WEBVTT 00:00:11.720 --> 00:00:15.060 Breaking free from the chains of the past Where 00:00:15.060 --> 00:00:18.820 truth moves faster than a Holstein calf No law 00:00:18.820 --> 00:00:21.660 waiting on some printed page We're charting new 00:00:21.660 --> 00:00:25.300 ground in the digital age From genomic codes 00:00:25.300 --> 00:00:29.120 to robot facts We cut through the noise, no hold 00:00:29.280 --> 00:00:32.460 them back not your daddy's dairy news tonight 00:00:32.460 --> 00:01:01.009 we're sparking Welcome to the Bullvine Podcast, 00:01:01.450 --> 00:01:03.710 where we tackle the tough conversations that 00:01:03.710 --> 00:01:06.849 shape the future of dairy. I'm your host, and 00:01:06.849 --> 00:01:09.069 today we're diving into one of the most critical 00:01:09.069 --> 00:01:12.689 challenges facing our industry, succession planning. 00:01:13.150 --> 00:01:15.849 If you think your farm's biggest threat comes 00:01:15.849 --> 00:01:18.849 from volatile milk prices or rising feed costs, 00:01:19.069 --> 00:01:21.909 think again. The statistics we're about to share 00:01:21.909 --> 00:01:26.129 will shock you. 83 .5 % of family dairy operations 00:01:26.129 --> 00:01:29.420 fail to survive to the third generation. That's 00:01:29.420 --> 00:01:32.519 not a typo. Eight out of ten dairy legacies simply 00:01:32.519 --> 00:01:35.819 vanish. With nearly a quarter of operators retiring 00:01:35.819 --> 00:01:38.799 within the next five years and most lacking any 00:01:38.799 --> 00:01:41.780 real succession plan, we're staring down a crisis 00:01:41.780 --> 00:01:44.299 that could reshape the entire North American 00:01:44.299 --> 00:01:47.719 dairy landscape. But here's the thing. It doesn't 00:01:47.719 --> 00:01:50.700 have to be your story. In today's episode, we're 00:01:50.700 --> 00:01:53.159 breaking down why most succession plans fail, 00:01:53.280 --> 00:01:55.799 what separates the survivors from the statistics. 00:01:56.879 --> 00:02:00.040 and giving you a roadmap to beat the odds. Whether 00:02:00.040 --> 00:02:02.359 you're planning expansion, maintaining current 00:02:02.359 --> 00:02:04.819 scale, or haven't even started thinking about 00:02:04.819 --> 00:02:07.519 succession, this episode could determine whether 00:02:07.519 --> 00:02:10.539 your farm becomes a lasting legacy or just another 00:02:10.539 --> 00:02:13.819 casualty. Let's get into it. Welcome, welcome. 00:02:13.919 --> 00:02:17.500 Another deep dive is upon us, and this one, it 00:02:17.500 --> 00:02:20.439 hits right at the core of, well, the future of 00:02:20.439 --> 00:02:22.300 your farm. We're staring down a number today 00:02:22.300 --> 00:02:24.530 that Frankly, it feels a bit like getting kicked 00:02:24.530 --> 00:02:29.250 by a dry cow. 83 .5%. That's the staggering percentage 00:02:29.250 --> 00:02:31.830 of family dairy farms the research tells us won't 00:02:31.830 --> 00:02:36.009 make it to the third generation. 83 .5%. Yikes. 00:02:36.090 --> 00:02:38.750 It is a sobering figure, yeah. No question. Looking 00:02:38.750 --> 00:02:40.590 at the material for this deep dive, it really 00:02:40.590 --> 00:02:43.789 lays out the stark... reality -facing North American 00:02:43.789 --> 00:02:46.569 dairies. And it's not just about hitting production 00:02:46.569 --> 00:02:48.909 goals or chasing market prices. It's fundamentally 00:02:48.909 --> 00:02:51.169 about the passing of the torch, the successful 00:02:51.169 --> 00:02:53.550 transition of the operation itself. Okay, let's 00:02:53.550 --> 00:02:56.449 unpack this 83 .5%. Where does that statistic 00:02:56.449 --> 00:02:59.050 actually come from? And I mean, why are the odds 00:02:59.050 --> 00:03:01.169 so much worse for dairy farms compared to, say, 00:03:01.289 --> 00:03:03.710 a family -owned hardware store? Well, that specific 00:03:03.710 --> 00:03:06.710 83 .5 % number comes from research, like the 00:03:06.710 --> 00:03:08.810 works cited from Iowa State. And what's fascinating, 00:03:08.969 --> 00:03:11.069 what may be terrifying, is how much higher it 00:03:11.069 --> 00:03:13.780 is. than the general survival rate for any family 00:03:13.780 --> 00:03:15.780 business, which is already down around a dismal 00:03:15.780 --> 00:03:21.259 16 .5%. 16 .5%, wow. Yeah. So dairy faces incredibly 00:03:21.259 --> 00:03:23.599 steep odds when it comes to keeping the farm 00:03:23.599 --> 00:03:26.460 and the family. The picture the research paints 00:03:26.460 --> 00:03:29.219 is pretty blunt. It's an industry standing on, 00:03:29.280 --> 00:03:32.000 like a cliff edge. They note that a quarter of 00:03:32.000 --> 00:03:33.840 operators are planning retirement within the 00:03:33.840 --> 00:03:37.830 next five years. And here's the kicker. Eight 00:03:37.830 --> 00:03:39.750 out of ten farmers, according to that Iowa State 00:03:39.750 --> 00:03:42.370 work, lack faith in their current succession 00:03:42.370 --> 00:03:45.509 plans. Wait, hold on. So most people know they 00:03:45.509 --> 00:03:48.289 need a plan. They maybe even have a plan on paper, 00:03:48.409 --> 00:03:50.069 but they don't actually think it's going to work. 00:03:50.189 --> 00:03:52.729 That feels like having a brand new, beautiful 00:03:52.729 --> 00:03:56.330 rotary parlor system, but no way to cool the 00:03:56.330 --> 00:03:58.310 milk. All the fancy tech is there. Looks great. 00:03:58.389 --> 00:04:01.229 But the core function needed for survival just 00:04:01.229 --> 00:04:03.449 isn't happening. Exactly. That's a great analogy. 