Business Management
Making an effort to get to know new in-laws can reduce family tension and stress.
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Plugged combines and poor communication stop now
When things on the farm are busy, communication can break down; reflect on the emotions that block negotiation to prevent communication from plugging up.
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USDA milk production, price outlooks remain stagnant
The 2024 milk production forecast was lowered from last month but price projections remains weaker, pressured by cheese and Class III milk.
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Succession planning: Incentivizing the next generation of family farmers
Ideas for encouraging reluctant heirs to the family business include a solid business plan, financial support, profit-sharing plans, incentive bonuses tied to performance and/or milestones, developing an ownership transition plan, mentorship, educational/training opportunities and strategies for work-life balance.
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Dairy real estate values: Navigating trends and turbulence for financial success
Appraised values rebounded in 2023 with a 22% surge in value compared to 2022. Rising construction costs elevated per-stall values, while land values near dairy facilities have consistently risen due to competition within the industry and due to external factors.
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Happy New Year: Time to start making smart tax moves in 2024
Gifting and planning strategies for producers to utilize the current high lifetime estate and gifting exemption while saving on taxes.
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Economic Update: Lots of dairy numbers to start the new year
Concerns over higher interest rates, input inflation and supplies are subsiding.
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Be SMART about stress in your business
Sleep, exercise, proper nutrition, rest and positivity can protect against the damaging effects of chronic stress.
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November 2023 DMC margin moves above indemnity trigger
Small changes in the U.S. average feed cost and milk price were enough to push November’s Dairy Margin Coverage (DMC) margin higher.
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Managing medical bills for farmers: A guide to negotiation and assistance
Proactive measures before the medical procedure along with closely examining the bill for errors or price gouging and then working with an advocate if needed can help farmers avoid medical debt.
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