Ranchers currently have exciting opportunities, but it’s important to position yourself appropriately. Operational costs as well as the price of critical inputs for cattle – such as feed and labor – have increased in recent years. To build a sustainable operation, ranchers should take advantage of the current market to develop financial resilience and thoughtfully manage risks.

Although many farmers want to preserve their family legacy, they also need to consider their needs in retirement. Effective succession planning can balance these needs, but because of legal, financial and operational complexities, it’s important to approach this issue with a comprehensive framework.