Beef Business Foundations Video Series
Beef Business Foundations Video Series
This video series focuses on the foundation skills and theory behind raising beef cattle and what new producers need to know before entering the business or for existing beef producers to consider to ensure success. This series was funded by the Kentucky Agricultural Development Board through the Kentucky Beef Network.
The full series of videos is also available as a playlist, "Beef Business Foundations," on our YouTube channel, @UKYAgEcon.
Know Your WHY
Here to talk about the why behind managing a beef operation is Dr. Steve Isaacs. With a 30+ year history in farm management, HR, and leadership, Isaacs brings a unique mix of experience and humor as he talks through the importance of knowing why you are in the beef business, or any business for that matter.
Simon Sinek "Start with Why" on YouTube: 
• Start with why --...
Simon Sinek "How great leaders inspire action" via Ted Talk: https://www.ted.com/talks/simon_sinek...
"The Girls of Atomic City" by Denise Keirnan: https://www.amazon.com/Girls-Atomic-C...
Goal Setting
As a follow up to the "Know Your WHY" video in this series, Steve Isaacs puts his 30 years of management and HR experience into explaining the importance of setting goals and more importantly, setting SMART goals.
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Tax Considerations for Beef Producers
In this video, Jonathan Shepherd discusses depreciation, how to manage depreciation, how to account for market animals vs. breeding stock and the tax implications of the two. He also looks at how accounting differs between raised vs. purchased livestock. For new beef producers, it is incredibly important to keep accurate documentation on your animals to be able to provide your tax professional with the necessary details to put you in the best tax situation. It is easy to get caught up in the day-to-day running of a beef operation, but the business side and the planning are the foundation of the business.
The Income Statement
In this video, Jonathan Shepherd discusses the income statement, what it is and how to use it. He also discusses the limitations of cash accounting vs. accrual accounting and how management decisions are likely to be impacted. The income statement is just one of the 3 staple financial statements for a business. In an upcoming video, Jonathan will be back with the basics of the balance sheet, another tool for decision-makers to analyze the business and make informed decisions.
Balance Sheet Basics
Jonathan Shepherd is back with the Beef Business Foundations series this week discussing balance sheet basics for beef producers. use it. He covers what the balance sheet is, why it is important, and a peek into what information can be obtained from a balance sheet to start evaluating the financial health of the business. As mentioned, the balance sheet is just one of the 3 most important financial statements to a business.
Cattle Marketing Options
Kenny Burdine covers four marketing options for beef producers, some pros and cons of each, and additional considerations when selling. While these are by far not the only marketing options available to producers, these are four of the most common and talked about currently.
Cattle Market Reports
Our Beef Business Foundations series wouldn't be complete if Kenny Burdine didn't cover cattle market reports. This video will cover how to find market reports and how to use them to inform your buying and selling.
Kentucky Department of Agriculture
CME futures prices
Cattle Market Notes Weekly newsletter signup
Price Differentials
One of the common questions among new beef producers is why prices here in Kentucky differ from other states and here is answer that question is Kenny Burdine. Understanding why price differentials exist is key to understanding how to maximize your selling price and make management decisions to support your operation and goals.
