Succession. When the word succession is used in agriculture circles most think of who gets what and when. Typically when any industry group hosts a panel on succession, they include…
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Think of a ranch business you know of, that is no longer in business. Now I want you to think of the underlying cause for that business no longer being…
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We need to constantly challenge the management practices we do on the ranch, to make sure they still make sense. As business management guru Edwards Demming (who lived in Powell,…
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A friend included me in an email chain informing us of a farmer he knew who recently took his life. I don’t pretend to begin to know this man’s pain…
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About 15 years ago I met an absentee owner who was responsible for a family ranch that was losing money. It had lost between $200,000-$300,000 year after year for a…
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Most family ranches are subsidized with free, or underpaid, family labor. Sometimes the difference between what family members get and what it would cost to hire someone else to do…
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I often ask audiences at schools and workshops if anyone pays themselves what it would cost to replace themselves. Very few hands go up and those that do are usually…
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Nature has a strict culling policy. If bulls and bucks don’t breed, or if does and cows don’t wean fawns and calves, their genes aren’t passed on. Survival of the…
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There are two big pieces to the estate planning puzzle: who will run what (management succession) and who will own what (the transfer of assets). In my last ProfitTips article…
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Most people assume that the biggest estate planning fights involve “Who will own what?” It’s been my experience that, “Who will run what?” is often an even bigger issue. “Who…
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