MANAGEMENT

Almost everyone reading this article is a working manager – one who supervises or at least directs people and manages and works in the operations of the farm, agribusiness or any organization.

One of the richest blessings a family business could have is a patriarch or matriarch (I’ll use patriarch for both roles for simplicity in this article) who has moved out of their day-to-day leadership role yet is still available to share their unique wisdom when the need occurs.

There have been large amounts of price movement for feeder cattle this spring and summer due to a variety of factors, including strong domestic retail and export beef demand, meat processing issues, a run-up in feed prices, worsening drought conditions and the loosening and retightening of local COVID-19 restrictions.

Many important aspects of the cattle industry revolve around numbers: birthweights, weaning weights, calving ease, milk expected progeny differences (EPDs), and the list goes on.

Lights, camera, auction!

Sunk cost fallacy: A tendency for people to irrationally follow through on an activity that is not meeting their expectations because of the time and/or money already invested.