Measuring growth on your farm can go beyond the traditional concept of number of acres. Focusing only on number of acres can sometimes keep us from seeing the bigger picture of our growth. This month, Dean Heffta, Senior Director of Development at Water Street Solutions talks about a "balanced" way to measure your farm's growth in his Profits column in Corn and Soybean Digest. Read it HERE.

Here's a bowl of 1,000 lemon drops.  Brian Hensley and Ben Metzger from Water Street Solutions used this to show a point when they spoke to young farmers at Tomorrow's Top Producer in Chicago today.

One thousand lemon drops equals one thousand first generation farmers.  During the business transfer from the first generation to the second, 70% will fail, leaving

300 lemon drops.  Ninety percent don't transfer from the second generation to the third, leaving

30 lemon drops.  And from the third generation to the fourth, we lose 96%, leaving

one lemon drop.  So one in a thousand farms makes it to the fourth generation.  The point is, planning helps.

There are quite a few new tax changes out there as of the beginning of this month - that might impact your farm. Accountants are working to figure out how the new laws will affect your income taxes. This month in Money Matters in Illinois AgriNews, Darren Frye, President and CEO of Water Street Solutions, looks at the tax changes that will most likely impact your farm business in some way.

ILAgrinews_2013_Jan_Tax changes may impact farming businesses

You might have already blown your new year's resolution by now.  So here's a new one that you can start, and still get some high impact.  How about financial fitness on your farm?  Tim Brhel, an Ag Finance Specialist with Water Street Solutions talks about this idea with Dewey Nelson from KRVN.  Farm Financial Fitness Brhel AUDIO

For the text of the interview, click here: Farm Financial Fitness - Resolve This!

Earlier this month, a new law was passed that will impact your farm's taxes. Knowing the changes and how they will affect you is an important step as you think about your tax plan.  Darren Frye, President and CEO of Water Street Solutions highlights some of the tax changes that may affect you the most in his weekly Finance First post on www.farmfutures.com.  Read it HERE.

How can you make sure everyone on your farm is on the same page about what needs to get done - and all the details?  One strategy is to create a "farm playbook" that gives employees the details.  This month, Dean Heffta, Senior Director of Development at Water Street Solutions talks about how you can create a playbook in his Profits column in Corn and Soybean Digest.  Read it HERE.

With the recent fiscal cliff package, the estate tax laws changed a bit - and what happened was favorable for most farmers.  With more certainty around estate taxes, now is the best time to begin your legacy plan for the future of your farm.  Darren Frye, President and CEO of Water Street Solutions talks about the changes and how they affect your farm in his weekly Finance First post on www.farmfutures.com.  Read it HERE.

Did you just say what I thought you said?  What do you mean by that?  Sometimes it takes more than one try to communicate something, even when we think we know people pretty well.  Dean Heffta, Senior Director of Development with Water Street Solutions talks about communicating on the farm with Dewey Nelson from KRVN.  Clarifying Communications on the Farm Heffta AUDIO

For the text of the interview, click here: Clarifying Communications on the Farm

Land prices are a hot topic right now. But how much can you make off of that land and how does it fit into the big financial picture of your farm? Land values can also affect how you pass the farm to the next generation. Ths month in Money Matters in Illinois AgriNews, Darren Frye, President and CEO of Water Street Solutions talks about the effects of high land prices.

ILAgrinews_2013_Jan_Current land prices can impact farm's legacy

Joe and Nathalie Schmidt from Ottawa, Illinois work with Water Street Solutions.  They talked about how working with the company is helping them build their farm's legacy:

"Prior to working with Water Street, we had an insurance agent, no financial analysis other than tax preparation, and no marketing.  Things weren't working to their fullest potential.  We started to realize that we really needed to do this a different way.

We believe Water Street is the right fit for us. It's one of the best things that we've done for our business. This has been a family farm for over a century. Employing the tools that Water Street has is important for us to know that we're doing something proactive for the future of this land that's been entrusted to us."