Editor's Picks
Tag: farm family business
4 Highly Effective Financial Habits for Farmers Nov 2, 2022
Use your accounting processes to evaluate, forecast and plan Think about how your farm has grown in size and scope in the past decade. Has your financial reporting followed suit? […]
When Creating 2022 Crop Budgets, Keep in Mind Family Living Costs Oct 24, 2022
In 2020, the total noncapital living expenses of 1,088 farm families enrolled in the Illinois Farm Business Farm Management Association (FBFM) averaged $76,672–or about $6,400 a month for each family […]
Farm Family Business: A Step Up Instead of a Step Down – DTN Dec 30, 2021
Transitions in family agriculture businesses are often focused on the senior generation “letting go” and the younger generation “grabbing hold.” But the people who let go also need something to […]
Farm Family Business: 3 Scars to Avoid Leaving Your Successor – DTN Sep 4, 2021
Most of what we hear or read about passing the family business to the next generation is positive. Farm- or ranchland, financial assets, life lessons and family values are the […]
Farm Family Business: When Tragedy Opens Doors – DTN Jun 8, 2021
Guy Schafer always wanted to be a farmer but never envisioned himself owning land. Now, he’s in the process of buying his first piece of ground, 48 acres with a […]
Farm Family Business: Younger Generations Should Return for Right Reasons – DTN Apr 27, 2021
Having been a part of family-farm and ranch transition discussions for more than 25 years, I’ve witnessed many younger generation members return to — and occasionally leave — the family […]
Farm Family Business: Shed Bad Habits to Improve Management Transition – DTN Jan 11, 2021
Understanding how habits are formed gives us the power to change our lives for the better. By implementing new behaviors and shedding bad habits, we can improve our health, our […]
Farm Family Business: Cooperation Key for Lasting Relationships, Businesses – DTN Jan 6, 2021
Family businesses are full of competing interests. Parents who are also owners must make short-term financial decisions with an eye toward multigenerational survival. Siblings who are also coworkers must balance […]
Farm Business – Switching to Full-Time Farming – DTN Dec 11, 2020
The farm profitability pie can only be carved into so many slices. Reid and Heather Thompson were very aware of the need to make sure they contributed to the servings […]
Family Business: For Family Farms, Pandemic’s Silver Lining – DTN Oct 29, 2020
In business, the concept of margin implies some remaining amount of revenue or profit after accounting for expenses and is reflected in terms like “gross margin” or “profit margin.” But […]
