Tag: assets

Succession Assets vs Management

horse barn

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 More

The Tradition vs Innovation Paradox

sunset cowboy

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 […]

This post is only available to members.

Read More

Want To Keep It? Then Build It To Sell It.

Stan Parsons wrote, “If you want to be a cowboy get a job.” A business owner’s job isn’t to put up hay, work cattle, or build fence. It is to build a business. We hire employees to produce results that contribute to customer and owner value. When business owners hire themselves to work in their […]

This post is only available to members.

Read More

When Assets Become Liabilities

Look up the definition of asset in Webster and it’ll tell you an asset is “anything owned that has value.” But Webster has it wrong.  If I put a down payment on a ranch, financing the balance, the full value of the land shows up in the asset column of my balance sheet, but I […]

This post is only available to members.

Read More

Who Will Own What?

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 I called management succession the more difficult of the two because it involves judging the competency of people you love and holding them accountable to […]

This post is only available to members.

Read More

Pay The Damn Taxes

In The Ultimate Legacy, Dr. Don Jonovic says that the most critical issues in an estate plan are: Who will run what? Who will own what? How will you make sure you have the capacity to pay the taxes so that the first two things can actually happen?   The transfer of authority can be […]

This post is only available to members.

Read More