56. Commonalities of Successful Farmers & Ranchers with Dr. David Kohl

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 creameryTaking ownership of numbers, developing a cash flow plan, and understanding the operational planThe dangers of lifestyle creep and the importance of allocating time and resources effectivelyThe need for age-friendly livestock systems and prioritizing mental, physical, and spiritual healthThe importance of having a risk management plan, including crop and livestock insurance, and investing back into the communityConnect with Dr. David Kohl:Follow on LinkedInConnect 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:We work with producers on cash flow, risk management, and long-term financial strategy so the business stays resilient—no matter the market. If you want to see whether that’s the right fit for your operation, click below to book a free call.Book a free discovery call