivision and non-farm agricultural development. An ACE may not be right for everyone, but it can be a helpful tool to consider when planning for the future of your farmland.
Buy-Protect-Sell (BPS) is a land transition model that can help farmers without heirs transfer property to a new generation of producers. In this model, a farmer sells their land to a land trust, who then protects the property with an agricultural conservation easement. In this article, you will learn what Buy-Protect-Sell is through the story of a retiring landowner and a land-seeking family, how it may benefit your farmland legacy, and if your farm could be the right fit.
Safety considerations to protect dairy farmers and employees from hazards involved with grain dust, manure storage and farm chemicals.
There are many stressors when owning and operating a farm business, and for many of you, a multi-generational farm business. Adopting a positive mindset with a focus on gratitude can help farm business owners better handle these stressors.
Selecting the best recordkeeping tool will assist in making management decisions for the future. At the end of the year, farmers may be reviewing their income tax obligations and marketing plans or completing a business or enterprise analysis. A successful farm manager is already keeping good, accurate records throughout the year. Selecting the best recordkeeping […]
For business owners, managers and employees, days are full of endless decisions and actions that affect the health, success and future of ourselves and our businesses. These choices can start to feel like they’re piling up, which creates pressure, stress and a feeling of foreboding that can negatively impact how we make (or put off making) decisions.
Many of us have spent numerous hours building the perfect plan, only to see it end up useless because our assumptions were wrong or some unforeseen disruption occurred in life. Thus, we conclude that planning is useless, a big waste of valuable management time. However, I think we are missing the point. Eisenhower said plans were useless, but the process of planning was indispensable.
Labor shortages are widespread, workers are expecting higher starting wages, and after farms hire and train a new employee, there is a risk that they will jump ship for a better-paying job. Improve the retention odds on your farm by putting a plan in place to improve the employee onboarding experience.
Cyclical lows tend to be a time of greater anxiety for many and include increased exit from the industry. However, even in cyclical lows, some farms are making profits. For these farms, it is also a time of opportunity as capital asset prices for machinery, land, and cows are often lower as well. The question is: What do these successful farms look like at the end of cyclical highs that enable them to continue that success during cyclical lows?
Whether it’s fire, flood, wind, or injury- a disaster on your farm can cause devastating loss and requires pre-planning to minimize the disruption.