On Friday, Oct. 4, current Secretary of Agriculture Tom Vilsack returned to World Dairy Expo to say he accepted that challenge to develop strategies that help small and midsized operations continue to be in business.

Working together, the family was able to have discussions about how the farm could utilize its cash flow to find a combination of saving, borrowing, insuring and gifting assets to nonfarming children at the optimal times to have maximum impact on their lives while also having a minimal impact on farm operations.

Many of today’s youth are served well through 4-H and FFA programs throughout the state and nation, but those aren’t the only successful youth programs available in agriculture. Several commodity or livestock groups tailor specific programs to encourage youth involvement beyond 4-H or FFA, and Amalgamated Sugar Youth Grower Program is one example of these outstanding programs.

Grounded in faith and family while investing in the future, Aletta Holsteins followed an articulate succession plan. The family now operates two dairies and has expanded to poultry and hogs as well.

It is time to stop guessing what everyone thinks, feels, wants and needs. Explore what stories your grandparents, parents and siblings are telling themselves about the future and transition of wealth on your farm. Ask Grandpa or Mom, “I’m just curious, what is the story you are telling yourself? Is this a scarcity mindset issue? How much is enough? Would you ask for the help of a financial planner to give you more financial security and certainty for your income streams as you age in place on this farm?”

In a recent article put out by the USDA, studies show beef cow-calf production continues to be a lifestyle choice for some farmers. The 2022 USDA Census reported 85% of the total U.S. cattle operations are cow-calf or seedstock, and the majority of these operations are small scale, with 55% having fewer than 20 cows.

When it comes to farm versus household accounts, separate checking, savings and other accounts can safeguard business funds from personal ones, allow farms to monitor farm spending more easily and assist with recordkeeping of the farm’s finances.