Monthly Archives: February 2012
Last week I attended the Women in Ag Conference in Kearney. It’s always a great conference to see many friends and meet new ones who live and work in agriculture! I also enjoyed teaching a very engaged group of women the second day about crop science investigation. It was fun for me to see them dig into the hands-on activities!
The first session I attended was by Dave Specht from the UNL Ag Economics Dept. He does a great job of relating to the audience and talked about “Woman’s Influence-the Key to Generational Business Transitions”. Dave has a consulting business on the side and as part of that business he meets with families to develop a farm transitional plan based on the Continuity Quotient he developed. The Quotient contains 7 parts and I’ll share some key highlights via questions he raised that stuck out to me. Perhaps they’ll raise more questions for you as well.
1-Business/Estate Planning: The goal of the business/estate plan is to reduce the number of surprises to the farm and family members upon death of the farm owner. Is your plan coordinated with all the advisers in the operation and does it consider the perspectives of all the generations involved in the operation? Is it even documented and has it been communicated to the entire family before the owner passes away?
2-Communication: Are family members able to openly discuss the farm and what it means to them?
3-Leadership Development: No one is ever “ready to take ownership”; it is learned along the way. Opportunities for the next generation to make decisions need to be allowed. Often we hear of exit plans, but is there an “entrance plan”-a strategy to invite the next generation back to the farm?
4-I didn’t catch the name of this point but essentially Dave was saying that if the next generation is always asking his/her parents for a bailout, that it delays the trust that the person can someday operate the farm. How the next generation handles personal finances is important in showing he/she can someday run the operation.
5-Personal Resilience: How does the next generation handle challenges? Does the person retreat and avoid them or does the person look for ways to overcome them and use it as a growing experience? If the person retreats, he/she may not be wired for ownership in the future.
6-Retirement/Investment Planning: When will the older generation plan to retire? How much will the farm support (meaning how many people)? Where will retirement cash flow come from? The goal is to not rely on the next generation to generate your entire retirement income.
7-Key non-family employees: Sometimes the most valuable family business asset goes by a different name! Is the vision for the family farm communicated to these employees? How you talk about employees to next generation and how you talk to next generation about the employees is important in dictating future partnerships; someday the employees and next generation will be partners.
I would recommend checking out Dave’s Web site at http://www.davespecht.com for more information. He provides communication and consultation about farm transition and financial planning. Life is so short! Make sure you have a plan in place that follows the keys Dave provided above!
This is a great blog post from Chris Chinn, a farmer in Missouri, who shares why her family raises pigs the way they do to protect them and keep them comfortable. You can read additional blog posts from her at http://chrischinn.wordpress.com
(Disclaimer: The intent of this blog is to help people outside of agriculture to understand why some farmers choose to raise their animals indoors. What works on my farm may not work for another farmer, each farm is different, as are the genetics of hogs. My intent with this post is to help people understand why some farmers use modern technology on their farm. Our family changed the type of hog we raise to be a leaner hog with less body fat because of consumer demand. With that change came additional challenges to raising this type of pig in harsh weather conditions. That is why we chose to move our animals inside of barns because the lean type of hogs we raise can not endure the weather as well as hogs with more body fat. This is not meant to be an indictment of farmers who choose to raise their hogs outdoors.)
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The Cornhusker Economics Conference will focus on the ag outlook and management decisions for farmers and ranchers at Clay Center on February 29th at the Clay County Activities Building at the Clay County Fairgrounds. The program will run from 10:00 a.m.-2:30 p.m. with registration beginning at 9:30 a.m. The conference will cover key topics affecting farm management and production decisions for 2012. It is offered by UNL Extension and the UNL Department of Agricultural Economics and is sponsored in part by funding from the Nebraska Soybean Board.
Dan O’Brien of Kansas State University will share his insight on grain and oilseed outlook and risk management decisions in today’s uncertain markets. While market volatility shows the need for sound hedging strategies, concerns about futures market performance and the recent MF Global bankruptcy affecting hedge margin accounts raise questions about the best path ahead for managing market risk. O’Brien will bring his experience and analysis of futures market performance to bear on the issues and discuss implications for producer decisions.
Shane Ellis, livestock marketing specialist at Iowa State University, will discuss the outlook for livestock markets and producer profitability. With outlook for meat demand and continued reductions in cattle supplies, the market fundamentals look strong, but must weigh against grain supplies and feed prices. Ellis will bring his expertise to the situation and provide guidance for producer marketing and production decisions in 2012.
The land market has also been moving in the past year and UNL Extension Educator Allan Vyhnalek will use his local knowledge and analysis to discuss land markets and leasing arrangements with implications for producer decisions. The closing session will feature a focus on agricultural policy and the direction for new farm programs. Brad Lubben, policy specialist, will discuss the policy outlook in Washington and the major policy developments that could affect agriculture in 2011. Then, Lubben will team with UNL Extension educators to discuss specific directions for the new farm bill and implications for farm programs, conservation programs, and risk management decisions.
There is a $25 registration fee to cover programming expenses for speakers, materials, and the noon meal. Please RSVP to Jenny Rees at the Clay County Extension Office at (402) 762-3644 or firstname.lastname@example.org by Feb. 27 so we can obtain a meal count. Hope to see you at the excellent conference!
This is a blog I have enjoyed reading; the author will be embedding with a Minnesota National Guard ADT team in April. Good lesson here of stepping back and understanding why people do the things they do before implementing a change that although may be beneficial in one component, may not have the desired effect in the long run!
As a television producer every once in awhile I take a step back and realize my job allows me to experience so much more than most. Don’t get my wrong, my days are typically not packed with the sorts of things I’ve been writing about as I prepare to embed with the Minnesota National Guard’s Agribusiness Development Team (ZADT) deployed in Zabul Province, Afghanistan. During my more typical productions I am not preparing for travels to a war zone, most of of the time I’m not thinking about body armor, Visas or nearly 15,000 round trip miles of travel. I do, however, routinely get the opportunity to meet very passionate, smart and inspiring people. Today was no exception.
Dr. Ghafar Lakanwal and I met this morning over tea at a Starbucks in Bloomington, Minnesota. Last week I was introduced to Dr. Lakanwal by chance through a mutual professional contact; however…
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One of our favorite movies or series is Band of Brothers. In fact we watched it again when my husband was home on leave. I don’t know what it’s like to experience the strong bond formed between individuals during war, but I do know I am thankful for the close friends he has developed during this deployment. Here are some pictures of friends.