Maintaining balance between work and family
Owning and managing a family business such as a family farm offers unique benefits and challenges to the family members involved. Purdue University Extension specialist Aadron Rausch offers practical ideas for good family-business relationships.
Surviving economic downturns
It’s no secret that times are tough for farms as well as other small businesses, but things will turn around eventually. University of Vermont Extension specialist Mary Peabody offers these tips to help your business weather the storm.
The Role of Human Resource Management in Risk Management
Bernie Erven, an agricultural economist and expert in personnel management at The Ohio State University, offers these tips for managing people, and risk, in agricultural businesses.
Organizing your ranch for succession
As you consider the best way to transfer the ownership and management of your ranch to a successor, knowing what your future goals are can help determine if the legal structure of your business should also be modified.
Times are challenging, but watch for opportunities
“We’ll get through this,” Randy Blach told the crowd at the 2009 CattleFax Outlook Conference, “and those who do a better job of managing their risk will get through a little better than the rest of us.”
“Buddy, can you spare a nickel for my horse?”
As Congress negotiated the terms of a $700 billion bailout for Wall Street last month, President Bush addressed the nation with a dire warning: “Our entire economy is in danger.”
Pass it down
Transitioning a ranch or farm operation from one generation to the next is more than just figuring out a way to plan for estate taxes.
Know the signs of burnout
“Employee burnout is more than a temporary situation after a difficult week,” says Dorothy Lecher, human resources director at Prema-Lean Farms.
Checklist for a successful family business transition
The decision to hand down a family business to the next generation is one that takes time, cooperation and planning, says Rodney Jones, farm-management specialist at Kansas State University.