00:04:03.689 --> 00:04:06.129 And the ag census data, it really supports this 00:04:06.129 --> 00:04:08.889 crisis of confidence layered on top of a crisis 00:04:08.889 --> 00:04:12.020 of inaction. Barely half of farms, we learned, 00:04:12.039 --> 00:04:14.259 have even started succession planning. Only half. 00:04:14.539 --> 00:04:17.300 Right. And of those who have, only 20 % actually 00:04:17.300 --> 00:04:19.139 believe their plan will be effective. It's this 00:04:19.139 --> 00:04:21.379 widespread recognition of the problem without 00:04:21.379 --> 00:04:24.120 effective action. So what are these massive hurdles 00:04:24.120 --> 00:04:28.199 then? What's tripping up 83 .5 % of farms? The 00:04:28.199 --> 00:04:30.920 sources point to three main areas. Financial, 00:04:31.240 --> 00:04:35.459 familial, and, well, emotional roadblocks. Let's 00:04:35.459 --> 00:04:37.160 dig into those, starting with the money mountain. 00:04:37.560 --> 00:04:39.899 Yeah, the financial piece is huge. The research 00:04:39.899 --> 00:04:42.100 highlights the sheer scale of capital required 00:04:42.100 --> 00:04:44.600 in dairy today. This isn't your grandparent's 00:04:44.600 --> 00:04:46.980 startup, not by a long shot. We're talking significant 00:04:46.980 --> 00:04:50.639 numbers. Land costs north of, what, $5 ,500 an 00:04:50.639 --> 00:04:53.339 acre in some places? Easily. A new parlor system 00:04:53.339 --> 00:04:57.339 can easily set you back over $200 ,000. TMR mixers 00:04:57.339 --> 00:04:59.839 costing more than luxury cars. And don't forget 00:04:59.839 --> 00:05:02.120 the immense value tied up in breeding stock. 00:05:03.390 --> 00:05:05.649 generations of genetic work right there. Trying 00:05:05.649 --> 00:05:08.670 to convert your entire herd to A2A2 overnight? 00:05:09.110 --> 00:05:11.430 That seems like child's play compared to this 00:05:11.430 --> 00:05:13.389 financial hurdle. The research makes a really 00:05:13.389 --> 00:05:15.790 pointed analogy here, expecting a successor to 00:05:15.790 --> 00:05:17.889 somehow write a massive buyout check covering 00:05:17.889 --> 00:05:20.069 all these assets while simultaneously keeping 00:05:20.069 --> 00:05:22.509 the farm running and profitable. They state pretty 00:05:22.509 --> 00:05:24.709 bluntly that the classic buyout model is effectively 00:05:24.709 --> 00:05:26.949 crashing and burning for most operations today. 00:05:27.069 --> 00:05:29.430 The numbers just don't pencil out for one individual 00:05:29.430 --> 00:05:32.420 to shoulder it all up front. Exactly. Which shifts 00:05:32.420 --> 00:05:34.620 us from the finances to the dynamics closer to 00:05:34.620 --> 00:05:37.360 home. The research argues the real complexities, 00:05:37.439 --> 00:05:39.839 the real time bombs, aren't ticking in the free 00:05:39.839 --> 00:05:42.160 stall barn, but around the kitchen table. They 00:05:42.160 --> 00:05:45.379 talk about issues like decades of smoldering 00:05:45.379 --> 00:05:48.180 family conflicts left unaddressed, competing 00:05:48.180 --> 00:05:50.519 visions for the farm's future that nobody dares 00:05:50.519 --> 00:05:53.720 discuss. Oh, yeah. And communication breakdowns 00:05:53.720 --> 00:05:56.379 so severe they make unreliable cell service look 00:05:56.379 --> 00:05:59.310 like a stable connection. Right. And one critical 00:05:59.310 --> 00:06:01.750 point highlighted by sources like Compure Financial 00:06:01.750 --> 00:06:04.790 is that deep -seated need, you know, to treat 00:06:04.790 --> 00:06:07.870 all children equally, it often seriously damages 00:06:07.870 --> 00:06:10.730 the farm's survival. Trying to split things perfectly 00:06:10.730 --> 00:06:13.430 evenly among siblings, some involved in the farm, 00:06:13.509 --> 00:06:15.949 some not often means you end up having to sell 00:06:15.949 --> 00:06:18.089 off productive assets just to square things up. 00:06:18.329 --> 00:06:20.589 Exactly. It can leave nothing viable or certainly 00:06:20.589 --> 00:06:23.290 nothing competitive to transition to the child 00:06:23.290 --> 00:06:26.129 who's committed to running the farm. It starves 00:06:26.129 --> 00:06:28.110 the farm to balance the scales outside of it. 00:06:28.189 --> 00:06:29.990 That makes sense. And then you layer on the emotional 00:06:29.990 --> 00:06:32.670 roadblocks, the kind no spreadsheet can navigate, 00:06:32.810 --> 00:06:35.670 right? Oh, absolutely. The research talks a lot 00:06:35.670 --> 00:06:38.269 about control. You might have mom and dad maybe 00:06:38.269 --> 00:06:40.050 clutching the checkbook, wanting to maintain 00:06:40.050 --> 00:06:42.949 control, while junior is desperate for enough 00:06:42.949 --> 00:06:44.769 authority to actually make necessary changes, 00:06:44.910 --> 00:06:47.980 invest, and move the operation forward. This 00:06:47.980 --> 00:06:50.779 emotional standoff, it creates barriers taller 00:06:50.779 --> 00:06:53.480 than your corn is in August. It's a bit like 00:06:53.480 --> 00:06:55.639 trying to boost conception rates with premium 00:06:55.639 --> 00:06:57.899 semen when nobody's checking heats, isn't it? 00:06:58.279 --> 00:07:00.420 You can have the best technical plan, the best 00:07:00.420 --> 00:07:02.420 genetics, the best intentions for the business, 00:07:02.639 --> 00:07:05.040 but if you don't address the human dynamics, 00:07:05.240 --> 00:07:07.839 the control issues, the communication, it's all 00:07:07.839 --> 00:07:10.389 useless. Perfectly put. And the research from 00:07:10.389 --> 00:07:13.790 Iowa State drives this home. 71 % of farmers 00:07:13.790 --> 00:07:16.329 nearing retirement haven't even tagged a successor. 00:07:16.589 --> 00:07:19.750 71 %? Yeah. So having a plan without addressing 00:07:19.750 --> 00:07:21.629 the people involved, identifying who takes over 00:07:21.629 --> 00:07:23.589 and preparing them, means all that technical 00:07:23.589 --> 00:07:26.620 excellence amounts to, well, nothing. Okay, so 00:07:26.620 --> 00:07:29.199 with those significant barriers firmly in mind, 00:07:29.319 --> 00:07:33.259 what separates the successful 17 % from the 83 00:07:33.259 --> 00:07:36.220 .5 % failures? According to the research, it's 00:07:36.220 --> 00:07:38.600 not just luck or simply having deep pockets. 