Business Management
Understanding and controlling costs is a vital component of ranch profitability. Make this the year you put pen to paper. Or should we say, finger to iPad.
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'Breaking in' new laws: An update on the livestock dealer statutory trust
In 2020, the Dealer Trust Act was established for the benefit of unpaid cash sellers of livestock. If a dealer fails to pay sellers for livestock, the Dealer Trust Act then is intended to enable the seller to receive payment through these trust assets.
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Farm succession: Opening the door to a difficult conversation
Farm succession planning is a difficult topic to discuss with family. However, initiating a conversation about succession is essential for the long-term sustainability and success of the farm.
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British Whites and grass-fed beef: A match made in the pasture
Grass-fed beef paired with direct marketing has a lot of potential. Add in a niche breed like British Whites, and you could have a winning combination.
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Working during the holidays
Holidays can be a difficult time to manage employees. However, working with them gives you the opportunity to show you value them by balancing the needs of the farm and the employee.
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Workplace abilities requiring no talent
Many businesses can teach employees how to do the tasks required for the job. However, traits they can’t teach tend to be more important for the employee to have to succeed with the company.
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Estate planning: Options beyond a typical will
A comprehensive estate plan considers not only your assets after your passing but also your health, living, business and financial circumstances for the remainder of your lifetime. Here are summaries of common estate planning tools you may consider.
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Incorporating the 'Four P's' into farm and ranch leases
Agricultural leases are an important tool for producers. Leases may be written or oral, but the best leases provide written evidence of the parties’ agreement and contain the “Four P's”: the parties, property, period and payment.
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Waiting for ships to come in: Rethinking ranch profitability
Producers who simply hope for profitability, rather than demand and plan for it, are missing opportunities as managers.
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Using the QuickBooks inventory system
QuickBooks’ inventory management features are problematic for ranching due to confusing features and inaccurate automatic entries. While suitable for some cattle operations, ranchers often opt for Excel to track livestock, using QuickBooks primarily for financial reporting.
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