MANAGEMENT

In the first article in this two-part series, I focused on the leadership, parenting and mentoring required by parents from birth of their children to the time they do or do not return to the ranch or farm business.

Many ranchers struggle to remain profitable. After all, cattle are an agricultural commodity, so prices fluctuate based on national or global supply and demand. While these prices naturally fluctuate, the cost of fuel and equipment tends to steadily rise over time.

This article is the first in a two-part series.

I meet ranchers and farmers who are in the fifth or even sixth generation. I have met a few with double-digit generations.

Can you download an app that will raise financially savvy kids? I would say, more than likely, no. In today’s educational system, many kids can’t or won’t take courses in banking, personal finance or budgeting.

Cattle markets have been hard to figure out the past several years. In 2014 and 2015, we saw record cattle prices. It seemed like making money in the cattle industry was easy.

In the most recent data, the occupational fatality rate for workers in the beef industry (including feedlots) was 116 fatalities for every 100,000 workers.