00:07:39.420 --> 00:07:41.779 It's implementing a comprehensive blueprint, 00:07:42.079 --> 00:07:44.920 one that tackles every dimension of the transition, 00:07:45.060 --> 00:07:47.319 not just the balance sheet. Right, and a key 00:07:47.319 --> 00:07:49.420 part of that blueprint seems to be getting started 00:07:49.420 --> 00:07:52.860 early, like really early. Absolutely essential. 00:07:53.529 --> 00:07:56.329 The research stresses that early planting isn't 00:07:56.329 --> 00:08:00.490 just better, it's vital. Needing a 5 -10 year 00:08:00.490 --> 00:08:03.209 runway. 5 -10 years. Yeah, that's roughly the 00:08:03.209 --> 00:08:05.970 time it takes to grow genomically superior heifers 00:08:05.970 --> 00:08:08.949 into the mature herd backbone. You can't rush 00:08:08.949 --> 00:08:11.709 genetics and you really can't rush a successful, 00:08:11.810 --> 00:08:14.129 sustainable transition. And research, like in 00:08:14.129 --> 00:08:16.910 the Journal of Agribusiness, confirms this. That 00:08:16.910 --> 00:08:18.709 waiting too long is basically setting yourself 00:08:18.709 --> 00:08:21.589 up for failure. It confirms exactly that. Waiting 00:08:21.589 --> 00:08:23.689 too long is fundamentally flawed, like planting 00:08:23.689 --> 00:08:26.069 corn in November, as they put it. The timing 00:08:26.069 --> 00:08:28.350 is just wrong for success. Okay, what about those 00:08:28.350 --> 00:08:30.470 tough family discussions then? The ones everyone 00:08:30.470 --> 00:08:32.750 avoids. Yeah, the research asks directly, are 00:08:32.750 --> 00:08:34.610 you just hoping uncomfortable topics disappear 00:08:34.610 --> 00:08:37.820 like mastitis without treatment? Huh. Good luck 00:08:37.820 --> 00:08:40.740 with that. Right. Progressive families they found 00:08:40.740 --> 00:08:43.820 don't leave communication to chance. They are 00:08:43.820 --> 00:08:46.960 incredibly deliberate about it. How so? What 00:08:46.960 --> 00:08:49.490 methods are they using? Well, they detail specific 00:08:49.490 --> 00:08:53.009 methods used by successful operations. Things 00:08:53.009 --> 00:08:55.309 like structured monthly meetings with actual 00:08:55.309 --> 00:08:58.330 agendas, not just spontaneous high -tension talks 00:08:58.330 --> 00:09:00.690 when someone's mad. Makes sense. They use listening 00:09:00.690 --> 00:09:02.789 -first protocols where everyone gets their say 00:09:02.789 --> 00:09:04.990 without interruption. They keep written records 00:09:04.990 --> 00:09:08.570 of agreements and sticking points. to avoid that 00:09:08.570 --> 00:09:11.730 he said, she said later on. Crucial. And crucially, 00:09:11.769 --> 00:09:14.470 they aren't afraid to use professional facilitators 00:09:14.470 --> 00:09:16.970 for baggage dating back to childhood because 00:09:16.970 --> 00:09:18.690 some things just can't be resolved internally. 00:09:19.190 --> 00:09:22.009 Think of applying this, like applying religious 00:09:22.009 --> 00:09:24.750 dedication to your herd health protocols, consistent, 00:09:24.850 --> 00:09:27.429 deliberate, non -negotiable. Okay, and that financial 00:09:27.429 --> 00:09:29.870 mountain we talked about. Is the old way of doing 00:09:29.870 --> 00:09:31.990 things just torpedoing chances from the start? 00:09:32.490 --> 00:09:35.289 Pretty much. The research says smart operations 00:09:35.289 --> 00:09:37.169 are dumping the old buy -everything -or -nothing 00:09:37.169 --> 00:09:39.590 model faster than culling a three -quartered 00:09:39.590 --> 00:09:42.929 chronic. It's like precision feeding versus a 00:09:42.929 --> 00:09:46.169 one -size -fits -all TMR. The industry evolved 00:09:46.169 --> 00:09:49.169 to be more precise. And succession finance has 00:09:49.169 --> 00:09:51.529 to evolve, too. So what's the leading alternative, 00:09:51.850 --> 00:09:54.289 then? One leading advisor recommendation the 00:09:54.289 --> 00:09:56.190 research highlights is splitting operations. 00:09:56.669 --> 00:10:00.549 This means creating two distinct entities. An 00:10:00.549 --> 00:10:02.710 asset -holding company. where the senior generation 00:10:02.710 --> 00:10:05.470 keeps the land and major equipment, and then 00:10:05.470 --> 00:10:07.629 an operating company, which the successor runs, 00:10:07.830 --> 00:10:10.029 focusing on the day -to -day production. Right, 00:10:10.110 --> 00:10:11.970 right. I've heard of that. And there was a Canadian 00:10:11.970 --> 00:10:15.110 Bar Association case study. Yes, exactly. It 00:10:15.110 --> 00:10:17.649 provides a great analogy. It's cleaner than separating 00:10:17.649 --> 00:10:20.190 dry cows from the milking string while efficiently 00:10:20.190 --> 00:10:23.049 serving both purposes. This structure significantly 00:10:23.049 --> 00:10:26.309 slashes the successor's upfront capital requirements. 00:10:26.529 --> 00:10:28.409 They don't have to buy the land and expensive 00:10:28.409 --> 00:10:30.710 equipment immediately. And it gives the senior 00:10:30.710 --> 00:10:33.549 generation income. Exactly. It creates a guaranteed 00:10:33.549 --> 00:10:35.610 retirement income for them via lease payments 00:10:35.610 --> 00:10:37.710 from the operating company to the asset company. 00:10:37.830 --> 00:10:39.929 It's a win -win, potentially. Okay, let's talk 00:10:39.929 --> 00:10:42.049 advisors. Your advisory team is critical, right? 00:10:42.149 --> 00:10:44.830 The research had a sharp point about that. Well, 00:10:44.870 --> 00:10:47.110 yeah. It poses the question, would you let a 00:10:47.110 --> 00:10:50.009 vet who only treats parakeets near your prized 00:10:50.009 --> 00:10:52.629 genetics? Absolutely not. Right. So why trust 00:10:52.629 --> 00:10:55.009 generic financial advisors with your farm's multi 00:10:55.009 --> 00:10:57.850 -generational future? You need specialists. You 00:10:57.850 --> 00:10:59.750 need agricultural estate planners who've actually 00:10:59.750 --> 00:11:02.090 seen dairy transitions, who understand the nuances. 