Life Sciences Commons^™

2021 Nebraska Feedlot Labor Survey, Kimberly J. Enger, Elliott James Dennis, Galen E. Erickson, Andrea Watson

Center for Agricultural Profitability

The Nebraska Feedlot Labor and Management survey, conducted by Nebraska Extension and Nebraska Cattlemen., reveals notable changes in labor costs and compensation within the state's feedlot industry. From 2015 to 2021, total employee compensation across all feedlots nearly doubled, highlighting significant financial shifts in the sector. Despite this increase, wages have not kept pace with inflation, indicating ongoing economic challenges. The survey, which also sheds light on hiring difficulties and management practices, provides a crucial benchmark for feedlot operators to navigate labor costs and industry trends effectively.

Aging In Place In Rural Nebraska: Homecare Worker Cooperatives, Cythia Houlden

Center for Agricultural Profitability

In 2022, the Nebraska Cooperative Development Center (NCDC), in partnership with the Northwest Cooperative Development Center of Washington state, introduced a six-week Homecare Worker Cooperative Academy designed to take caregivers through the worker cooperative development process. Topics covered by the academy included democracy in the workplace, business basics, marketing and member engagement.

The impetus for the academy was the realization that Nebraska — and the U.S. as a whole — are facing a potential elder care crisis.

The Basics Of Loans For Farmers And Ranchers, Jessica Groskopf

Center for Agricultural Profitability

Borrowing a loan can be a useful tool for farmers and ranchers, especially to fill in gaps when cash or working capital is short to cover current obligations or to make necessary or planned capital purchases. Before signing for a loan, understand the loan terms and repayment requirements as spelled out in the loan documents. This article defines and explains important lending terminology and considerations for farmers and ranchers.

Ideas For Estate And Transition Planning: Gift Leaseback, Jessica Groskopf

Center for Agricultural Profitability

Simply gifting assets helps reduce estate value and potential taxes for the owners and increase the wealth of the heirs. However, some families are hesitant to engage in gifting strategies because the farm or the ranch needs access to those assets to remain viable. This article expands on gifting strategies by combining gifts with a lease agreement.

Net Farm Income Impacts Net Worth Growth, Glennis Mcclure

Center for Agricultural Profitability

The beginning of the year is busy for businesses in finalizing records and filing annual income taxes. Farm and ranch operations are no exception. Beyond the net income or loss showing on the farm’s Schedule F, analyzing the true picture of the operation’s net farm income, and earned net worth change for the year is important.

Preparing an income statement using accrual adjustments will tell us more about the operation’s profitability and performance beyond what income tax statements provide. The income statement tells the story of revenue, expenses, and depreciation between the beginning of year balance sheet and the end …

Ideas For Estate And Transition Planning: Gifting, Jessica Groskopf

Center for Agricultural Profitability

For many farm and ranch families, bringing children or grandchildren into the operation is the ultimate goal. Successfully bringing additional family members into the operation may require some creativity as all parties need to maintain a viable standard of living. This article is part of a series that will highlight ideas and tactics for bringing another family member into the operation. If this is the first article you are seeing in this series, I would encourage you to go back to the previous article for background and additional guidance.

The second tactic to transfer wealth between generations is gifting. The …

Retaining Heifers: Is It Worth It?, Tonya L. Meyer

Center for Agricultural Profitability

Replacing females in the beef cow herd plays a pivotal role in a sustainable and profitable cow-calf operation. Analyzing the cost of raising replacements versus purchasing them can help make informed decisions. If retaining replacements, cattle producers must consider both the costs and potential returns associated with raising and integrating these heifers into the breeding herd. This article offers some key financial considerations.

Bull Value Cow-Q-Lator (Bvcql): What It Is And How To Use It, Matt Stockton, Shannon Sand, Randy Saner

Center for Agricultural Profitability

It’s that time of year when commercial ranchers and cattle producers are looking to make bull purchases for their operation. With so many different breeds and types of bulls available, picking the right bull at the right price is not easy. To help in making the best selection possible the University of Nebraska-Lincoln Beef Economics Team created the Bull Value Cow-Q-Lator (BVCQL). This tool can be used to compare your current bull value with up to 10 bulls. The Bull Value Cow-Q-Lator is a spreadsheet available to download at https://cap.unl.edu/livestock/tools.

Each ranch or farm is going to have different …

Paying Family Members On The Farm Or Ranch, Jessica Groskopf

Center for Agricultural Profitability

For many farm and ranch families, bringing children or grandchildren into the operation is the ultimate goal. Successfully bringing additional family members into the operation may require some creativity as all parties need to maintain a viable standard of living. This is the first in a series of articles that will highlight ideas and tactics for bringing another family member into the operation.

One tactic is to provide new family members with monetary compensation, such as an hourly wage or salary. The total compensation should be comparable to the market value of wages to hire a non-family member to do …

The Importance Of Strategic Planning For Farmers And Ranchers, Larry Van Tassell

Center for Agricultural Profitability

Planning, or more specifically, strategic planning, is a process of defining long-term goals and objectives of an organization and determining the best course of action to achieve them. It involves such steps as defining the current situation, identifying strengths, weaknesses, opportunities, and threats, and developing a plan of action to take advantage of opportunities and overcome challenges. Parsons (2018) outlined six key components of a business plan and why a farm or ranch should make the effort to develop a business plan.