Farm Business - General
Proactive management and strategic investment in both land and machinery are critical for thriving amidst shifts in the agricultural sector and broader economic turbulence.
Prioritizing culture is often overlooked when it comes to employee management and retention.
Farmland currently appears to be something akin to a modern-day gold rush. It can’t be bought up fast enough, while per-acre prices fetched for recent sales set record high after record high.
The new numbers show that net farm income will fall $6.5 billion or 4.4%. This is compared to projections released in February suggesting it would fall 26%.
Agriculture can sometimes act as a buffer during broader economic recessions, as demand for essential food items tends to remain relatively stable. However, when multiple indicators align in the industry, it can signal a recession.
Even though many crops still stand in the fields, September and October are excellent times to meet with your tax accountant and start looking ahead for tax purposes.
Tips for producers to maximize making money now that the profit equation is finally in favor of dairy.
Expanding your dairy farm from one location to multiple can be a game-changer for your operation. However, this leap also comes with its own set of complexities and challenges that require careful consideration and strategic planning.
Testimony at House Ag hearing Tuesday captured the downturn and anxiety in the ag sector.
Cory Reed, president of Worldwide Agriculture & Turf Division, spoke about layoffs, citing lower demand due to falling net farm income, higher interest rates and market volatility.
Investing time now in thinking about who you hire and why you hire them will pay more dividends than most other things you can do.
Headwinds in interest rates, inflation and commodity prices seem to have little impact on land values, though single-digit decreases in Indiana, Kentucky, Michigan and Ohio have been reported.
The Federal Reserve voted to keep the benchmark interest rate steady despite a sticky inflation proving to be a challenge. Where could interest rates go? A conversation with Austan Goolsbee, president of the Chicago Fed.
Providing housing for farm workers is an excellent way to increase employee retention, heighten morale and boost performance.
The good news is there are legal devices to do whatever a farmer wants to do. The key is using the right mechanisms for the relationship piece.
There’s a serious lack of communication between generations, and procrastination and conflict avoidance are killing agriculture, says Elaine Froese, a farm family transition expert.
When raised by farmers, our earliest lessons in leadership, stewardship and life in general occur with the rhythms of the seasons. It turns out, even in a season of loss the learning continues.
“If handled improperly, transition events can be the death of your business. Or it can strengthen your business and clearly outline who you are and where you want to go,” says Dick Wittman.
How are you showing up on the farm? Do your actions meet up with your goals? Rena Striegel, a farm succession planning consultant, encourages the next generation of on-farm leaders to do some self-reflection.
Formulating your farm’s succession plan is likely not a straight line. Polly Dobbs, an Indiana attorney who is part of a seven-generation farm family, says it’s important to stay focused on your end goals.
The clock is ticking — and the current estate-tax exemption is set to plummet at the end of 2025. The smaller exemption coupled with inflation and land values likely means increased assets and estate-tax rates.
Know what it takes to become a high-level leader.
We asked previous awardees of the Top Producer Next Gen Award to reflect on lessons they’ve experienced in business and management.
Many producers across the county have their eyes open to the future and are eagerly embracing opportunities to grow any way they can.
When the four Hansen brothers came back to the small family dairy farm in Hudson, Iowa, which had operated since 1864, things needed to expand. Hansen’s Dairy has since taken ‘side hustle’ to a whole new level.
Here are a few thoughts on what being prepared might involve from a farm or industry perspective.
The downturn dairy economy makes it difficult to plan for growth. We have to remind ourselves that future plans don’t have to be yes or no, sometimes the answer is simply not yet.
When a pair of sisters set out to help the family farm, they didn’t think they’d end up on Forbes’ 30 Under 30 list. On the debut of Grow Getters, a podcast about ag’s most creative side hustles, they tell their story.
So, you’ve had the family meeting regarding transition planning and agree that you need to start the process. Now what?