00:11:02.549 --> 00:11:05.490 Financial advisors who can tell a TMR mixer from 00:11:05.490 --> 00:11:08.610 a cement truck. Precisely. Don't trust your farm's 00:11:08.610 --> 00:11:11.090 future to advisors lacking deep agricultural 00:11:11.090 --> 00:11:13.809 expertise. Just like you wouldn't trust your 00:11:13.809 --> 00:11:15.950 genetic program to someone who thinks an RHA 00:11:15.950 --> 00:11:18.629 is some kind of book report. Expertise matters 00:11:18.629 --> 00:11:21.090 immensely here. Okay, another interesting strategy. 00:11:21.450 --> 00:11:25.259 Trial periods for successors. Dating before marriage. 00:11:25.500 --> 00:11:28.580 Yeah, the research strongly suggests this. Forward 00:11:28.580 --> 00:11:30.820 -thinking farms are now using structured trial 00:11:30.820 --> 00:11:34.019 periods with clear metrics, clear responsibilities, 00:11:34.139 --> 00:11:36.740 and importantly, escape hatches before signatures 00:11:36.740 --> 00:11:39.690 hit paper and the formal transfer occurs. That 00:11:39.690 --> 00:11:41.990 makes so much more sense than dropping six figures 00:11:41.990 --> 00:11:44.470 on embryo work without genomically testing the 00:11:44.470 --> 00:11:47.490 bloodlines first. Define specific responsibilities, 00:11:47.970 --> 00:11:49.990 set performance benchmarks for the successor, 00:11:50.330 --> 00:11:53.370 and crucially, create clear exit routes if the 00:11:53.370 --> 00:11:56.250 fit just isn't right for either party. Seems 00:11:56.250 --> 00:11:59.149 smart. It is smart. And finally, developing successors. 00:11:59.190 --> 00:12:01.809 This needs the same systematic approach you apply 00:12:01.809 --> 00:12:04.409 to building your herd, right? The research notes 00:12:04.409 --> 00:12:06.850 successful plans include components like formal 00:12:06.850 --> 00:12:09.730 education, maybe some crucial off -farm experience 00:12:09.730 --> 00:12:11.710 for broader perspectives. And then not to see 00:12:11.710 --> 00:12:14.570 how others do it. Exactly. Gradual increases 00:12:14.570 --> 00:12:16.889 in responsibility to build confidence and... 00:12:17.100 --> 00:12:19.700 management muscle, and regular feedback, both 00:12:19.700 --> 00:12:22.240 positive and corrective, to catch problems early, 00:12:22.460 --> 00:12:25.039 just like monitoring heifers for growth targets. 00:12:25.279 --> 00:12:27.120 Because you can't expect half -baked training 00:12:27.120 --> 00:12:30.340 to produce a fully capable successor. Nope. Like 00:12:30.340 --> 00:12:32.620 managing replacement heifers, it requires dedicated 00:12:32.620 --> 00:12:36.120 attention, a clear plan, and consistent execution 00:12:36.120 --> 00:12:39.220 over time. Okay, so the research then pivots 00:12:39.220 --> 00:12:41.659 a bit, looking at the strategic decisions about 00:12:41.659 --> 00:12:45.000 scale that impact succession. They mention nearly 00:12:45.000 --> 00:12:47.600 half of dairies see expansion as their ticket 00:12:47.600 --> 00:12:50.159 for the next generation. But is that just, you 00:12:50.159 --> 00:12:52.899 know, chasing trends? Like everyone chased those 00:12:52.899 --> 00:12:55.639 super tall Holsteins in the 80s without asking 00:12:55.639 --> 00:12:58.159 why. That's the key question. The research is 00:12:58.159 --> 00:13:02.379 clear. Size for size's sake is folly. The fundamental 00:13:02.379 --> 00:13:05.559 question has to be, does growth truly fit and 00:13:05.559 --> 00:13:08.179 support your transition story? Or is it just 00:13:08.179 --> 00:13:11.629 adding complexity and debt? If expansion is the 00:13:11.629 --> 00:13:13.929 path, what needs to be considered? Well, the 00:13:13.929 --> 00:13:16.190 economics absolutely have to pencil. Rigorous 00:13:16.190 --> 00:13:18.710 analysis, you know, how fixed costs dilute across 00:13:18.710 --> 00:13:21.190 larger herds, capital efficiency metrics down 00:13:21.190 --> 00:13:23.250 to the penny, projecting cash flow through that 00:13:23.250 --> 00:13:25.190 capital -hungry growth phase. And financing? 00:13:25.429 --> 00:13:27.509 And critically, structuring financing to protect 00:13:27.509 --> 00:13:30.289 both generations from excessive risk. That's 00:13:30.289 --> 00:13:32.549 key. And technology plays a huge role here, right? 00:13:32.610 --> 00:13:35.029 Especially with expansion. Oh, absolutely. Growth 00:13:35.029 --> 00:13:37.570 is often linked to modernization rotary parlors, 00:13:37.570 --> 00:13:39.990 that slash labor, sophisticated herd management 00:13:39.990 --> 00:13:42.590 software turning data into decisions, automated 00:13:42.590 --> 00:13:45.250 feed systems for consistency, precision repro 00:13:45.250 --> 00:13:48.389 tech. Research, like from Dairy Business Innovation, 00:13:48.789 --> 00:13:51.429 documents how these painful upfront investments 00:13:51.429 --> 00:13:53.669 actually improve quality of life and resilience 00:13:53.669 --> 00:13:56.289 for the next generation. It makes the farm more 00:13:56.289 --> 00:13:58.539 attractive, frankly. But it needs to be strategic, 00:13:58.559 --> 00:14:00.600 not just emotional, not just bigger is better. 00:14:00.779 --> 00:14:03.240 Exactly. The research urges skepticism towards 00:14:03.240 --> 00:14:06.879 that old mantra. While USDA ERS confirms scale 00:14:06.879 --> 00:14:09.620 economies exist, innovation today creates success 00:14:09.620 --> 00:14:12.159 at diverse sizes. What truly matters more is 00:14:12.159 --> 00:14:14.779 strategic market alignment, operational excellence 00:14:14.779 --> 00:14:17.419 at your chosen scale, differentiation, maybe 00:14:17.419 --> 00:14:20.139 niche products, maybe components, and those robust 00:14:20.139 --> 00:14:22.000 financial frameworks tailored to transition. 