Posted by ss55 on March 24, 2021 at 08:36:07 from (96.42.212.92):
In Reply to: Coming to a Cross Road posted by Bruce from Can. on March 24, 2021 at 07:03:08:
At 35 the son could ready to shift into the role of manager and decision maker, taking some of the pressure off dad. If you haven't already, this may be the time to bring him into meeting with the accountant and banker as he will be the one that will have to pay off any new investments made now. He can also invest his own money into the farm to eventually buy dad out. Are you both prepared for your roles to reverse where dad becomes the employee as the son runs the farm. That may only be a few short years away (5 years or less).
Take an honest look at where the industry is heading on the local level and on the national level. Those zealots are actually the companies that buy and process raw milk to sell to retailers, those are your customers, maybe your only customers. Your banker and accountant will have a better perspective on the industry than most farmers and most co-op board members.
Around ten years ago around Central Minnesota, high grain prices pushed most of the smaller dairies shifted out of milking into other livestock, cash grain, cash rent, or growing feed/disposing manure for the remaining larger dairies. Multi thousand cow herds are the norm here, very few herds are below 500 cows anymore. That is a lot of expansion to try to keep up with if you don't have a good long term plan.
Growing up in the 1960's in Western Iowa, the small 2 to 10 cow dairies run by mom and the kids went the same way. Hogs and beef cattle were more simply more profitable and less labor intensive.
Farming with you son and grand kids could be fun for all. I hope it works out.
Upload one or more videos to your post. Photo and video filesizes should be less than 5MB. Formats allowed are gif, jpg, png, ogg, mp4, mov, and avi. Be sure to use filenames without spaces or special characters, and filetypes of 3 digits lower case.
We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today. [ About Us ]
Today's Featured Article - Women and Tractors - More Views From the Farmer's Wife - by Teri Burkholder. The top ten reasons why the judges wouldn't let you participate in the stock antique tractor pull: Hey, this is stock! It came with that V8 in it! That "R" on my tires stands for "really old" not radial! Blue gas? We thought it was a pretty color! What wire hooked to my throttle?
... [Read Article]
Latest Ad:
Sell 1958 Hi-Altitude Massey Fergerson tractor, original condition. three point hitch pto engine, Runs well, photos available upon request
[More Ads]
All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy
TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.
