John Haskell hosts Nic De Castro from LandTrust in a discussion about entrepreneurship. Nic shares his unique background in technology, his early startup experiences, and his transition from New York City to Bozeman, Montana. He discusses his philosophy on what makes a business successful and the concept of hypotheses in business. Nic also highlights the challenges and opportunities in working with multi-generational farm and ranch families, stressing the need for progressive thinking and succession planning.

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In this episode, we cover:

• The importance of hiring competent, motivated adults
• How a business is a test of whether a customer is willing to pay for a product or service
• The difference between marketing and sales
• The two-sided marketplace model of LandTrust and the challenges and observations in working with landowners
• The role of family dynamics in business decisions

Connect with Nic:

• Follow on Instagram @landtrust_hunt
• Check out his website

Connect with Ranch Right:

• Subscribe on YouTube
• Follow on Instagram @ranchrightllc
• Follow on Facebook
• Check out the website

Resources & Links:

• Book a Free Discovery Call to Learn More
• Ranching for Profit
• Ranching.FYI
• Wally Olson, Olson Ranch LLC

Mentioned in this episode:

Knowledge shared is knowledge gained. Join our friends at Ranching.FYI on their new ranching forums. Click below.

RFYI Forums

Bob Metzger is back on the podcast to discuss social dynamics, the challenges and opportunities in America, and the importance of deferred gratification and realistic expectations with host John Haskell. They talk about how, despite economic ups and downs, opportunities are abundant for those willing to work hard and manage their finances. Bob highlights the resilience of previous generations who succeeded by saving and making do, and shares his views on needs versus wants. They also touch on the success stories of immigrants who thrive in the U.S. due to its opportunities.

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In this episode, we cover:

• Why it is no harder to get ahead in America today than it was in the past
• Delayed gratification and how expectations determine happiness
• The historical context of hardship and the relative ease of modern life compared to past generations
• The importance of balancing wants versus needs
• The opportunities available in the U.S., particularly for immigrants who come with nothing and succeed through hard work

Connect with Ranch Right:

• Superabundance
• Subscribe on YouTube
• Follow on Instagram @ranchrightllc
• Follow on Facebook
• Check out the website

Resources & Links:

• Episode 59. Opportunity Cost with Bob Metzger
• Book a Free Discovery Call to Learn More
• Ranching for Profit
• Ranching.FYI
• Wally Olson, Olson Ranch LLC

Mentioned in this episode:

Helping ranchers to make better decisions faster. Check out our friends at Ranching.FYI by clicking the link below.

Ranching.FYI

In this episode of Ranchonomics, host John Haskell sits down with expert Bob Metzger to delve into the critical concept of opportunity cost in relation to both short-term and long-term investments. They explore the importance of factoring in interest payments when making financial decisions, as well as the power of compounding interest in maximizing returns. Metzger emphasizes that adopting a long-term mindset is essential for sustained success in ranching, cautioning against the allure of short-term gains that may lead to significant losses. The discussion also touches on the current “all-time-high” market, prompting insightful reflections on whether or not now is an opportune time to invest. This episode is packed with actionable insights that empower ranchers to align daily operations with strategic financial thinking, steering the business from chaos to clarity.

Make sure to hit subscribe/follow so you never miss an episode!

In this episode, we cover:

• Opportunity cost as it relates to short term and long term investments
• Accounting for paying interest when evaluating the cost of a decision
• Considering compounding interest when evaluating return on investment
• Thoughts on the “all-time-high” cattle market and whether or not it's a good time to buy
• Examples of how short term mindsets may have big wins short term but will also have big losses
• How having a long-term mindset will win in the long term

Connect with Ranch Right:

• Subscribe on YouTube
• Follow on Instagram @ranchrightllc
• Follow on Facebook
• Check out the website

Resources & Links:

• Book a Free Discovery Call to Learn More
• Ranching for Profit
• Ranching.FYI
• Wally Olson, Olson Ranch LLC

Mentioned in this episode:

Know your numbers and win. Ranch Right is here to help with all of your financial needs. Click below to book a discovery call today.

