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Articles by Kevin Bernhardt
How is your operation’s resilience?
As a basketball fan, I always had great respect for Mike Krzyzewski (Coach K), former coach of the Duke University Blue Devils. I especially valued how he paid attention to the right things. At the end of a crazy close game when the referee made a call and everyone was going hysterically crazy, including most coaches, Coach K was generally quiet, calm and in deep thought.
10748 N Kendall Dr Apt N11, Miami, FL 33176, US
Operating Expenses Recurring costs required to maintain and manage a rental property, including property taxes, insurance, maintenance, repairs, utilities (if paid by the owner), property management fees, and other day-to-day expenses. Calculation: Insurance + Property Taxes + Property Management + Repairs & Maintenance + Capital Expenditures + HOA Fees
Before You Buy: A Farm Tech Investment Planning Guide
Technology and automation continuously reshape the work of running a farm. A little more than a century ago, farm chores relied on people’s hands and backs along with the work of horses, steam engines, and early tractors and machines. Today in Wisconsin and the wider Midwest, robotic milkers, automated feeders, driverless tractors, virtual fences, and drones are just starting to handle daily tasks. Elsewhere robots pick fruit, spray crops, or fry weeds with lasers.
Characteristics that will make your business more resilient during times of change
As I write this article, we are beginning a new school year, and I remembered a TED talk by Sir Ken Robinson. One of his messages cautioned teaching a particular technology, software or management process because the speed of change and innovation is so fast that by the time the student graduates, the technology, software or processes learned as a freshman will have been replaced with something newer and better. Instead, teach them how to think through and find the opportunity in change.
Debt: A double-edged sword
I’m a child of the 1980s farm crisis and my parents were children of the Great Depression. The ethic born of those two experiences was that debt was evil, and if you must use debt, then pay it off quickly. Sacrifice, do without, fix it, jerry-rig it if you must, but don’t use debt! That ethic is not wrong when debt is used to purchase cars, boats, vacations or other reasons that return zero profits.
Back to school on costs of production
Costs of production are a common theme of farm profitability. However, it is also often confusing, elusive and changing. Theory When talking about profitability, the economist in me always starts with the profit equation. At its simplest, it is: Profits = (price per cwt – costs of production per cwt) x hundredweight sold With respect to price, the economics textbook tells us that commodity producers, such as those who produce milk, are price takers.
Tools and processes for discovering your farm’s financial story
How often have you heard about the importance of having financial statements? Perhaps you have heeded that advice and have used a variety of spreadsheet tools, software and outsourcing alternatives for creating accurate balance sheets and accrual income statements. Now what? Your answer might be that they fulfill lender requirements and are useful for taxes. That is important, but you are leaving some significant players on the bench. It is time to get them in the game.
Finances & Profitability
Return over feed: What pays? Four key questions concerning ROF are shared and answered. Answers to some of the top questions concerning profitability by pulling data from return over feed (ROF) databank from 3,600 dairy farms across eastern Canada to help you make strategic decisions.
Summit’s claims of pipeline support are misleading
Summit Carbon Solutions, the company behind the CO2 pipeline, recently released easement numbers by counties here in North Dakota. These numbers are misleading — in several counties where they claim high percentages of voluntary easements, there are hardly any miles of pipeline. Take Logan County for example: the company claims 100% voluntary easements, but when you look at the map of the project, there are hardly any miles of pipeline in their county.
Planning and Cash Flow - Brothers in Arms
Dwight D. Eisenhower, supreme commander of Allied forces, once said, “In preparing for battle, I have always found that plans are useless, but planning is indispensable.” While he was not preparing for future battles running a dairy operation, this quote from President Eisenhower applies to our industry as well. Many of us have spent numerous hours building the perfect plan, only to see it end up useless because our assumptions were wrong or some unforeseen disruption occurred in life.
Can we bring the next generation on the farm?
