How often is it said that farming is a lifestyle? Sometimes it is a hard one, it’s sometimes frustrating, but often also rewarding in more ways than just money. While it is a lifestyle, farms and ranches are also businesses with high-stakes financial decisions required on a regular basis.
With cattle prices hitting record highs, input costs climbing, and trade uncertainty mounting, without an accurate profit and loss sheet, as well as a balance sheet, it’s very difficult to know where a business stands, says Dallas Mount of Ranching for Profit. This is particularly true for operations as diverse and complex as family farms, where making the right decisions requires a clear understanding of the financial situation of the ranch.
In this episode of Ruminating with RealAg, Mount and host Amber Bell explore how to identify which parts of the farm are profitable and which are operating at a loss. They also delve into the decision-making process, succession planning, and where it might be most beneficial to invest during high cash flow years.
So grab your favourite drink, a comfy chair, and settle in for the great conversation below! Or subscribe to this podcast on your favourite audio platform!
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