Monthly Archives: February 2015

Ranch Life

Planning for the Future – Starting Out

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Any family ranching and farming operation goes through different transitioning stages and for many operations it is some of the hardest discussions and changes to go through.  Currently we are exploring options for our own ranching and farming business.   I’m hoping that through this post and future post regarding our experiences as we go through this process over the next year can help shed some light onto this topic, or maybe you all can help to enlightening us.

Our operation as many of you know consists of two operations ran by two families in two states with two very separate tax situations.  It is ran as one single business with all of us making the major decisions together, there is a lot of co-mingling of funds, expenses, business stuff that occurs which makes it tricky to separate out into a partnership, LLC, S-Corp or other business entity.

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Before moving to Montana, The Rancher’s parents and us sat down with a lawyer in South Dakota to get started on setting up a business entity and to start the process of estate planning as we made these major changes.  After a lengthy meeting and a not-so-easy-on-the-checkbook bill, we weren’t any farther ahead than before the meeting.  How disappointing.

As a young women who has her Master’s degree in Business who has been in the family for nearly 8 years now I couldn’t help but ask the question, HOW did we not get this done?  Why are we such a mess to set up as a business entity?  What can we do to fix this?IMG_9034

I started researching more indepth.  Finding out that our major obstacles will be the tax laws, how the debt was situated between the two families (us and the in-laws), as well as the land ownership.  To solve these, I still haven’t found the answer.

But after moving to Montana, I resolved that we would at least get a team of professionals in our corner to help us sort out the mess, I had a goal of doing that before 2015.  However, because of a few certain major obstacles taking up the majority of time in 2014, we were unable to get anything accomplished.  There is always room for more goals – so 2015 – here we come!

 

Stay tuned as I will continue to write about our experience as we move forward with our business and estate planning on the Kougl Ranch.  We ranch for a living; We ranch to provide food for the world, We ranch for our families and especially for our future – – these kids.

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……if our parents can figure it out! – –

Ranch Life

10 Things To Do When Your Plane Leaves Without You

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This list was made after 4 days at an Ag Conference, away from our kids, our ranch and our lives.  All we wanted to do was be home.   After a long drawn out flight from Nashville, TN to Minneapolis, MT during Nashville’s  “worst” storm (mind you to us from the Montana region thought it was awfully silly to shut down a whole city because of some ice and slush), we ended up with over 12 hours of downtime in the airport.  But instead of dwelling on it, we did this! 

  1. IMG_0635Ask Questions: Who do I talk to about getting another flight? How long do we have?  Anything sooner?  What should we do?
  2. Get a Bite to eat: 12 hours of fun in the airport, find an eatery, eat SLOW.
  3. Grab a beverage:  heck grab two or three, what’s your favorite? Beer, Wine, Lemonade?
  4. Shop: Ah yes, walk that airport mall no matter how big or small, its all you have to do for TWELVE HOURS!                                                    IMG_0636
  5. Nap: Yes Yes Yes, most airports have a more comfortable place than the concourse seating, this goes back to #1: ASK QUESTIONS!IMG_0634
  6. Work:  I can’t think of an airport I have been in during the last 5 years that doesn’t have good wi-fi access.  Use this “useless” period of time to get caught up on work (unless you have kids with you….don’t try this).
  7. Kids: GOOD LUCK, if you are traveling with kids and your plane leaves without, pray, just pray you will be able to have enough patience to keep everyone alive until you get home.
  8. Read: Find a book, sit down and get let your mind get lost for a while!
  9. Network: You never, ever know who you will meet in an airport; an old friend, make a new friend, a business partner, it is much easier to pass the time visiting with another person and learning something new!
  10. Eat: some will say again??  Yes, just find a snack (or a meal depending on how long your layover is) and eat slow!

Before you know it, your 12 hours of misery has passed, and you will be boarding your new flight with hopefully no issues!