I’ve heard from several dairy farmers that they don’t know how much longer they can hold on. I’ve watched families struggle to keep a dream alive at the demise of the family. And I’ve seen individuals suffer because they didn’t think there was life after dairy farming. Now seems like the right time to illustrate a story of a dairy family who overcame greater challenges than most of us will ever face.

The current business climate of high interest rates and ongoing inflation is challenging. It requires business owners to be proactive and strategic with cash management, debt management and requires an overall increased focus on every aspect of the business.

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?”

While the vision of a fully automated dairy may seem like a distant dream, the technology to achieve this is rapidly evolving. This article provides a roadmap for dairy producers considering the leap into automation.

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.