Assets, Liabilities and Opportunities
In a discussion about succession and estate planning at the Ranching For Generations course earlier this year, a woman told me that she believed “we should leave our kids opportunities rather than things.” I think she’s right. Unfortunately, we often mistake things, for opportunities. The classic example is leaving the ranch to your children so […]
Read MoreImpressionable Years
I remember those post high school years before settling into my roles as husband and father. I was fortunate to find ranchers willing to give a young man with little experience an opportunity to learn on their dime. Actually, they paid me to break their stuff. I wonder if they saw it that way? I […]
Read MoreMaking Changes with John Marble
John Marble, Ranching for Profit alumnus from Oregon is a not only a rancher, but a thinker, (I consider him a ranching philosopher) and a writer. He wrote the following piece for On Pasture and they kindly allowed me to share it with you. In class we talk about the inventories of grass, money and livestock; but we […]
Read MoreSuccession Assets vs Management
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 a lawyer, an accountant, a young and old rancher; all talking about passing down the assets. When you run an agriculture business, succession is much […]
Read MoreThe Ranch Business Time Bomb
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 around. Was it related to production? Did the cows not breed, the calves weren’t big enough to bring in decent money or was the death […]
Going Long
You’ve probably heard the expression, “Go big or go home.” But there is another time-tested strategy that has a higher success rate: “Go long.” It wasn’t just water that carved the Grand Canyon, cold temperatures that led to the last ice age, or a smart investing strategy that made Warren Buffett wealthy. In each case […]
Healthy Land, Happy Families and Profitable Businesses: Stan Parsons’ Legacy
Hazel Parsons emailed me last Wednesday that her husband, Stan, died earlier that day from Covid-19 related pneumonia. I sat staring at the email, absorbing the news and trying to imagine what my life would have been like had I not met Stan. I first heard of Stan Parsons when I was an undergrad […]
Read MoreThe Tradition vs Innovation Paradox
Agriculture is steeped in tradition. These traditions serve as a source of pride and continuity which help make us who we are in agriculture. However, these same traditions create a paradox of sorts when it comes to managing the business of ranching. Balancing respect for traditions and fostering innovation can be tricky to navigate. Another […]
What Will You Retire To?
As of this writing I have 68 days left running RMC before a new generation of management takes the helm. It’s been a good ride, but it’s been a long trail and Kathy and I are ready to hand over the reins. But just because we are ready doesn’t mean it’s easy. When what you […]
Succession Expectations or Agreements?
Transitions are hard enough. A lot of folks make them tougher by making assumptions and building expectations. We can remove unnecessary drama and angst by turning our expectations into agreements. An expectation is something that either you or I have. An agreement is something you and I share. In the short run, expectations are convenient. […]