00:14:22.460 --> 00:14:24.539 It's like selection indexes shifting from just 00:14:24.539 --> 00:14:27.279 height to lifetime profit, valuing overall performance 00:14:27.279 --> 00:14:30.039 over simple size. Well said. And research from 00:14:30.039 --> 00:14:31.759 Michigan State found that investing in facility 00:14:31.759 --> 00:14:34.879 capacity and superior genetics often outperforms 00:14:34.879 --> 00:14:37.159 simply buying more land for successors with less 00:14:37.159 --> 00:14:40.070 capital. Smart growth, not just land grab. processor 00:14:40.070 --> 00:14:42.909 relationships too, that seems critical before 00:14:42.909 --> 00:14:45.570 expanding. Absolutely crucial point, the research 00:14:45.570 --> 00:14:48.710 highlights. You must lock down processor willingness 00:14:48.710 --> 00:14:52.049 to take more milk and clarify terms, component 00:14:52.049 --> 00:14:55.870 premiums, transportation, base excess rules before 00:14:55.870 --> 00:14:59.190 you break ground. Nothing derails expansion faster 00:14:59.190 --> 00:15:02.070 than surprise deductions or finding out they 00:15:02.070 --> 00:15:04.090 don't want your extra milk. And involving the 00:15:04.090 --> 00:15:06.840 next generation from day one. Do or die for expansion 00:15:06.840 --> 00:15:09.480 success, according to the sources. Expansions 00:15:09.480 --> 00:15:11.820 succeed when successors are involved from the 00:15:11.820 --> 00:15:14.419 get -go, collaborating on business plans, defining 00:15:14.419 --> 00:15:17.059 roles, discussing financial structures, documenting 00:15:17.059 --> 00:15:19.799 timelines before any dirt moves. It has to be 00:15:19.799 --> 00:15:21.559 their plan, too. Okay, but expansion isn't the 00:15:21.559 --> 00:15:24.200 only answer. What about staying the course? Steady 00:15:24.200 --> 00:15:26.620 state? Yes, and the research makes a strong case 00:15:26.620 --> 00:15:28.860 for the strategic power of that. Maintaining 00:15:28.860 --> 00:15:31.159 your current scale can be a brilliant move. Creating 00:15:31.159 --> 00:15:33.720 a level of stability expanding farms might envy 00:15:33.720 --> 00:15:36.059 during a tricky transition period. And the focus 00:15:36.059 --> 00:15:38.580 shifts then, maybe towards components. Exactly. 00:15:38.840 --> 00:15:41.059 Component focus literally transforms your milk 00:15:41.059 --> 00:15:43.860 check, especially under MCP pricing. We saw that 00:15:43.860 --> 00:15:47.259 2023 data, butterfat driving nearly 60 % of revenue, 00:15:47.440 --> 00:15:50.860 protein adding another 31%. Wow. Maximizing components 00:15:50.860 --> 00:15:53.019 often outperforms the obsession with just adding 00:15:53.019 --> 00:15:56.799 more cows. The research details strategies. prioritizing 00:15:56.799 --> 00:15:58.820 component genetics, dialing in rumen fermentation 00:15:58.820 --> 00:16:01.659 for butterfat, eliminating acidosis, mastering 00:16:01.659 --> 00:16:04.139 seasonal consistency. So you need to ask yourself, 00:16:04.299 --> 00:16:07.940 income per cow? or income per pound of components? 00:16:08.159 --> 00:16:10.460 That's the question. The research suggests analyzing 00:16:10.460 --> 00:16:13.399 this often reveals more profit potential in the 00:16:13.399 --> 00:16:15.379 current herd than you might think. And risk. 00:16:15.580 --> 00:16:17.820 Steady state must have a different risk profile 00:16:17.820 --> 00:16:21.000 during transition. Generally, yes. Risk profiles 00:16:21.000 --> 00:16:23.840 rarely match perfectly between generations. Maintaining 00:16:23.840 --> 00:16:26.080 scale often creates a saner risk profile during 00:16:26.080 --> 00:16:28.759 transition, lower fixed costs, potentially reduced 00:16:28.759 --> 00:16:31.460 debt, simpler management, more nimbleness when 00:16:31.460 --> 00:16:33.740 markets inevitably shift. It's like everything 00:16:33.740 --> 00:16:36.250 rations for optimal room and function. not just 00:16:36.250 --> 00:16:38.389 maximum production. It's about health and stability 00:16:38.389 --> 00:16:40.669 for the long haul. So success means optimizing 00:16:40.669 --> 00:16:44.610 resources you already have. Yes. Obsessing over 00:16:44.610 --> 00:16:48.710 return, per unit per acre, per labor hour, per 00:16:48.710 --> 00:16:52.389 dollar of capital, tracking costs religiously, 00:16:52.389 --> 00:16:55.009 maybe strategically outsourcing non -core functions, 00:16:55.409 --> 00:16:58.529 mining DHIA data for every ounce of insight, 00:16:58.730 --> 00:17:01.149 that relentless pursuit of efficiency gains. 00:17:01.389 --> 00:17:04.470 And lifestyle. Does that factor in? Increasingly 00:17:04.470 --> 00:17:06.890 so. The research acknowledges that maintaining 00:17:06.890 --> 00:17:09.329 a manageable scale can support quality of life 00:17:09.329 --> 00:17:12.250 during a complex transition. That's incredibly 00:17:12.250 --> 00:17:14.150 valuable for young families needing flexibility, 00:17:14.430 --> 00:17:16.349 for multiple generations needing predictable 00:17:16.349 --> 00:17:19.069 income, for seniors wanting continued involvement 00:17:19.069 --> 00:17:21.529 but not the full burden. Or just when work -life 00:17:21.529 --> 00:17:23.789 balance trumps bragging rights about herd size. 00:17:24.029 --> 00:17:26.710 Precisely. Analogy time. Your best cows need 00:17:26.710 --> 00:17:29.160 dry periods for lifetime productivity. Perhaps 00:17:29.160 --> 00:17:31.200 your family business needs to operate sustainably, 00:17:31.279 --> 00:17:33.420 not just maximally, to ensure its long -term 00:17:33.420 --> 00:17:35.599 health. So these individual decisions, expand, 00:17:35.859 --> 00:17:38.180 stay steady, retire, are collectively reshaping 00:17:38.180 --> 00:17:40.839 the whole industry landscape. Absolutely. Understanding 00:17:40.839 --> 00:17:43.640 this macro trend positions your operation advantageously, 00:17:43.640 --> 00:17:45.200 whatever path you choose. And the consolidation 00:17:45.200 --> 00:17:48.099 trend is undeniable. Oh yeah, the research details 00:17:48.099 --> 00:17:52.390 this steamroller. U .S. farm numbers plummeting 00:17:52.390 --> 00:17:56.930 from, what, 648 ,000 in 1970 down to barely 24 00:17:56.930 --> 00:18:01.130 ,000 in 2022. 24 ,000? That's stark. It is. And 00:18:01.130 --> 00:18:04.589 2 ,500 shuttered in 2020 alone. Meanwhile, milk 00:18:04.589 --> 00:18:07.130 production climbs, absorbed by mega -dairies. 