Keith Koehn of 2K Feeders and Blue Mound Farms—a Wichita-based feedlot with 3500 head and row crop operation—knows that managing the 60-year old, family-run business means focusing on the financial end, gaining a deeper understanding of what the numbers mean and using that information to make good business decisions.
As his operation grew, Keith felt increasingly uncomfortable making equipment purchases, signing long-term contracts, and projecting future growth based only on his instinct and the financial data on-hand. He wanted a constant pulse on the health of his business—a reliable process for making strategic decisions. This would be critical as he planned and structured the business for bringing his sons into the operation.
A K·Coe Isom AgKnowledge field analyst came out to the feedlot, listened to where Keith wanted to take the business, and then dove into 2K’s financials—several years of QuickBooks files, various reports and spreadsheets that Keith had developed.
An in-depth analysis uncovered the upside of restructuring a few entities, converting the company’s records to QuickBooks Online, and developing a set of tailored, meaningful financial reports that could be easily updated and reviewed each month.
The budgeting and projection process also identified where Keith could cut unnecessary expenses and generate more revenue.
Now armed with accurate financial insight into his crop mix, rental arrangements and fully absorbed break-evens of his operation, Keith knows exactly where his business is at and can manage risk wisely.