Book a free discovery call

Dr. David Kohl again joins host John Haskell to discuss the importance of a management mindset in farming and ranching operations. They discuss why, as a non-financial factor, having a strong management mindset matters and some tools you can apply to improve the various aspects of your business. Dr. Kohl highlights the significance of having a written business plan, setting specific, measurable, attainable, reasonable, and timely (SMART) goals, and regularly monitoring and adjusting plans based on changing conditions.

Make sure to hit subscribe/follow so you never miss an episode!

In this episode, we cover:

• Why the cranium is the "sixth C" in addition to the traditional five (cash flow, character, collateral, conditions, and capacity)
• Effectiveness over efficiency and the concept of being a "five percenter"
• Practical steps to start creating a business plan
• The importance of transition planning and giving up control
• Monitoring business plans and adjusting them based on changing conditions
• Sensitivity analysis and risk management

Connect with Dr. David Kohl:

• Follow on LinkedIn

Connect with Ranch Right:

• Subscribe on YouTube
• Follow on Instagram @ranchrightllc
• Follow on Facebook
• Check out the website

Resources & Links:

• Episode 57. Financial Metrics To Focus On with Dr. David Kohl
• Episode 56. Commonalities of Successful Farmers & Ranchers with Dr. David Kohl
• Book a Free Discovery Call to Learn More
• Ranching for Profit
• Ranching.FYI
• Wally Olson, Olson Ranch LLC

Mentioned in this episode:

Meet Right is here to help take your ranch meetings to the next level. From husband and wife teams to full time employees, everyone can benefit from getting your meetings right. Click below to buy the course now.

Meet Right

Dr. David Kohl is back on the podcast today to discuss key financial metrics for ranch operations. With his background in agriculture, finance, and entrepreneurship, Dr. Kohl shares why you should be paying attention to your net profit margin, debt coverage ratio, net operating income, working capital, operating expense revenue, and debt-to-asset ratio. Dr. Kohl and host John Haskell break down what these KPIs mean and what ratios and percentages to aim for. Dr. Kohl also emphasizes how, especially in agriculture, there is no one-size-fits-all approach when it comes to these financial factors and the importance of understanding how they all work together to create balance.

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In this episode, we cover:

• Examples of non-financial factors that can impact credit
• What net profit margin is and what percentage to aspire to
• Breaking down debt coverage ratio, risk management, and net operating income
• The importance of knowing your working capital and aiming for at least 25%
• Operating expense revenue and debt-to-asset ratios
• Understanding how all of these KPIs work together to create balance and ensure overall financial health

Connect with Dr. David Kohl:

• Follow on LinkedIn

Connect with Ranch Right:

• Subscribe on YouTube
• Follow on Instagram @ranchrightllc
• Follow on Facebook
• Check out the website

Resources & Links:

• Episode 56. Commonalities of Successful Farmers & Ranchers with Dr. David Kohl
• Book a Free Discovery Call to Learn More
• Ranching for Profit
• Ranching.FYI
• Wally Olson, Olson Ranch LLC

Mentioned in this episode:

His Cavvy Foundation was established as a way to help families and individuals in the ranching community with serious medical issues. Click below to learn more, apply for assistance, or nominate a family in need.

His Cavvy Foundation

Virginia Tech academic Dr. David Kohl joins host John Haskell on the podcast today to discuss key factors and commonalities for successful farmers and ranchers. He emphasizes the importance of developing a monthly or quarterly cash flow plan, which he refers to as the REM factor (respond, execute, monitor), as well as regenerative practices for both resources and personal well-being. He highlights the significance of setting goals, introduces the 60-30-10 principle in finance, and the necessity of a risk management plan and community investment.

Make sure to hit subscribe/follow so you never miss an episode!

