Latest News From Succession Planning

Are leaders made or born? “Some people are more naturally disposed to being leaders, but it doesn’t mean they’re good at it. To be a really good leader, you're made into one through intention and exposure," she says.

Use the topics and tools included in The DIRTT Project to jump-start the succession planning process for your operation whether you are just beginning or need to get on track.

This month’s Rural Mainstreet Index marks the fifth-straight month where the index has been below the growth neutral mark.

Ask any dairy farmer how they feel about today’s markets and they will say that the economics don’t add up. This is true in any state, but certainly being highlighted in Wisconsin, as last year they lost 455 dairy farms.

According to Shuring, what may be considered equal doesn’t always make sense when the succession plan involves family members who actively work on the farm, and others who do not.

The Milk Business Conference in Las Vegas Nov. 28-30, highlights every corner of the dairy industry and has a great line-up of speakers to help producers capitalize on and further develop their strengths. Sign up today.

John Phipps says there are signs that water is the new oil as water rights turn into water fights across the western U.S. He thinks it's a battle that could only heat up in the coming years.

As Mary Pat Sass’ social media shows glimpses of life from the seat of the tractor, it’s not the view she envisioned for her life even a decade ago. But through humor and candor, she's now an inspiration to others.

Often, dairies have an idea what their operations will look like down the road. But they can’t answer who will be the successor of the operation, as no formal succession plan has been set. 

Two things have had a huge impact on Jeff Corle’s life—music and dairy cows. After high school, Corle headed south to Nashville, to pursue his dream of working in the music industry.

Ron Rabou spent the first 26 years of his life expecting to return to his family ranch. When his dad passed and it came time to transition the farm, negotiations weren’t as easy as he imagined. Here's what he learned.

More than 50% of farmers intend to grow their operation, based on responses in Purdue’s February 2023 Ag Economy Barometer. If you’re thinking about scaling your farm, it’s important to first ask these questions.

The Institute for the Future predicts that nearly 85% of the jobs that today’s students will do in 2030 don’t exist yet, underscores how big of a task it is for colleges to prepare students for a changing future.

As you look at transitioning leadership and ownership of your farm to the next generation, be ready to tackle entitlement issues. 

There is one question that you can ask yourself and those involved in your farming business to get the ball rolling on one of the most critical conversations for your business, your family and your legacy.

Here’s what farmers should consider with this sometimes complex question.

Todd and Louise Malecha have one mission: Keep everyone on the same page. For their operation, that “same page” is a 587-page business plan. 

On a high-tech Georgia dairy farm leading 170 employees, you’ll find a farmer with no dairy in his DNA. Nevertheless, Pete Gelber is a dairy farmer who offers a unique perspective on succession planning.

From labor to rising feed costs, to regulations —the challenges that face dairy farmers are far from small. Three young dairy producers shared their takes on challenges and opportunities that they are presented with.

Matt and Lisa Moreland hoped at least one of their sons would return home to farm after college. What they didn’t anticipate? All three sons wanted to come back. Here are four things the family learned in the process.

You wear many hats throughout the year. What happens if you or one of the key decision makers is away from the farm for a few weeks or months? Will everyone know exactly what to do when?

Head to Georgia and you’ll find a farmer with a New York accent and no dairy in his DNA. Nevertheless, Pete Gelber is a dairy farmer who offers a unique, firsthand perspective on succession planning.

Succession planning is difficult and time-consuming, but it is also a key step for a business that can grow into the future. Regardless of where you are in the process, you can always take another step.

If your summer farm help involves your child or grandchild, you can combine that hard work with a financial life lesson.

Up to $12.06 million can be passed to your loved ones upon death, exempt from federal estate tax. While living, you can also gift $16,000 annually to as many individuals as you'd like. Of course, some exceptions apply.

When a farmer passes an operation to the next generation, the inheritance can be fair, but it is rarely equal.

There can be huge costs -- monetarily and in human capital -- if you don’t set up the structure of succession well, say Paul Neiffer, with CliftonLarsonAllen, and Rena Striegel, Transition Point Business Advisors.

Congratulations to Todd, Louise and the Malecha family for being named the 2022 Top Producer of the Year. Pay a virtual visit to their dairy farm in Villard, Minn., to learn how they stay focused on goals and values.

Here's how you can avoid committing these harmony-harming mistakes.

How can you get back on track with your succession plan? Focus on a contingency plan, a cash-flow plan and communication plan.

What makes a good family farm transition? It is difficult to achieve a good farm transition without at least doing well in each of these C's.

Open communication and succession planning help farm families maintain profits and healthy personal relationships.

Along with much planning, open communication, hard work and strong values have allowed Steinhurst Dairy to pass the torch from one generation to the next despite a string of grief and mountains of heartache.

“Grit is the tendency to pursue long-term goals with passion and persistence,” explains researcher Angela Duckworth.

You invest in your business; you invest in your retirement, and you invest in your connections with loved ones. Have you considered investing in the future leadership of your farm? 

The Proposed Transfer Tax can actually eliminate net equity for many farm families and cause their heirs to be underwater. It can be much worse than the current or proposed estate tax for most farmers.

Veterinarian King Hickman has seen his share of change in the dairy industry in his 30+ years in the business. And as the industry changes, so must the individual units that comprise it.

At this year’s Top Producer Online Summit, Rena Striegel shared her key tips to make this transition easier for all involved.

You’ve thought about who will run your farm in the future. You may have even identified the next leader. But have you shared those plans and dreams with your team?

As the COVID-19 pandemic became part of our daily lives, it highlighted the need for succession and contingency planning. 

Your farm’s future path might be winding and complex but starting the process can be simple.

Join us now for new early riser sessions on input buying, grain storage, how to build your own planter and more every Tuesday at 8 a.m. Central.

“My father always told me that the most difficult thing for him to do was to allow me to make mistakes,” says Glenn Newcomer, Ohio farmer.

Leaving a legacy is sometimes complicated by the unknown of who’s next in line. Adam Kline, an attorney who hails from an Indiana farm, shares four options for a farm operation without a successor.

You are blessed with successors who are next in line to manage the operation. Are you allowing and encouraging them to grow and be creative? 

Consider these four tips to jump-start your succession planning process.

Top Producer's Executive Women in Ag gets underway Jan. 28. Registration is open.

Two-thirds of farmers do not have a plan in place as to how they will transfer their massive asset base onto the next generation.

What should you do if your business has unfinished business when it comes to people?

The amount of time required to draft a solid succession plan is different for every family.