While attending Colorado State University in the spring of what now feels like a lifetime ago, I was fortunate to enroll in Tom Field’s AN 300E Family Ranching course. At the time, I was a college senior, more focused on graduation and the next step in life than on the depth of the lessons being offered. I sat through many lectures, took notes and completed assignments, never realizing how instrumental those ideas would become later in my personal and professional journey.
Dr. Field has a unique way of connecting the world of family-owned ranches and farms to the broader landscape of business management. He showed us that ranching is not isolated from the business world; in fact, it faces many of the same structural, financial and interpersonal challenges seen in any multigenerational family business. Throughout the course, he often compared agricultural family enterprises to non-ag businesses, highlighting both the similarities and the unique pressures faced by ranch families.
One lecture in particular still stands out. Dr. Field introduced us to the work of William Sahlman, a professor of business administration at Harvard Business School, who wrote “How to Write a Great Business Plan.” Its simplicity struck me then and resonates even more now. According to Sahlman, there are four critical components.
1. Who: the people involved day-to-day, outside participants providing goods, services or resources, and those providing financing.
2. Opportunity: a brief sketch of the business. This includes products, services, target markets, anticipated growth and SWOT analysis.
3. Context: macro conditions that influence the business, such as regulatory challenges or interest rates.
4. Risk and reward: assessing the best- and worst-case scenarios and how the management team would respond to each.
Simple, right? At least, that’s the idea. But how many ranches actually have a plan—one that’s written down, discussed and revisited? With the constant pull of day-to-day responsibilities, it’s easy to get caught up in the immediate work: feeding and working cattle, ongoing equipment maintenance or dealing with weather that seems to never cooperate. Yet, as I’ve learned, it is just as important to work “on the ranch” as it is to work “for the ranch.”
Working on the ranch means deliberately stepping back to look at the bigger picture. It means scheduling time to sit down with family members and employees to talk about goals, expectations and concerns. It involves addressing small problems early, creating space for honest dialogue, and fostering an environment where multiple viewpoints are welcomed. Most importantly, it means building trust—trust in the process, trust in the people involved and trust in the future of the operation.
But strategic planning is not just about communication. It also involves proactively shaping the ranch’s financial future. Dr. Field emphasized that ranch families must think beyond tradition and consider how to market their products more effectively and pursue new opportunities. Today’s successful operations are often those willing to diversify or add value through:
• Direct marketed products.
• Non-traditional livestock or crops.
• Value-added products.
• Consulting or educational services that share expertise.
• Contract services like custom grazing, baling or equipment work.
• Exploring new markets: local, regional, digital or international.
These ventures don’t replace heritage; they expand opportunity. They help ensure the ranch remains resilient in the face of market volatility, drought cycles or shifting consumer preferences. In many cases, diversification also engages younger generations who bring new ideas, technologies, and skill sets to the operation.
Still, even with innovation and opportunity, the greatest threats to a family business rarely come from the outside. More often, they arise internally through:
1. Lack of clear goals.
2. Conflict between family and business roles.
3. Life stages that are out of sync.
4. Lack of commitment from key participants.
5. Power struggles.
6. Financial stress.
7. Failure to recognize the impact of key employees.
This is why Dr. Field devoted significant time to estate planning and succession planning, two of the toughest but most vital conversations a ranch family will ever face. Avoiding them doesn’t preserve family harmony; it simply invites uncertainty.
Looking back, I didn’t fully grasp how valuable these lessons were. But today, whether working with ranch families or reflecting on my own experience, I see clearly how Dr. Field’s teachings continue to shape what I believe makes a ranch thrive: communication, clarity, innovation, trust and the willingness to work on the ranch, not just for it. And in the spirit of Dale Carnegie’s timeless reminder, “In uncertain times, get the facts, analyze the facts, make a decision and act!” Ranch families who lead with intention and courage are the ones best positioned to build a lasting legacy. — TY GROSHANS