For many operations, farm transition may be the single most important decision a family makes for their own livelihoods as well as the continuity of the farm business. An early question in this process would be, “How will the farm support the income needed by the new entrant?” It stands to reason that if nothing changes, then the net income must be shared by more people with each receiving a smaller piece of the pie. It’s a tough way to say it, but everyone loses in this scenario, so-to-speak.
Why aren’t my ‘great ideas’ happening?
If I had followed through with various ideas I have had in my lifetime, I would be an owner of a vineyard, bookstore and creamery; have my pilot’s license; have started my family history book; and have a restored 1971 Chevelle Super Sport in my garage. I have had cool strategic ideas over the years, and some have successfully come to fruition, but others met obstacles I did not overcome. I suspect all readers can identify with my history.
What great idea is lurking in the back of your brain?
When you work at a university, you quickly learn that serving on committees is a part of the job. I must admit, for me it is akin to going to the dentist. However, there was one, the “quality” committee, I said “yes” to – but more out of a favor than any strong conviction. The quality committee had two goals: 1. Members would learn how to use and apply continuous improvement management tools. 2. They would use those tools to solve some of the university’s vexing challenges.
Will your dairy handle the milk price slide?
As I write this, prices for the rest of the year are north of $22 per hundredweight (cwt.). Yes, input costs are high, which cuts into that high price, but nevertheless, profit margins likely look good and are welcomed on dairy farms across the country. For those who locked in lower input prices for 2022 early, congratulations for making a good decision. However, everyone will be facing the need to buy inputs again at some point.
Certainties in life: Death, taxes and cyclical lows
With apologies to Benjamin Franklin, who said “The only two certainties in life are death and taxes,” dairy farmers can add cyclical highs and lows in milk prices and profitability to that list. Cyclical lows tend to be a time of greater anxiety for many and increased exit from the industry. However, even in cyclical lows, some farms are making profits. For these farms, it is also a time of opportunity as capital asset prices for machinery, land and cows are often lower as well.
Partial Budgeting
Whether in the tractor, barn, or farm office, farm managers are always mulling over some change in their operation that might improve profitability. It may be employing a new technology, launching a new enterprise, buying versus leasing machinery, change in a production practice, purchasing versus growing feed, raising replacements versus outsourcing to a custom heifer raiser, etc.
Would your farm have a future without you?
Nary a day goes by that the dairy farm manager is not reminded of the risks faced on the farm. Falling milk prices, rising feed costs, employee retention, employee mistakes, disability, death, disaster, rising interest rates, market access, biosecurity, computer security, and the list goes on. In fact, it can be overwhelming.
Balance sheet pits and potholes: Focus on inventory
As people who live in rural areas, we are all used to the potholes that jar our vehicles and rattle our teeth. Likewise, the financial statements that measure the position and performance of our dairy businesses have potholes that are sometimes difficult to navigate. The balance sheet is one of the four recommended financial statements by the Farm Financial Standards Council (FFSC), an organization that provides standards for the creation and analysis of farm financial statements (ffsc.org).
What distinction do profitable dairies hold?
The math of profits is straightforward . . . profits equal total revenues minus total costs. Of course, there are many layers that lie behind this simple formula. The first layer being that total revenues are a product of production times price. That means if a dairy farm is going to excel, it must distinguish itself by having higher production, higher price, lower costs of production, or some combination.
Creating your $50-per-cwt Mona Lisa
Interested in selling your milk for $50 per hundredweight (cwt)? Well, it takes about 12 pounds of milk to make a gallon of ice cream, and selling the ice cream for $6 per gallon nets out a price of about $50 per cwt. Better yet, what if you sell it by the 4-ounce scoop for $2.50 per scoop? Are you ready to sign up? Before getting out your checkbook to invest, find a big stick and hit yourself over the head a few times.
