MANAGEMENT

The statistics are heartbreaking. Only 30% of family businesses survive the transition from first- to second-generation ownership. Only 12% make it to the third generation, and only 4% make it to the fourth. So how does a family business ensure its legacy is carried into future generations?

About 12 years ago, a guy named Jack called me up and, although no one in his family knew it, he had terminal cancer. Succession planning had suddenly become a priority, and he didn’t know what to do.

Increasing ingredient costs have wreaked havoc across the dairy industry, leading to elevated ration costs not seen in many years. Feed costs per kilogram of dry matter (DM) are rising as much as 20% or more as corn and soybean meal prices climb, minimizing farmers’ profit margins.

When it comes to dairy production measures like milk production per cow, age of first calving and pregnancy rates, these are biological measures we think about every day.

The crossroads experienced over the last year undoubtedly tested each and every person’s mindset, decision-making and leadership skills. All parts of dairy operations were impacted, especially the most valued asset: the people.

Don’t just cover a pile, fix a pipe or milk cows – build teamwork.

Ever wonder how teamwork and trust are built? Turns out dairy farms have some of the right ingredients, if mixed just right.