Family farms and ranches have a rich history, marked by pivotal moments like acquiring land or relocating, which signaled new beginnings and strategies for the family’s future.
Today, similar defining moments exist for family businesses, representing new frontiers and opportunities for change. Here are some ideas to consider:
Diversification: Don’t limit your business to what you …
Winter provides an ideal opportunity to strategize for the advancement of your family business. As you contemplate the months ahead, consider these eight suggestions to enhance your management succession and estate planning endeavors:
Review and update your balance sheet. Accurate valuation of inherited land is essential for effective estate planning, helping minimize tax implications.
Establish a …
With the fall harvest season in full swing, it’s essential for drivers to be aware of the increased presence of large farm equipment on the roads. These implements require more road space, so drivers should be prepared to slow down, pull to the side, or stop when necessary. Rural drivers must remain vigilant, as …
In the late 1990s, Michigan’s plant agriculture faced serious challenges, with pests and diseases threatening growers. To address this, a partnership called Project GREEEN (Generating Research and Extension to meet Economic and Environmental Needs) was established, bringing together leaders from Michigan State University, the Michigan Department of Agriculture and Rural Development, and plant commodity …
The U.S. Department of Agriculture (USDA) is providing $27.6 million in grants through its 2501 Program to support underserved and veteran farmers, ranchers, and foresters. The program offers training, outreach, and technical assistance to help them succeed in their agricultural ventures. These grants will fund various projects, including educational initiatives and resource connections. The …
While staffing challenges persist, there is good news for the future of the farming industry in the form of significant growth in enrollment in agriculture and related science majors at national two-year institutions. In order to facilitate the development of the next generation of our nation’s farmers, six U.S. Senators have introduced the Community …
With exponential population growth, labor shortages, and dwindling natural resources, feeding the world’s residents requires an unprecedented level of knowledge and efficiency. Artificial intelligence (AI) is a powerful tool that farmers can use to solve problems, boost capacity, and automate functions to maximize their output.
While AI can be a boon to your business, it …
As a business owner, you know you’ll not only enjoy good times, but you’ll also have to face difficult ones. Whether it is an unexpected catastrophe or unsustainable circumstances, the stress of making hard decisions can be intense. This can be even more burdensome in a family business, where personal relationships may complicate the …
One of the chief concerns for agribusiness owners is maintaining adequate staffing. It doesn’t matter how many clients want to work with you if you lack the employees needed to get the job done. As with many industries, farmers are feeling the pain of an ongoing labor shortage, reporting challenges in recruiting new talent and …
The USDA has announced several improvements to the process of applying for loans from the Farm Service Agency (FSA). The changes are meant to simplify what was once a cumbersome process that led to a high rate of incomplete or withdrawn applications. Read about the changes, including the creation of an online submission and …
