Tools for Profit

The 8 "Ps" for managing transition

When developing a transition plan, it’s important to follow the eight “Ps.” Each represents a required step to manage change on your dairy. FULL STORY »

Learn how to manage change profiles

Last month, we discussed developing a transition plan to manage change —Step 1 of the process. Step 2 is learning how to identify and manage the change profiles of the people involved. FULL STORY »

Transition — the key to managing change

Each day, you have the opportunity to succeed or fail based on how you manage change. It’s not change, per se, that limits your future success. Rather, it's the inability to manage change. That’s why you must have a solid transition plan in place. FULL STORY »

Time for a reality check

Finally, after the toughest time we have seen in this industry, the pendulum has started to swing. And many in the industry are starting to wear smiles again due to higher milk prices. FULL STORY »

4 steps to informed purchasing

Purchasing decisions can be a mine-field to the uninformed. FULL STORY »

Characteristics of successful dairy businessmen

I’m often asked what are some of the characteristics I see in successful dairy operations. FULL STORY »

What the new tax law changes mean to you

The recently enacted Jobs and Growth Tax Relief Reconciliation Act delivers a $330 billion tax and economic growth package to stimulate the U.S. economy. FULL STORY »

The lessons I have learned

Due to low milk prices the last 18 months, it has been financially difficult for all of us. However, it is during this time that I have learned some valuable lessons. FULL STORY »

How to solve family business conflicts

Recent issues of Dairy Herd Management have focused on how to successfully transfer the family business from one generation to the next. Unfortunately, less than 30 percent of the family business operations that I review have developed the agreements or done the planning suggested in these articles. Oftentimes, it is because there is a financial problem that needs to be solved first. FULL STORY »

How to put call options to work

For some time now, dairy producers have had the opportunity to shield themselves from price risk by entering into forward-price contracts with dairy plants. These arrangements do not require producers to post margin money or pay premiums, and they give producers a guaranteed price for milk to be delivered in the future. FULL STORY »

Make your banker part of the team

These are trying times for agriculture, especially the dairy industry. To compound matters, banking relationships are probably more strained than they have ever been. Banks are responding by making changes. FULL STORY »

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