Three Secrets to Increasing Profit with Dave Pratt
Dates: July 12th and 13th, 2019
Ranchers will learn how to transform their ranches into businesses and to successfully transition their operations from one generation to the next at the Three Secrets to Increasing Profit with Dave Pratt workshop July 12th in Crowley and July 13th in Alexandria, Louisiana. Dave Pratt of Ranch Management Consultants will conduct the workshop which is being sponsored by The Louisiana Grazing Lands Conservation Initiative and the Louisiana Farm Bureau Federation’s Livestock Advisory Committee.
According to Pratt, most ranchers own a collection of expensive assets and a lot of physically demanding jobs. He insists that that’s not the same thing as owning a business. Pratt said, “Knowing how to raise livestock isn’t the same thing as knowing how to run a business that raises livestock.” He adds that transforming ranches into real businesses results in more profit, less work and is a key to successful management and ownership succession.
According to Pratt, most American ranches are structured to fail and survive only through internal subsidies like inherited wealth, appreciating land values, off farm income and free family labor. Pratt says that “A ranch that doesn’t produce a profit and relies on these personal subsidies isn’t really a business. It’s a hobby.” According to Pratt, “Most American ranches are very expensive hobbies.” Pratt and his company help their clients transform their ranches into profitable businesses.
In this entertaining and thought-provoking workshop Pratt will explain the three “secrets” for increasing profit and share RMC’s “7 step profit planning process.” He will also show participants how to use RMC’s profitability benchmarks to identify “deadwood” and pinpoint “profit drivers” in their own ranches.
According to Pratt, making a profit isn’t enough. He said, “Businesses don’t fail because of economics or finance. They fail because people can’t agree on a course of action.” Pratt will work with workshop participants to tackle these issues head on. He will lead a process through which participants will define owner-value, outline roles and draft position agreements through which everyone working in the business can be held accountable. He will also share simple, powerful tools participants can use to thoroughly evaluate management alternatives and make better decisions.
Pratt says he doesn’t have a one-size-fits-all recipe for success but can offer insights and practical tools developed and refined by the experiences of thousands of Ranching for Profit School alumni. He encourages anyone serious about increasing profit, improving relationships and/or successfully passing the ranch on intact to the next generation attend.
The workshop will be held at the Crowley USDA Service Center, located at 157 Cherokee Drive, Suite C, Crowley, LA 70526 on July 12th and at the USDA Conference Room located at 3727 Government Street, Alexandria, LA 71302 on July 13th. It will begin at 9:00 am on both dates with registration starting at 8:30. The workshop will conclude at 3 pm on July 12th and 13th. Space is limited and RSVP’s are required. Registration is $50. Register and pay online at Louisianaglci.org. Call Amelia Kent at 303-319-3081 for more information or to enroll.