00:18:07.210 --> 00:18:10.109 Operations over 2 ,500 cows now produce over 00:18:10.109 --> 00:18:12.230 60 % of the nation's milk. But the research is 00:18:12.230 --> 00:18:14.930 really clear. Bigger doesn't automatically mean 00:18:14.930 --> 00:18:17.710 better. Innovation makes success possible across 00:18:17.710 --> 00:18:20.529 sizes. Exactly. It's about that strategic alignment, 00:18:20.769 --> 00:18:22.730 operational excellence, differentiation, and 00:18:22.730 --> 00:18:25.029 those robust financial frameworks tailored for 00:18:25.029 --> 00:18:26.990 transition. It's like selection indexes evolving 00:18:26.990 --> 00:18:30.089 from just height to lifetime profit. Successful 00:18:30.089 --> 00:18:32.069 dairies optimize their specific model for their 00:18:32.069 --> 00:18:34.470 goals. And technology is a great equalizer here, 00:18:34.549 --> 00:18:36.730 isn't it? Not just for the giants. It demolishes 00:18:36.730 --> 00:18:39.890 old limitations across farm scales. Robotic milkers, 00:18:39.970 --> 00:18:41.910 rumination monitors, precision feeding, heat 00:18:41.910 --> 00:18:44.349 detection tech tools, unimaginable previously, 00:18:44.710 --> 00:18:47.809 are now accessible. They slash labor needs, improve 00:18:47.809 --> 00:18:50.150 work -life balance, especially robotics, allowing 00:18:50.150 --> 00:18:52.210 more flexible milking schedules, enable data 00:18:52.210 --> 00:18:54.930 -driven decisions that boost profitability. And 00:18:54.930 --> 00:18:57.289 they attract a different kind of successor, maybe. 00:18:57.549 --> 00:19:00.390 Definitely. They attract tech -savvy successors 00:19:00.390 --> 00:19:02.849 who might be put off by the traditional drudgery. 00:19:03.279 --> 00:19:06.960 Like genomics democratizing access to elite genetics, 00:19:07.259 --> 00:19:10.539 technology is leveling key operational playing 00:19:10.539 --> 00:19:13.160 fields. Component strategies are also reshaping 00:19:13.160 --> 00:19:15.720 markets because of MCP pricing. You have to optimize 00:19:15.720 --> 00:19:18.779 for that now. You really do. Are your genetics 00:19:18.779 --> 00:19:21.240 and feeding programs truly optimized for this 00:19:21.240 --> 00:19:24.519 shift? The progressive farms we read about prioritize 00:19:24.519 --> 00:19:27.480 component genetics and actively cultivate processor 00:19:27.480 --> 00:19:30.079 relationships that specifically reward composition. 00:19:30.890 --> 00:19:33.049 It's a different way of thinking about maximizing 00:19:33.049 --> 00:19:35.670 value from every cow. Environmental considerations, 00:19:35.990 --> 00:19:37.869 too. That's becoming a bigger part of succession 00:19:37.869 --> 00:19:40.769 planning. Increasingly impacting it, yes. Forward 00:19:40.769 --> 00:19:42.970 -looking farms integrate sustainability not just 00:19:42.970 --> 00:19:44.950 for the planet, but because it prevents regulatory 00:19:44.950 --> 00:19:47.910 headaches and actually slashes costs. Things 00:19:47.910 --> 00:19:50.289 like emission tech, carbon sequestration in soils, 00:19:50.589 --> 00:19:53.289 smart nutrient management planning, water conservation, 00:19:53.650 --> 00:19:56.170 energy efficiency is becoming a fundamental part 00:19:56.170 --> 00:19:58.430 of operational resilience and future -proofing 00:19:58.430 --> 00:20:00.619 the farm for the next generation. Okay, hearing 00:20:00.619 --> 00:20:02.960 about real -world examples really helps cut through 00:20:02.960 --> 00:20:05.720 the theory. What success stories did the research 00:20:05.720 --> 00:20:07.579 highlight? Yeah, they provided some good ones. 00:20:07.700 --> 00:20:10.279 One example detailed was an LLC formation on 00:20:10.279 --> 00:20:13.400 a 220 cow operation. The owners formed a limited 00:20:13.400 --> 00:20:17.109 liability company to hold the assets, land, buildings, 00:20:17.230 --> 00:20:20.029 equipment. Then they sold incremental interest 00:20:20.029 --> 00:20:22.430 in that LLC to their 30 -year -old successor 00:20:22.430 --> 00:20:25.430 over time, lowering the upfront buy -in. Smart. 00:20:25.750 --> 00:20:28.670 They also created a formal, decade -long employment 00:20:28.670 --> 00:20:31.190 agreement for the senior generation to define 00:20:31.190 --> 00:20:33.410 their continued role in income and establish 00:20:33.410 --> 00:20:35.890 clear management divisions. And the benefits. 00:20:36.170 --> 00:20:38.569 Liability protection, streamlined transfers over 00:20:38.569 --> 00:20:41.569 time, potential tax advantages. It's like a well 00:20:41.569 --> 00:20:43.950 -designed breeding program, adapting to market 00:20:43.950 --> 00:20:46.240 signals. putting guardrails in place that provide 00:20:46.240 --> 00:20:48.859 structure while preserving flexibility. And that 00:20:48.859 --> 00:20:51.039 asset operations splitting model from Canada, 00:20:51.220 --> 00:20:54.579 that saved a farm. It did. It saved a dairy that 00:20:54.579 --> 00:20:56.539 seemed financially impossible to transfer otherwise. 00:20:56.839 --> 00:20:59.180 The senior generation's corporation held the 00:20:59.180 --> 00:21:01.440 land and equipment, while a second operating 00:21:01.440 --> 00:21:03.779 company, which this successor primarily bought 00:21:03.779 --> 00:21:06.930 into, ran the cows in production. Leasing the 00:21:06.930 --> 00:21:09.730 assets from the first company drastically slashed 00:21:09.730 --> 00:21:12.369 the successor's capital needs and, crucially, 00:21:12.490 --> 00:21:15.150 guaranteed retirement income for the senior generation. 00:21:15.430 --> 00:21:18.009 Analogy time. Like separating mature cows from 00:21:18.009 --> 00:21:20.490 first lactation heifers for optimized management 00:21:20.490 --> 00:21:23.190 of both groups, different needs, different structures, 00:21:23.369 --> 00:21:26.230 same overall goal of herd productivity. Okay. 00:21:26.309 --> 00:21:29.410 Targeted expansion. Ideal dairy farms. Right. 