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Management

Manage dairy employees, establish farm protocols, take on milk marketing, and become more confident in your farm financials.

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There are plenty of financial indicators of which dairy producers should keep close track. Milk prices, of course. Your income over feed cost is certainly important, and knowing your margins is a key to maintaining healthy liquidity. But if there’s one number that every dairy producer should know, it’s the cost it takes to produce 100 pounds of milk. Regardless of herd size or breed, knowing your farm’s cost of production could provide the answer to the crucial question: Is this the year I make an investment, or do I tighten the belt?

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It should be one of the happiest days of any parent’s life: the day the son or daughter – the presumptive successor of the family dairy farm – gets married. Often unspoken, the day can also bring worry about the future of the family’s dairy farming legacy.

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As hard as it may be to initiate legal and business strategy conversations related to divorce or death, a family farm successor and his or her spouse or intended spouse have good reasons to openly discuss and plan for their financial relationship.

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“They just don’t make ’em like they used to.” I’m sure every reader has heard that phrase, and many of us have uttered it ourselves. If you’re talking about cars and trucks, then you are absolutely right; they don’t make them like they used to – they make them far better than they used to.

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Dairy farming can sometimes feel like a merry-go-round. There are times when things are going well. The cows are comfortable and milking at their full potential. You’ve got a great crew operating at exceptional efficiency. The only thing higher than the morale is the milk price.

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What separates the top-performing herds from the bottom? This is one of those questions people are constantly asking and attempting to answer. As a result, we have a multitude of complicated calculations measuring everything from energy-corrected milk to income over feed costs.

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