Consider these retirement options
Whether you currently own a dairy or work on one, choosing the right retirement plan to establish or participate in can be a difficult decision. With so many farmers working well beyond the age of 65, planning for retirement needs to be a priority at a younger age, although it is never too late to start. FULL STORY »
Sell or rent?
With depressed prices decreasing profits, many older dairy producers are contemplating retirement. These producers have probably planned on selling their farms to raise the money needed to cover their living expenses during retirement. FULL STORY »
Develop an exit strategy
Many farms must deal with the challenges of cash-flow constraints imposed by low-milk prices, increases in the cost of production and a lack of interest in the business from their children.
FULL STORY »
It’s unclear what the future holds
As dairy producers look to the future, some things appear milky white — that is, lacking clarity and direction. Many producers are unsure what to expect five to 10 years from now. Among the factors clouding the outlook: FULL STORY »
Installment contracts ease tax burden
If you are near retirement age and plan to sell your assets, you may be faced with an unexpected tax problem. Often times, the sale of property increases a producer’s income for that year and pushes him into a higher tax bracket and, therefore, makes him subject to higher capital gains taxes. FULL STORY »
Litigation: Are you prepared?
All facets of our daily lives have the imprint of lawsuits upon them. Tobacco, HMOs, the firearms industry, and automobile safety issues are just a few cases in recent history that come to mind. In the dairy industry, lawsuits have occurred because of feed issues, stray voltage and vaccination failures. FULL STORY »
Begin thinking marginally
With milk prices significantly lower this year, dairy producers must do everything in their power to generate enough cash flow from the dairy to stay current on loans and pay bills. Cash flow is truly the “life blood” of all businesses. FULL STORY »
Dealing with family members
In family businesses, combining the desire and drive of the younger generation with the capital and financial management skills of the older generation creates a very efficient business structure. However, everything is not always sugar and spice. Rifts in the organization can occur if the parties cannot reach agreement on key decisions. FULL STORY »
From the title, you may think that I am going to discuss presidential politics. However, rather than talk about Bush or Gore, I want to get you thinking about decisions that will affect your farm’s profitability — and perhaps even survival — this year. FULL STORY »
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