3 measures of long-term farm viability
A year ago, there was a series in Progressive Dairy on the “Three Camps,” a discussion describing the different financial situations farm businesses might find themselves in as a result of the pandemic and outlining the prudent paths forward for those businesses. Figure 1 shows a modified version of the three camps. The focus of this article is the beginning question: Does the operation have long-term viability?
Focus on the ‘Power of One’ in 2021
As we approach Christmas and the new year, I must admit to being almost giddy with the idea of saying goodbye to 2020. There is always a comic at the new year showing an old and wizened Uncle Sam trudging to retirement as the new baby Uncle Sam is full of smiles and wonderment. The old Uncle Sam of 2020 saw a year of disruption, upheaval, volatility – and lots of new government acronyms.
‘Echo Boomers’ makes for an exhilarating entry in the heist movie genre
This first-time feature film by stage and short film director Seth Savoy has a few flashy moments that stick out from the rest of the proceedings, but stands, for the most part, as a piece of very assured filmmaking. And it neatly and imaginatively turns the overworked genre of the heist movie on its head. Don’t misjudge the film’s introductory moments, which will come across like a been-there-done-that scenario for some viewers.
Movie review: 'Echo Boomers' makes for an exhilarating entry in the heist movie genre
This first-time feature film by stage and short film director Seth Savoy has a few flashy moments that stick out from the rest of the proceedings, but stands, for the most part, as a piece of very assured filmmaking. And it neatly and imaginatively turns the overworked genre of the heist movie on its head. Don't misjudge the film's introductory moments, which will come across like a been-there-done-that scenario for some viewers.
Movie review: ‘Echo Boomers’ makes for an exhilarating entry in the heist movie genre
This first-time feature film by stage and short film director Seth Savoy has a few flashy moments that stick out from the rest of the proceedings, but stands, for the most part, as a piece of very assured filmmaking. And it neatly and imaginatively turns the overworked genre of the heist movie on its head. Don’t misjudge the film’s introductory moments, which will come across like a been-there-done-that scenario for some viewers.
Movie review: ‘Echo Boomers’ makes for an exhilarating entry in the heist movie genre
This first-time feature film by stage and short film director Seth Savoy has a few flashy moments that stick out from the rest of the proceedings, but stands, for the most part, as a piece of very assured filmmaking. And it neatly and imaginatively turns the overworked genre of the heist movie on its head. Don’t misjudge the film’s introductory moments, which will come across like a been-there-done-that scenario for some viewers.
Movie review: ‘Echo Boomers’ makes for an exhilarating entry in the heist movie genre
This first-time feature film by stage and short film director Seth Savoy has a few flashy moments that stick out from the rest of the proceedings, but stands, for the most part, as a piece of very assured filmmaking. And it neatly and imaginatively turns the overworked genre of the heist movie on its head. Don’t misjudge the film’s introductory moments, which will come across like a been-there-done-that scenario for some viewers.
Movie review: ‘Echo Boomers’ makes for an exhilarating entry in the heist movie genre
This first-time feature film by stage and short film director Seth Savoy has a few flashy moments that stick out from the rest of the proceedings, but stands, for the most part, as a piece of very assured filmmaking. And it neatly and imaginatively turns the overworked genre of the heist movie on its head. Don’t misjudge the film’s introductory moments, which will come across like a been-there-done-that scenario for some viewers.
Movie review: ‘Echo Boomers’ makes for an exhilarating entry in the heist movie genre
This first-time feature film by stage and short film director Seth Savoy has a few flashy moments that stick out from the rest of the proceedings, but stands, for the most part, as a piece of very assured filmmaking. And it neatly and imaginatively turns the overworked genre of the heist movie on its head. Don’t misjudge the film’s introductory moments, which will come across like a been-there-done-that scenario for some viewers.
Movie review: ‘Echo Boomers’ makes for an exhilarating entry in the heist movie genre
This first-time feature film by stage and short film director Seth Savoy has a few flashy moments that stick out from the rest of the proceedings, but stands, for the most part, as a piece of very assured filmmaking. And it neatly and imaginatively turns the overworked genre of the heist movie on its head. Don’t misjudge the film’s introductory moments, which will come across like a been-there-done-that scenario for some viewers.