00:21:29.829 --> 00:21:31.690 Their growth wasn't random. It was centered on 00:21:31.690 --> 00:21:35.349 specific investments. A 72 -cow carousel parlor, 00:21:35.430 --> 00:21:38.230 energy technology. They engaged external audits 00:21:38.230 --> 00:21:40.730 for efficiency and incentives. The focus was 00:21:40.730 --> 00:21:43.390 on achieving scale efficiencies in specific areas, 00:21:43.589 --> 00:21:45.970 not just getting bigger across the board. So, 00:21:45.970 --> 00:21:48.049 like, selecting genetics that express their full 00:21:48.049 --> 00:21:50.069 potential under your unique management conditions. 00:21:50.609 --> 00:21:52.529 Optimizing the system for a specific target. 00:21:52.750 --> 00:21:54.450 Exactly. And then there were alternative models, 00:21:54.589 --> 00:21:56.650 like Challenge Comb in the UK. A fundamental 00:21:56.650 --> 00:21:59.900 shift. They went pasture -based organic. 100%. 00:21:59.900 --> 00:22:03.359 Slashed feed costs, improved herd health, better 00:22:03.359 --> 00:22:05.839 environmental impact, and allowed them to target 00:22:05.839 --> 00:22:09.779 premium markets. It required a fundamental reconceptualization 00:22:09.779 --> 00:22:12.420 of their dairy. Challenging conventional wisdom, 00:22:12.579 --> 00:22:15.380 like innovative crossbreeding programs, questioning 00:22:15.380 --> 00:22:17.759 Holstein dominance, but delivering potentially 00:22:17.759 --> 00:22:20.880 better health and components. Precisely. It shows 00:22:20.880 --> 00:22:23.059 there are multiple paths to success if you're 00:22:23.059 --> 00:22:25.460 strategic. Okay, so after seeing what works... 00:22:25.660 --> 00:22:28.539 The research also clearly states what kills transitions 00:22:28.539 --> 00:22:31.579 dead in their tracks. Yes, and it's depressingly 00:22:31.579 --> 00:22:34.339 consistent. Waiting until retirement is looming, 00:22:34.400 --> 00:22:37.740 the planning needed to start years earlier. Fuzzy 00:22:37.740 --> 00:22:39.960 math that ignores the genuine financial needs 00:22:39.960 --> 00:22:43.099 of multiple households involved the senior generation 00:22:43.099 --> 00:22:45.660 and the successor's family. Sweeping that fair 00:22:45.660 --> 00:22:48.420 versus equal conflict under the rug. Until it 00:22:48.420 --> 00:22:50.680 explodes and demands selling assets just to keep 00:22:50.680 --> 00:22:53.440 the peace, undermine the farm. Half -baked successor 00:22:53.440 --> 00:22:55.500 development that creates critical skill gaps 00:22:55.500 --> 00:22:57.740 just when they're needed most. And handshake 00:22:57.740 --> 00:23:00.440 agreements. Oh, the handshake agreements that 00:23:00.440 --> 00:23:02.619 completely evaporate when memories differ down 00:23:02.619 --> 00:23:06.000 the road or tragedy strikes. Fatal. It's the 00:23:06.000 --> 00:23:09.000 brutal truth reiterated in the research. When 00:23:09.000 --> 00:23:12.319 83 .5 % fail, the culprits aren't usually just 00:23:12.319 --> 00:23:16.319 economics or market forces alone. No. It's insufficient 00:23:16.319 --> 00:23:19.099 planning, poor communication, and inadequate 00:23:19.099 --> 00:23:21.789 successor development. The industry analysis 00:23:21.789 --> 00:23:25.269 consistently reveals these human factors do most 00:23:25.269 --> 00:23:28.150 transitions more than milk price ever could. 00:23:28.490 --> 00:23:30.509 So successful transitions aren't accidental. 00:23:30.809 --> 00:23:33.289 They're built deliberately, brick by difficult 00:23:33.289 --> 00:23:36.210 brick. Do you, the listener, have the stomach 00:23:36.210 --> 00:23:38.150 for the uncomfortable conversations and tough 00:23:38.150 --> 00:23:40.650 decisions required? The research we looked at 00:23:40.650 --> 00:23:42.670 provides a battle -tested roadmap. It really 00:23:42.670 --> 00:23:44.869 does. So based on everything we've dug into, 00:23:45.049 --> 00:23:47.930 let's distill that action plan. Seven steps that 00:23:47.930 --> 00:23:49.690 consistently show up in the success stories. 00:23:49.809 --> 00:23:52.349 Okay, number one. Start planning yesterday. Seriously. 00:23:52.839 --> 00:23:54.839 Document your current operational reality assets, 00:23:54.980 --> 00:23:57.079 liabilities, management systems, performance 00:23:57.079 --> 00:23:59.539 data. Establish baselines like comprehensive 00:23:59.539 --> 00:24:01.720 milk recording and financial statements. You 00:24:01.720 --> 00:24:03.519 can't measure progress or make informed decisions 00:24:03.519 --> 00:24:08.079 otherwise. Two, talk, then talk more. Schedule 00:24:08.079 --> 00:24:10.480 regular family meetings specifically for succession 00:24:10.480 --> 00:24:12.940 planning, not just about day -to -day stuff. 00:24:13.319 --> 00:24:16.359 Create safe spaces for honesty, acknowledge emotions 00:24:16.359 --> 00:24:19.319 but focus on solutions, and don't hesitate to 00:24:19.319 --> 00:24:21.700 use mediators for those long -standing landmines. 00:24:21.819 --> 00:24:24.440 Apply the same dedication you would to your herd 00:24:24.440 --> 00:24:27.039 health protocols, consistent and non -negotiable. 00:24:27.160 --> 00:24:30.839 3. Hire specialists. not generalists. Get agricultural 00:24:30.839 --> 00:24:33.119 attorneys who understand farm law, financial 00:24:33.119 --> 00:24:36.099 planners focused on farm transitions, accountants 00:24:36.099 --> 00:24:38.119 who know dairy taxes backwards and forwards. 00:24:38.359 --> 00:24:40.539 Don't saddle your farm's future with generic 00:24:40.539 --> 00:24:42.779 advisors. It's like trusting your genetic program 00:24:42.779 --> 00:24:44.799 to someone who doesn't understand a sire summary. 