In this episode, we cover:

• Dr. Kohl's extensive experience both in academia and running a 25-year-old cow-calf hay operation and dairy creamery
• Taking ownership of numbers, developing a cash flow plan, and understanding the operational plan
• The dangers of lifestyle creep and the importance of allocating time and resources effectively
• The need for age-friendly livestock systems and prioritizing mental, physical, and spiritual health
• The importance of having a risk management plan, including crop and livestock insurance, and investing back into the community

Connect with Dr. David Kohl:

• Follow on LinkedIn

Connect with Ranch Right:

• Subscribe on YouTube
• Follow on Instagram @ranchrightllc
• Follow on Facebook
• Check out the website

Resources & Links:

• Book a Free Discovery Call to Learn More
• Ranching for Profit
• Ranching.FYI
• Wally Olson, Olson Ranch LLC

Mentioned in this episode:

Knowledge shared is knowledge gained. Join our friends at Ranching.FYI on their new ranching forums. Click below.

RFYI Forums

Dallas Mount returns to the podcast to discuss the trend of over-specialization in ranching, highlighting the challenges and pitfalls of diversifying too much, too quickly. Dallas and host John Haskell emphasize the importance of focusing on a few core businesses that operate at scale and are profitable when talking about management experience and competence. Dallas notes that businesses with one, two, or three profitable enterprises are more likely to be successful.

They also discuss the tendency to overestimate revenue and underestimate the costs of new enterprises, as well as the value of community cooperation and interdependence over self-reliance, advocating for strategic partnerships over independent expansion.

Make sure to hit subscribe/follow so you never miss an episode!

In this episode, we cover:

• The current trend of diversification vs. specialization
• How many enterprises are too many, and the challenges of managing a diverse business
• The concept of "profit envy"
• Considerations for starting a new enterprise, including the scale and experience of the business

Connect with Dallas:

• Follow on Instagram @ranching4profit
• Follow on Facebook
• Subscribe on YouTube
• Connect on LinkedIn
• Check out his website
• Send him an email at dallas@ranchmanagement.com

Connect with Ranch Right:

• Subscribe on YouTube
• Follow on Instagram @ranchrightllc
• Follow on Facebook
• Check out the website

Resources & Links:

• Book a Free Discovery Call to Learn More
• Ranching for Profit
• Ranching.FYI
• Wally Olson, Olson Ranch LLC

Mentioned in this episode:

Helping ranchers to make better decisions faster. Check out our friends at Ranching.FYI by clicking the link below.

Ranching.FYI

John Haskell welcomes Dallas Mount back to the podcast to discuss how to think about the future while ignoring the past. Sometimes we find ourselves in a situation we don't want to be in, and we want to reset and start over. Dallas walks us through an exercise he covered in a recent presentation to help us reconsider all of our assets on paper.

He shares how to reevaluate and optimize assets on family ranches, emphasizing the importance of listing and valuing significant assets, such as livestock and machinery, and then considering their market value. The exercise involves imagining the business with this capital as cash and deciding how to reinvest it for better business outcomes. They also highlight the importance of striking a balance between profitability and employee satisfaction, as well as the potential pitfalls of holding onto unnecessary assets.

Make sure to hit subscribe/follow so you never miss an episode!

In this episode, we cover:

• A walkthrough of Dallas's exercise to reevaluate assets and deploy capital
• Breaking out of the legacy trap and starting from scratch on paper
• Economic considerations of equipment ownership
• Potential pitfalls of this exercise and applying it in different situations

Connect with Dallas:

• Follow on Instagram @ranching4profit
• Follow on Facebook
• Subscribe on YouTube
• Connect on LinkedIn
• Check out his website
• Send him an email at dallas@ranchmanagement.com

Connect with Ranch Right:

• Subscribe on YouTube
• Follow on Instagram @ranchrightllc
• Follow on Facebook
• Check out the website

Resources & Links:

• Book a Free Discovery Call to Learn More
• Ranching for Profit
• Ranching.FYI
• Wally Olson, Olson Ranch LLC

Mentioned in this episode:

Know your numbers and win. Ranch Right is here to help with all of your financial needs. Click below to book a discovery call today.

Book a free discovery call