I’m on the (barbed-wire) fence and I want to get off
Editor’s note: This article is the last in a four-part series. The first three articles are available online. COVID-19: A hard conversation about the risk Cash flowing to the other side of COVID-19 Stand strong and resolute as a guardian of your equity As I write this article, there is a breath of optimism in the dairy industry. Markets have improved, government program payments are getting to mailboxes, and the economy is slowly opening back up. That is good news that I hope only gets better.
Stand strong and resolute as a guardian of your equity
Editor’s note: The first two articles in this series: COVID-19: A hard conversation about the risk Cash flowing to the other side of COVID-19 Guardians of the Galaxy was a fun superhero movie in which a group of unlikely characters were thrust into the impossible task of guarding the galaxy against certain doom.
Cash flowing to the other side of COVID-19
Kevin Bernhardt for Progressive Dairy Published on 28 April 2020 Editor’s note: The initial article in this series, "COVID-19: A hard conversation about the risk,” is available here. As I write this article, the COVID-19 news is marginally better. The curves are flattening, and people are starting to whisper about life beyond COVID-19. Economic recovery is unfortunately likely to be a longer climb.
Deferred taxes reshape balance sheets
A farm’s “balance sheet” is a financial statement that is a snapshot in time. In other words, if you “sold” the business today, then the balance sheet is an accounting of all cash that would come into your pocket from the sale of assets and all cash that would go out of your pocket to pay off debts and obligations. What is left over is owner equity.
COVID-19: A hard conversation about the risk
Helping my daughter, a high school senior, contemplate no school, no track, no forensics competitions, no prom and maybe no graduation ceremony due to COVID-19 is a hard conversation. As my wife and I have that tough conversation with her, I can’t help but realize that many in the dairy industry may face tough conversations as well in the year ahead.
What farms are showing a greater profit?
Benchmarking is a great tool to have in the financial analysis toolbox. Comparing your farm business to successful peers is a powerful means to learn where your operation is doing well or where it needs some additional attention. However, that comparison breaks down quickly if you are comparing incomparable metrics.
Herds of all sizes can improve profits
If you want to initiate a good debate at the coffee shop, talk about farm size and what is better — the small or large herd. The debate has merit in better understanding economies of scale, specialization versus diversification, technology adoption, risk tradeoffs, environmental impact, and a whole lot more. However, one part of the debate sometimes gets lost — regardless of herd size, opportunities to enhance profitability may exist for all.
Don’t go it alone on major farm decisions
Thoughts involving business change tend to follow times of extreme profitability, high or low. Profitable times invoke thoughts of growth and expansion. Unprofitable times, such as our current situation, invoke thoughts of partial or full exit to preserve existing equity, meet cash flow, or relieve stress. What is a process for successfully managing potential business change? First, don’t go at it alone.
Elefante Blanco (2011)
"Elephant White" - 91' - Estados Unidos Acción Thriller Puntúala Insertar Se centra en un asesino profesional que recibe un encargo por parte de un empresario que quiere vengarse de unos tratantes de blancas que acabaron con la vida de su hija. Se centra en un asesino profesional que recibe un encargo por parte de un empresario que quiere vengarse de unos tratantes de blancas que acabaron con la vida de su hija.
Hollow Point (1996) ⭐ 5.7 | Action, Comedy, Crime
After the botched capture of a Russian mob boss, FBI agent Diane Norwood and DEA agent Max Parrish reluctantly team up to recapture him. Along the way, they discover a much larger plot invol... Read allAfter the botched capture of a Russian mob boss, FBI agent Diane Norwood and DEA agent Max Parrish reluctantly team up to recapture him. Along the way, they discover a much larger plot involving two additional crime bosses and the man who handles their finances. With the help of ...
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