Posts

Convenience Store

What’s Holding You Back from Selling Your Convenience Store?

For over a decade, we’ve been predicting a sharp increase in the number of retirements, and it looks like we’re seeing our forecasts come to light.  In 2020, we saw more baby boomers choose retirement than any year in recent history--up 3.2% from the prior year.  Retirements impact the petroleum distribution and convenience store industry like all other businesses, leading to increased in-store sales, mergers, and acquisitions. In fact, there are several factors motivating business...
Tips for Negotiating a Software-as-a-Service (SaaS) Contract

Tips for Negotiating a Software-as-a-Service (SaaS) Contract

Many software solutions are available in SaaS format.  In simple terms, this means that the software operates from the vendor’s servers via the internet.  There are many benefits to this type of solution:  you don’t need to purchase and maintain special servers, you don’t need IT staff to perform upgrades, and you are usually not responsible for data backups.  It’s somewhat like the difference between owning a home and renting one.  As a result, the...
precision farming technologies

Bigger Might Not Be Better, but Smarter Is!

Mergers and acquisitions continue to light up the headlines in the agricultural industry, leading many farmers to wonder whether or not M&A strategies would be beneficial to them.  In simplistic terms, there are two ways for a company to achieve growth--either via organic business expansion through internal operational success or with external growth strategies by merging or acquiring another business.  A successful M&A can lead to instant accumulation of capital gains, diversified crops or locations,...
business risk

Protect Your Profitability by Managing Business Risk Effectively

There are many famous quotes about the inevitability of risk in business, but Filipino businessman, investor, and philanthropist John Gokongwei says it very succinctly: “Everything involves a risk.  No risk, no reward.”  In our capitalist economy, investment returns are generally based on risk; the more chance of loss a participant has, the greater the returns earned on the investment. The secret to success in an environment filled with risk is to manage it well. That...
The Ups and Downs of Successful Software Implementation

The Ups and Downs of Successful Software Implementation

You’ve heard customer complaints and employee grumblings about your software system for years.  You’ve watched sales deteriorate from errors and inefficiencies.  You finally set aside adequate time to look at modern software systems available to you and even sought the advice of a consultant to figure out which one will be best for your needs.  However, now that the software is up and running, employees are more upset than ever, and business has slowed to...
Farmers Survive and thrive

How Mergers and Acquisitions Can Help Farmers Survive and Thrive

Businesses meld together via mergers and acquisitions to achieve many benefits.  Some of the top reasons include achieving economies of scale, getting a larger market share, acquiring new technology and expertise, geographical diversification, and creating greater value.  The agricultural sector is no exception, and the abundance of mergers and new agricultural cooperatives have reduced the number of farms from 12,000 in 1930 to 1,871 in 2017. Ag cooperatives are not immune either, "on average, 2%...
Total cost of ownership

What is the Total Cost of Ownership (TCO) of an ERP Implementation?

Just thinking about converting your software platform is enough to create feelings of unease.  There are many considerations such as: Will it be worth the investment? How long will the business be disrupted? What will happen to our data? And of course, one of the most important questions to ask is, “What will the total cost of the change be?” Total Cost of Ownership, or “TCO,” is a financial estimate calculated to help product buyers...
Elizabeth Bailey

Elizabeth Bailey as Director of Project Management

Elizabeth Bailey Wend Consulting is pleased to announce the promotion of Elizabeth Bailey to the position of Director of Project Management. In Mrs. Bailey’s new position, she will directly manage client-focused corporate development/ partner implementations/joint-venture projects and have oversight of internal WEnd resource management from early development through project completion. She will be responsible for overall project cost, schedule, and budget evaluation, as well as, all project coordination. Elizabeth Bailey started...
propane distributors

Software Helps Propane Distributors Maximize Margin

As of September 2021, the price of a gallon of propane in the United States is currently up 158.66% for the year (2021), ending the historically low prices of 2019 and 2020.  Propane prices fluctuate dramatically based on production supply and demand, and September’s price of $1.27 is midway between prices of $1.60 in mid-2011 and early 2014 and slightly above the $1.00 average of 2017 to 2019.  When prices vary this significantly, it’s essential...
ag business family farm

Future Changes to the Ag Tax Code Could Change How You Think About Your Ag Business

According to the USDA’s 2019 report, there are currently more than 2 million farms in the United States representing $3 trillion in assets, and almost 90% of those are considered “small family farms.”  These establishments are defined as earning up to $350,000 gross income annually.  “Midsize family farms” earn up to $999,999 annually and make up another 5.5% of farms.  Together, small and midsize family farms occupy 68% of the farmland in America but produce...