Uses for Profit
When we talk about uses for profit some people roll their eyes. “Profit – yeah right! Like that ever happens in agriculture.” The reality is that most ag operations are not profitable. In fact most are really expensive hobbies. However, it doesn’t have to be that way. Many are profitable every year. Some are highly […]
Read MoreSmart Debt
A lot of people tell me that they want to be “debt free.” They are tired of making big interest payments on land, livestock, machinery and their operating note. They have had too many sleepless nights worrying about making the next payment. They believe that if they didn’t have to borrow money they would be […]
What Would You Do With $1,000,000?
In a recent Three Secrets For Increasing Profit® workshop I asked participants how much profit they want to make. It is an important question because you can’t hit a target that doesn’t exist and it’s impossible to build an intelligent plan unless you have measurable goals. But it’s an unfair question too. It’s unfair because […]
Monuments to Tax Avoidance
We have our end of the year tax appointment next Monday. That reminded me of a ranch I visited a few years ago. The owner’s son showed me around. As we pulled out of the yard we passed a big aerator they’d bought to crush sagebrush. If you aren’t familiar with aerators, the drum is […]
Read MoreScraping By
I received the following email from a young rancher last week: Dave, I am a young rancher and have grown my herd to over 100 cows over the last four years. In addition to my own operation I earn additional income working for my Dad on his place. I owe $15,000 of my cattle loan, have […]
Read MoreWhat’s Your Profit Target?
A Ranching For Profit School alumnus was talking to me about his financial goals. I asked how much profit he wanted to make. He told me he figured he needed $20,000 to live. I reminded him that his salary or draw must be deducted as an overhead cost before calculating profit. I asked […]