00:24:45.059 --> 00:24:48.460 Get the right people. Four, build successors 00:24:48.460 --> 00:24:51.119 systematically. Map out the technical and management 00:24:51.119 --> 00:24:54.019 skills needed for the future farm. Create meaningful, 00:24:54.119 --> 00:24:56.160 increasing decision -making opportunities for 00:24:56.160 --> 00:24:58.759 the next generation. Provide honest, actionable 00:24:58.759 --> 00:25:01.559 feedback regularly. Develop your successors with 00:25:01.559 --> 00:25:03.400 the same meticulous attention you give to your 00:25:03.400 --> 00:25:05.400 replacement heifers. They are the future of the 00:25:05.400 --> 00:25:09.400 farm. Five, rethink financial structures. Explore 00:25:09.400 --> 00:25:11.859 options like entity splits, phased transfers 00:25:11.859 --> 00:25:15.119 of ownership, strategic leases. Successful succession 00:25:15.119 --> 00:25:17.359 demands creative approaches that balance opportunity 00:25:17.359 --> 00:25:19.920 for the successor with security for the senior 00:25:19.920 --> 00:25:22.359 generation. Like moving from conventional tie 00:25:22.359 --> 00:25:25.119 stalls to robotics, sometimes it requires fundamental 00:25:25.119 --> 00:25:27.279 restructuring. Don't be afraid to look outside 00:25:27.279 --> 00:25:30.240 the old box. Six, put everything in writing. 00:25:30.700 --> 00:25:33.400 Document ownership, management roles and responsibilities, 00:25:33.819 --> 00:25:36.440 financial arrangements, and crucial contingency 00:25:36.440 --> 00:25:39.539 plans what happens if someone gets sick or passes 00:25:39.539 --> 00:25:41.849 away unexpectedly. Your succession plan deserves 00:25:41.849 --> 00:25:43.789 the same detailed attention as your breeding 00:25:43.789 --> 00:25:46.549 program. Clear objectives, measurable outcomes, 00:25:46.809 --> 00:25:49.890 regular evaluation, no handshakes. And finally, 00:25:49.990 --> 00:25:53.230 seven, review and revise relentlessly. Schedule 00:25:53.230 --> 00:25:55.130 annual progress assessments with your family 00:25:55.130 --> 00:25:57.609 and your advisors. Make necessary course corrections 00:25:57.609 --> 00:26:00.289 as markets change, family dynamics evolve, or 00:26:00.289 --> 00:26:03.029 plans hit unforeseen bumps. Like monitoring feed 00:26:03.029 --> 00:26:05.250 efficiency and tweaking rations based on results, 00:26:05.490 --> 00:26:08.069 this keeps the plan on track and adaptable. It's 00:26:08.069 --> 00:26:10.329 not a one -and -done document. The future of 00:26:10.329 --> 00:26:12.410 the dairy industry, whether it's expanding operations, 00:26:12.869 --> 00:26:16.150 optimized steady state farms, or creative alternative 00:26:16.150 --> 00:26:19.269 models, really belongs to those with enough guts 00:26:19.269 --> 00:26:23.109 to tackle succession head -on. Intentional, documented 00:26:23.109 --> 00:26:26.109 planning isn't optional anymore. It's survival. 00:26:26.670 --> 00:26:28.990 So here's the brutal honesty mentioned in the 00:26:28.990 --> 00:26:30.849 research for you to consider. Are you building 00:26:30.849 --> 00:26:33.329 something that outlasts you, actively creating 00:26:33.329 --> 00:26:36.250 a pathway for the next generation? Or are you 00:26:36.250 --> 00:26:38.569 just maintaining an operation with an expiration 00:26:38.569 --> 00:26:41.490 date that kind of matches your own? This industry 00:26:41.490 --> 00:26:43.970 doesn't need another sad statistic. It needs 00:26:43.970 --> 00:26:46.730 your farm as a lasting legacy. And unlike issues 00:26:46.730 --> 00:26:49.930 like mastitis or repro problems that sometimes 00:26:49.930 --> 00:26:51.849 strike despite your absolute best prevention 00:26:51.849 --> 00:26:54.390 efforts, the research emphasizes that succession 00:26:54.390 --> 00:26:57.529 failures Almost always trace back to things entirely 00:26:57.529 --> 00:27:00.309 within your control. Inadequate planning and 00:27:00.309 --> 00:27:03.250 poor communication. Things you can fix. So here's 00:27:03.250 --> 00:27:05.089 the provocative thought to mull over as we wrap 00:27:05.089 --> 00:27:08.250 up. You have a choice today. Join the 17 % success 00:27:08.250 --> 00:27:10.930 stories or become part of the 83 .5 % failures. 00:27:11.190 --> 00:27:13.349 There's really no middle ground here. Your action 00:27:13.349 --> 00:27:15.710 or your inaction is already writing your farm's 00:27:15.710 --> 00:27:18.309 final chapter. What will you choose? That's a 00:27:18.309 --> 00:27:20.829 wrap on today's deep dive into dairy succession 00:27:20.829 --> 00:27:23.369 planning. If those statistics didn't get your 00:27:23.369 --> 00:27:28.289 attention, nothing will. Remember, 83 .5 % failure 00:27:28.289 --> 00:27:30.849 rate isn't inevitable if you're willing to take 00:27:30.849 --> 00:27:34.990 action. The choice is yours. Join the 17 % who 00:27:34.990 --> 00:27:37.990 build lasting legacies or become part of the 00:27:37.990 --> 00:27:41.630 83 .5 % who watch their life's work disappear. 00:27:42.009 --> 00:27:45.069 There's no middle ground and waiting until tomorrow 00:27:45.069 --> 00:27:48.809 just moved you one step closer to failure. Head 00:27:48.809 --> 00:27:52.690 over to www .thebullvine .com to read the full 00:27:52.690 --> 00:27:55.319 article Download our succession planning resources 00:27:55.319 --> 00:27:58.359 and join the conversation with other forward 00:27:58.359 --> 00:28:01.059 -thinking dairy professionals who refuse to become 00:28:01.059 --> 00:28:04.119 statistics. If today's episode challenged your 00:28:04.119 --> 00:28:07.039 thinking or gave you actionable insights, share 00:28:07.039 --> 00:28:09.460 it with another dairy family who needs to hear 00:28:09.460 --> 00:28:12.099 this message. Subscribe to the Bullvine Podcast 00:28:12.099 --> 00:28:15.480 wherever you get your shows. And hit that notification 00:28:15.480 --> 00:28:17.940 bell so you never miss the content that could 00:28:17.940 --> 00:28:20.900 save your operation. Until next time, this is 00:28:20.900 --> 00:28:23.440 the Bullvine Podcast. Where we don't just talk 00:28:23.440 --> 00:28:25.920 about the future of dairy, we help you secure 00:28:25.920 --> 00:28:27.960 it. Keep building that legacy.