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.
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